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China Q & A 


1. What is a WFOE ? 
Answer: A WFOE is wholly foreign-owned enterprise. It is a chinese limited liability company, wholly owned by one or foreign investors and establlshed entirely with foreign capital.

2. What is the structure of WFOE ?
Answer: The structure of WFOE includes director, shareholder, legal representative, general manager and supervisor. Except supervisor, director, shareholder, legal representative and general manager can be the same person (must be overseas persons). 

3. How much is the share capital ? Do I need to invest the money to the WFOE ?
Answer: It depends upon the type of business activities. Generally, except special businesses, the capital is RMB100,000. The paid capital can only be RMB15,000 when registering a WFOE and start business.

4. What business activities are allowed to do using WFOE ?
Answer:Most busineses are allowed to do in China, special businesses are needed special approval and the capital may be high also. If you want to make sure whether your business is allowed to do in China, please send the aplication form to us, we will check for you before further process.


5. What are the procedures of registering a WFOE ?
Answer:Please see our website at http://www.stephenmslaiandcocpaltd.com/sdp/537311/4/cp-7199339/0/Chinese_WFOE_Setup.html
and at the heading of Registration of WFOE in Szqh Shenzhen Free Trade Zone. You will know the procedure.

6. What are the fees of WFOE setup ?
Answer:Please see our website at http://www.stephenmslaiandcocpaltd.com/sdp/537311/4/cp-7199339/0/Chinese_WFOE_Setup.html
and at the heading of For the incorporation fees. You will know the fee details.


7. What documents are required ?
Answer:Pease see our website at http://www.stephenmslaiandcocpaltd.com/sdp/537311/4/cp-7199339/0/Chinese_WFOE_Setup.html
and at the heading of Registration of WFOE in Szqh Shenzhen Free Trade Zone. You will know what documents are required.


8. How long does it take ?
Answer:Around 1 months. 

9. What bank accounts can I allow to open ?
Answer:Basically, all the banks in China are avaiable to open. If you want to make sure what the bank can get opened, please send the aplication form to us, we will check for you before further process.


10. What are the procedure of opening a bank account in China ?
Answer:Pease see our website at http://www.stephenmslaiandcocpaltd.com/sdp/537311/4/cp-7199339/0/Chinese_WFOE_Setup.html
and at the heading of Registration of WFOE in Szqh Shenzhen Free Trade Zone. You will know the procedure.


11. What are the functions of the bank account in China ?
Answer: Basically, all the banks in China do provide general functions of the banking operations, like multi-currencies. and internet banking, and company debit. So you can operate your bank operations through internet and in your own country.

12. After formation, what documents you will give us ? or what I will get after company setup ?
Answer:After setup. you will have 
i)Business License issued from State Administration of Industry and Commerce; 
ii) Chops issued and made by Public Security Bureau;
iii) Organization Code License issued by Technical Supervision Bureau;
iv) Tax Certificate issued by Taxation Bureau;
v) Finanaicl Certificate License issued by State Administration of Foreign Exchange;
vi) Foreign currency and RMB bank account;
vii) Capital Vertification report issued by Chinese auditor;
viii) Statistics license registration;
xi) Import/Export license;
xii) VAT license

13. What is the VAT status of my new setup ?
Answer:After formation, your VAT status is Small-scale taxpayer status. For details, please visit again at http://www.stephenmslaiandcocpaltd.com/sdp/537311/4/cp-7295031/0/Chinese_Tax_Resources.html

14. Can I change to General Tax payer Status ? If so, how do I change ?
Answer:Yes, we can apply for you from Small-scale taxpayer status to General Tax payer Status. 

15. What are the tax systems in China ?
Answer:Please visit our website again at http://www.stephenmslaiandcocpaltd.com/sdp/537311/4/cp-7295031/0/Chinese_Tax_Resources.html 
You will know all the idea of tax systems in China.

16. What tax I need to pay in China ?
Answer:Please visit our website again at http://www.stephenmslaiandcocpaltd.com/sdp/537311/4/cp-7295031/0/Chinese_Tax_Resources.html 
You will know what tax you need to pay in China.

17. What reporting requirements I need to follow in complying with Chinese Law ?
Answer: Please visit our website again at http://www.stephenmslaiandcocpaltd.com/sdp/537311/4/cp-7199339/0/Chinese_WFOE_Setup.html
You will know what reporting requirement you need to follow.

18. Can I rent office in China then ? 
Answer: Yes, sure.

19. Can I hire local employees or overseas employees ?
Answer: Yes, yes, sure. you can both hire local employees and or overseas employees. 

20. Can I have my VAT refund ?
Answer: Yes, we can help. 

21. How can I remit my money back to my own country ?
Answer: After you pay all the tax in China, you can apply for clearing out from China from relevant authorities. Once you get the clearing order, and then submit to the bank, the bank will do remittance order to pay your money from China to your destinated bank accounts outside China.

22. I cannot speak Mandarin. How you can help me ? 
Answer: If you need help, we can arrange a translator and help you to finish all the formation issues, and other issues when you are in China.

23. I cannot read nor speak Chinese, so I cannot book hotel or do other arrangements in China.
Answer: If you need help. we can arrange our staff and meet you at the exit of Customs Office in China, and bring you to the hotel, and then come to our affiliate office in China, and go further process, certainly with the help by Translator.



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