The 19th National Congress of the Communist Party of China said: China’s economy has shifted from the high – speed growth stage to the high quality stage, China’s annual gross domestic product was 82.7 trillion RMB in 2017.
In 2017, the export of mechanical and electrical products accounted for 58.4% of the total export volume, and the high speed rail, marine equipment, nuclear power equipment and satellites have became the new export advantage industries in China.
According to the world intellectual property organization’s global innovation index, China’s innovation index has risen from 34th in 2012 to 22nd in 2017.In 2017, the number of patent applications for invention in China reached 1.382 million, ranking first in the world.
China is creating the largest “entrepreneurial nation” all over the world, as of September 2017, the total number of local domestic enterprises in China is 29.0723 million. The number of foreign experts and technicians visiting China has exceeded 900,000 each year, and China is becoming an important magnet for talent.
Innovation and the Belt and Road Initiative, mutual trust, economic integration, cultural tolerance, fate community and community responsibility, the interests of the community, in many countries, including Eurasia, to build a mutual benefit community of interests, fate and responsibility.
Huge development opportunities in mainland China, at present, the world economy is undergoing profound adjustment and the impact of China’s economy is growing. The steady and steady growth of the Chinese economy has boosted the recovery of the world economy, effectively promoted the development of world trade, and brought development opportunities to the people of all countries. As the world’s second largest economy, the steady growth of China’s economy plays an important role in reducing the risk of world economic fluctuations.
The achievements of China’s economic and trade development are obvious to all. China’s development has not only benefited the vast number of Chinese citizens, but also created opportunities for all developing and developed countries. China’s huge population size and steady economic growth for the global enterprise provides development space, more and more enterprises to enter the Chinese market in the developed countries, strengthen cooperation with China, make a good profit for your Chinese business.
How Starting a Business in Mainland China
With mainland China has become the largest market for the economy and trading all over the world, all foreign entrepreneurs, start ups and enterprises firmly believe that starting business in China is the best choice can expand their brands, products, innovative technology in mainland market.
China is becoming an entrepreneurial paradise and liberal economy and today’s China government is providing more openness policies of foreign investment and reform measures to foreign entrepreneurs from all over the world. As the world’s second largest economy, China has become an innovative country and local government departments are encouraging and supporting them doing business in mainland China.
So do not hesitate that mainland China has a lots of entrepreneurial and business opportunities, huge demographic dividend, the Belt and Road strategy and high speed growth engine are attracting global enterprises and companies, talents and elites entering into China market.
If you are intending doing business in mainland China, Chinese companies laws allow you holdings 100% of the company, and you can be the shareholder and director. Additionally, you can appoint yourself as the legal representative, and you need to appoint another person as the supervisor, do not worry, supervisor of Chinese company is also can be foreigner.
General 3 Types of Chinese Companies You can choose one to register from local government office.
– Limited Liability Company ( LLC ):
You can register a LLC as WFOE ( Wholly Foreign Owed Enterprise ), JV ( Joint Venture ), or PE ( Partnership Enterprises ), DIE ( Domestic Invested Enterprises）, in terms of different structure of investors start up your business as WFOE, JV, PE, DIE. All owners ( shareholders ) have the rights to enjoy profits and benefits.
– Branch Office:
If you already have registered a LLC in mainland China, you can use it to open a branch office in others cities or districts and its under parent company, you can appoint a independent director as a manager and all benefits and profits belong to parent company.
– Representative Office of Foreign Enterprises in China:
Rep office in mainland China is the most restricted type because representative office can not be allowed to make any income from your clients. If you will not provide any services and sales to your clients, open a representative office is a right selection.
Processing Times and Required Filing of Business Registration:
Start up a Chinese business is easily and quickly, if you interested in opening a China company, you may get in touch with our online senior consultants, we will send you the form of company structure, this form included all information of business registration ( like : shareholders, legal representative, supervisor, members of the board of directors, registered capital, proportion of shares, business scope and activities, etc. ).
After you completed and confirmed all information, our professional staff will give you more guidance and draft up official legal documents, and then submit all signed files to SAIC ( State Administration for Industry and Commerce ) as soon as possible.
Total processing times for business registration only 5 – 7 working days after we submitted all documents. Then local government will approval your application and issue a business license as your legally certificate of company formation.
Open a bank account for your Chinese business:
After your China business ( WFOE, JV, PE, DIE, Branch Office, Representative Office ) has been incorporated legally from local government departments, you should open a bank account use for business transactions in the future. This procedure has a little hard because bank need to make an appointment and need asking some questions with actual controller of company face to face.
But with the assistance of SMEsChina team, and deeply cooperation relationship, we can help you completing the process of bank account through online video certification without coming here in person. Around 5 working days later bank will approval your application and you may use online internet banking to operate payments.
OK, everything have already done, and starting up and running your Chinese business right now.
Others steps of Running a business in mainland China:
– Taxpayer registration and confirm which taxpayer degree you need to apply form tax bureau.
– Apply and issue Chinese local invoice, fapiao.
– HR selection for Chinese employee ( social insurance ) and foreign staff ( Z VISA, Working residence permit ).
– Inject registered capital and foreign exchange transaction.
– Brands and trademark registration.