China is a leader in the mining and processing of many minerals (coal, iron, manganese,
lead-zinc, antimony and tungsten ores as well as timber) and a leader in large-scale extraction
of other minerals (oil, gas, rare earth ores, uranium). It should be noted that the Republic is
the world's largest producer of the vast majority of industrial products. Moreover, the state
produces a large number of different types of transport. China produces more cars annually than
the US and Japan combined.
The PRC pursues an active foreign policy aimed at international integration and cooperation. The Republic of China places great emphasis on cooperation with the World Trade Organisation. The Republic of China is not only a full member of this most important international trade organisation, but also actively participates in its activities and, in some matters, influences important WTO decisions. Among the international and regional economic organizations in which China participates, it is necessary to distinguish: the Asian Development Bank, APEC, the African Development Bank, the Bank for International Settlements, etc.
choosing a country
choosing a bank
payment (by any method)
bank account opening
From all the possible types of advantages that open up to the founders when incorporating a company, it is definitely worth noting:
According to current Chinese law, it is possible to register your company in the following legal form:
A Wholly Foreign-Owned Enterprise is a limited liability company that is wholly owned by one or more foreign investor(s).
In the process of registering a Wholly Foreign-Owned Enterprise, the area or scope of business should be chosen. Any changes to the description of the activities that a Wholly Foreign-Owned Enterprise may engage in require new applications and approval.
The China Company Law establishes the minimum registered capital for a Wholly Foreign Enterprise in China:
The share capital depends on factors such as the type of business and where the company is registered.
Based on the analysis of the current legislation regulating the activities of business entities, the following can be highlighted with regards to the specifics of the process of registering your business:
The state has the following features for levying taxes and fees
There are two main types of taxation in the PRC (China): VAT and corporate tax.
VAT is payable on a general or simplified basis. In the first case, the company must transfer 13% of its turnover to the state treasury; the size of its profits is irrelevant. The simplified regime is introduced in exceptional cases at a rate of 3%.
The standard corporate tax rate is from 25%. Small businesses (annual turnover of less than 3 million yuan) are taxed at 5% for annual taxable income of less than 1 million yuan, 10% for annual taxable income of between 1 million and 3 million yuan.
Any company in China must file an annual audit report with the relevant government authorities.