Trading WFOE (FICE) Outline
Trading company (FICE) refers to companies earns money from sales commission, wholesale, retail and franchise, which can be invested in the form of both WFOE and JV.
I.Registered capital of Trading (FICE) WFOE
RMB 100,000 ~ RMB 1,000,000 Different district in Shanghai has different policy for the threshold of capital. If you want to apply for import & export license with VAT refund qualification, RMB 500,000 is recommended.
II.General procedure for setup Trading WFOE
Stage 1 registration for company legal license and documents
□Online name pre checking & registration
□Preparation of Article of Association and application forms
□Get pre-approval of Article of Association, and all application docs online
□Issue of Business License by SAMR
□Company Chops made by Public Security Bureau (PSB)
□Registration and Approval of SAFE with the bank
□Open RMB bank account
□Open foreign currency capital bank account
□Open foreign currency settlement bank account
□Inject Capital from investor’s overseas bank account
□Tax registration
□Social insurance & Housing fund registration
Timetable: all procedures will be finished not more than 1.5 months, business license for 1 month.
Stage 2 registration for import/export related documents
□Customs registration process to get e-port card
□Getting access to the international trade single window
□SAMR registration for inspection and quarantine
Timetable: all the procedures will be finished not more than 1 month
Stage 3 registrations for the VAT general tax qualification/VAT export return qualification for tax return purpose
□Application for VAT general tax payer
□Randomely physical office inspection by tax bureau officer and submit leasing agreement and official fapiaos
□Export return registration of tax bureau
Timetable: all the procedures will be finished not more than 1 month
III.Material checklist for Trading WFOE
□Certificate of parent company's business license should be provided with verification by both local notarization institution & the China embassy (2 pics)
□For individual investors, passport original is needed
□For individual investor who cannot provide original passport or entity investors, Certificate of investor’s ID should be provided with verification by both local notarization institution & the China embassy (2 pics)
□Credibility letters (bank reference letter) from the investor’s bank overseas to declare a good standing. (2 pics)
□The legal representative's passport copy
□Name of the enterprise (above 5 for selecting )
□Three appointment and authorization letters signed by the legal representative of investor for the legal representative, general manager if any.
□Two copies of identification card (or passport) of the board of the directors, supervisor and general manager of new company with signature if any.
□Leasing agreement over one year with copy of ownership certificate (business purpose)
□Import & export product list with HS code if any
Note: CBIZE consultants will check the materials provided by Party A. For the qualified materials, consultants will mark√, the service shall begin only after all these materials are accepted.