(1) |
Registration Service Fees (1) Preparation of registration application documents; (2) Performing name availability search; (3) Application for approval of name; (4) Application for business licence; (5) Application for MOFCOM registration; (6) Carving of company chops and personal chop of the legal representative; (7) Setting up basic RMB bank account; (8) Handling foreign exchange registration; (9) Setting up foreign currency capital account. In any case where the products to be traded by the FICE requires special permit or licence, we may need to revise our fees accordingly. |
(2) |
Corporate Bank Account Kaizen will help you to open a corporate bank account for your Shanghai WFOE in with a bank (in Shanghai) of your choice. Please note the bank requires a legal representative to visit their branch personally for the purpose of identity verification. Our services are limited to providing assistance, including preparation of incorporation documents as required by the bank, pre-screen of account application documents, liaison with the bank and arrangement appointment with the bank for you (your legal representative). Our service fee stated above cover the setting up of a basic RMB bank account and a capital account for the new WFOE. If your WFOE will receive foreign currency payment from overseas, then you must open a foreign currency general settlement account accordingly. We can help you to open such an account and our service is detailed in 2(1). |
Note: |
|
(1) |
Our fees stated above cover all official filing fees incurred for the registration of the company and the application for the VATS licence but does not cover courier charges. |
(2) |
If Chinese Fapiao is required, an VAT at 7.5% will be charged. |
No |
Description |
Fees (USD) |
1 |
Real Name Authentication of the Legal Representative and Finance Controller (Note 1) |
250 |
2 |
Internet banking facility application (Note 2) |
300 |
3 |
Additional foreign currency account (Note 3) |
300 |
4 |
Identification documents legalisation (Note 4) |
TBA |
5 |
Translation (Optional) (Note 5) |
TBC |
(1) |
In the case where the legal representative or finance controller of a WFOE is a foreigner or Hong Kong/Macau/Taiwan resident, then s/he is required to visit the local office of State Administration of Taxation (SAT) in person so as to enable the SAT to verify her or his identification document. This is what is being called real-name authentication with the tax bureau. If client want us to send our staff to go to the SAT with the foreign legal representative or finance controller, we can also arrange for it accordingly. |
(2) |
Our fee in Section includes the setting up of a corporate account for the FICE. However, Internet banking facility is not included. We can arrange to set up Internet banking facility upon request. |
(3) |
Our fee stated in Section 1 cover the setting up of a basic RMB bank account and a capital account for the new WFOE. If the WFOE will receive foreign currency payment from overseas, then you must open a foreign currency general settlement account accordingly. |
(4) |
Our fee stated in Section 1 does not cover legalization of the identification documents of the member of the Shanghai FICE. Kaizen can arrange the legalisation of identification documents for company or individual registered or resided in Hong Kong, Singapore, Taiwan, British Virgin Islands, Cayman Islands and Bermuda and a few other countries. Our fee for legalisation will be quoted upon request. |
(5) |
Our fees stated in Section 1 also do not cover translation costs for translating the documents prepared by you from English to Chinese or translation of registration documents from Chinese to English. We can perform the required translation with fees to be determined upon review the documents to be translated. |
• |
One member, one director, one legal representative, one supervisor and one financial controller |
• |
Member can be natural person or corporation and no restrictions on nationality |
• |
Director must be a natural person with no restriction on nationality |
• |
Legal representative must be a natural person with no restriction on nationality |
• |
Legal representative shall be served by chairman of the board (if board of directors is set up), or executive director (if it is sole director), or general manager |
• |
Supervisor must be a natural person with no restriction on nationality, however, director or general manager cannot serve as supervisor at the same time. |
• |
Finance controller must be a natural person with no restriction on nationality, however, legal representative cannot serve as finance controller at the same time |
(1) |
Legalised identification documents of the member One set of legalised identification documents of the foreign shareholder/member of the intended WFOE. If the shareholder is a corporation, the identification documents would normally include its Certificate of Incorporation, Articles of Association and the latest Annual Return (or document of a similar nature). In the case the shareholder is an individual, the identification document required to be legalised is his/her passport (for foreigner) or mainland travel permit (for Hong Kong, Macau and Taiwan resident). The investor’s identity or incorporation document shall be legalised by the Chinese Embassy or Consulate in the country where the investor is resided or registered. |
(2) |
Group Chart and Beneficiary Owner A group chart illustrating clearly the relationship between the proposed WFOE in Shanghai and its ultimate beneficiary owner and the identification documents of the beneficiary owner(s). |
(3) |
Legal Representative A photocopy of the identification document (i.e. passport for foreigner or national identity card for Chinese citizen) and residential address of the legal representative. In most of the case, the director of a WFOE will also act as the legal representative. |
(4) |
Supervisor and Financial Controller A photocopy of the identification document (i.e. passport for foreigner or national identity card for Chinese citizen) of the supervisor and the financial controller. |
(5) |
Director(s) A photocopy of the identification document (i.e. passport for foreigner or national identity card for Chinese citizen) and full residential address in respect of each director. |
(6) |
Tenancy agreement A tenancy/lease agreement of the office premise to be used by the proposed WFOE. Please note the agreement shall be registered with local estate leasing administration authority and the agreement shall clearly indicate the premise is for office use only and the lease term shall not be less than 12 months. |
(7) |
China WFOE Registration Order Form A duly completed “China WGOE Registration Order Form” (provided by Kaizen). The form covers information about the investor, the structure of the intended WFOE, the particulars of its member and director. |
Step |
Description |
Time (Day) |
Preliminary |
||
1 |
Client determines structure of the WFOE in Shanghai, including its name, amount of capital, shareholder/member, director, legal representative, supervisor and collects the consent and identification document from each of the office holder. |
Client’s schedule |
2 |
Client locates the office space and arranges tenancy agreement (for the office to be used by the WFOE) |
Client’s schedule |
3 |
Client confirms engagement of Kaizen of the registration of the WFOE in Shanghai (and legalisation of documents); Kaizen issues an invoice to client. |
1 |
4 |
Client delivers the materials listed in Section 5 to Kaizen and at the same time settles Kaizen’s invoice. |
Client’s schedule |
Application for Registration |
||
5 |
Kaizen performs name availability search and confirms with client of its availability. |
1-2 |
6 |
Kaizen files application for approval and reservation of the proposed company name |
3-5 |
7 |
Kaizen then files application for Business Licence for the WFOE from the AIC |
10 |
8 |
Upon receipt of business license, Kaizen will then arrange the registration record filing with MOFCOM. |
10 |
|
Post-registration Procedures |
|
9 |
Kaizen applies for Approval for making of Office Stamp (Office Seal) from the Public Security Bureau and arranges the carving the company seal and chops |
3 |
10 |
Kaizen proceeds to bank account opening (RMB basic account) |
5 |
11 |
Kaizen performs registration with the Administration Bureau for Foreign Exchange |
5 |
12 |
Kaizen proceeds to bank account opening (capital account) |
10 |
Total: around 4 - 6 weeks |
(1) |
Business Licence (Original, Duplicate) |
(2) |
Record-filing Certificate |
(3) |
Articles of Association |
(4) |
Company Seal, Financial Seal, Legal Representative Seal |
(5) |
Bank Account Opening Permit and Other Materials |