Wholly foreign funded enterprise refers to the private direct investment conducted within the territory of the People’s Republic of China by foreign companies, enterprises, other economic organizations or individuals in accordance with the laws of the People’s Republic of China.
The investment subject of wholly foreign fund is ‘foreign businessman’, also called ‘foreign investor’, which emphasizes foreign nationality, including companies, enterprises and other economic organizations established outside of China in accordance with relevant laws of other countries as well as individuals with foreign nationalities. In addition, due to historical, political, legal and other reasons, the foreign businessman also include investors in Hong Kong Special Administrative Region, Macao Special Administrative Region and Taiwan in China.
Registration of Wholly Foreign-owned Enterprises
I. Documents Required
1. Notarized document of Business Certificate; (Copy of Passport needed for individual investment)
2. Two originals of Bank Credibility Certificate of the foreign company; (Individuals also need to provide)
3. Copy of Identity Card or Passport of the foreign company’s legal representative;
4. One resume and 2 one-inch bareheaded photos of the legal representative of the foreign-capital company to be set up;
5. Audit Report of the foreign company;
6. At least five business names of the foreign-funded company to be set up;
7. Business scope of the foreign-funded company to be set up;
8. Other relevant materials.
II. Formalities and Procedures
1. Check name in the Administration for Industry and Commerce
2. Transact Approval Certificate + Establishment Reply at the Commercial Commission
3. Applying for Business License at Administration for Industry and Commerce (Integrate the Business License, the Organization Code Certificate and the Tax Registration Certificate into one document)
4. Carve seals
III. List of Documents
1. Approval Certificate and Establishment Reply
2. The original and duplicate of Business License (Integrate the Business License, the Organization Code Certificate and the Tax Registration Certificate into one document)
3. A set of official seals (official seal, legal person seal and financial seal)
IV. Handling Period
The company registration can generally be accomplished in fifteen workdays after the name approval of Administration for Industry and Commerce.
The above handling time is for reference only, and the actual time is subject to approval time of government department.
Learn more: 20 Workdays Setting a WFOE in China
