How to expand your business to Chengdu by setting up Wholly Foreign Owned Enterprise
The Ultimate guide to Chengdu Company Registration in 2022
Why register a Company in Chengdu
Chengdu is located on the western coast of the Pacific Ocean and at the central section of the north-south coastline of China. Facing the opportunities and challenges of the 21st century, Chengdu has set its long-term strategic objectives for social and economic development. By 2010, Chengdu is planning to become one of the world’s international economic, financial, and trade centers.
Setting up a company in Chengdu is a good choice for companies in computer software, IT, microelectronics and components, video and audio products, electromechanical integration, and critical projects in light industry and energy. Meanwhile, Chengdu has other new rising industries such as pharmaceuticals, medical equipment, and biotechnology.
There are 4 company type’s
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Chengdu Business Environment
Chengdu’s dramatic development comes from its diverse economic structure. Major industry networks include communications, electronics and the information industry, biomedicine, auto manufacturing, petroleum, sophisticated chemical and steel manufacturing, complete-set equipment manufacturing, finance, insurance, real estate, household electrical appliances, etc. In addition, Chengdu is the largest consumer market among all mainland cities, supported by the rising income level and massive inflow of tourists. Also considered China’s largest financial center, with over 1,430 financial institutions, including the banking system, insurance companies, and securities companies, of which 230 were foreign-invested.
Chengdu Wholly Foreign Owned Enterprise (WFOE)
Chengdu Wholly Foreign Owned Enterprise
A Chengdu Trading Import – Export Company, abbreviated Trading WFOE, is a commonly used investment vehicle for mainland Chengdu-based businesses. It is designed for businesses dealing with wholesale and retail. Different from other types of WFOEs, an Import and Export License is necessary to set up a Trading WFOE, which is one of four types of WFOEs allowed in Chengdu.
The registration of a Chengdu Company takes about 30 working days to complete. It can be used for various operations in China. The ideal way to establish your Chengdu company is as a Limited-Liability company called Wholly Foreign Owned Enterprise (WFOE, WOFE, or foreign-invested enterprise (FIE). A Wholly Foreign Owned Enterprise is a commonly used investment vehicle for mainland China-based businesses.
Four typical business Chengdu company’s
Setting up a Chengdu Company
A Wholly Foreign Owned Enterprise can be incorporated to conduct general business activities in Shanghai. It gives foreign investors complete control of the day-to-day business and decision-making without compulsory involvement from a Chinese partner.
The company can engage in business activities, issue invoices to clients, receive RMBs, convert profits into foreign currency, and repatriate them.
It is the most effective way in China to protect trademark technical information, trade secrets, and intellectual property.
A WFOE is the complete authority regarding staff hiring and does not require you to hire Chinese staff.
A Wholly Foreign Owned Enterprise requires either one director of foreign nationality or a holding company located in Hong Kong to act as an investor.
When setting up a company in Chengdu, there are numerous things to consider, and hence it is important to obtain professional legal help. Corporation China has developed unparalleled expertise in this industry and can provide you with everything necessary to set up your consulting company. Corporation China offers first-class solutions to all of the following requirements.
- Corporation China is the Largest Foreign Direct investment firm in the Asia Pacific. [wikipedia]
Chengdu Bank Account
We can also open a China bank account that allows you to make international money transfers out of China; your mainland-based clients will only be able to pay you within China. Therefore, a bank account where local companies can transfer Chinese RMBs is necessary. Corporation China can Guarantee a Bank Account for all our clients.
Why set company in Chengdu ?
Chengdu it’s the capital of the Sichuan province, one of the provinces that have the most beautiful scenery in China. Chengdu is a livable city, and supposedly it’s also the fashion capital of the country. Over the past few years, the city has become a massive techno hub. Today there is a total population of about 14 million people in Chengdu. Despite the more recent developments, Chengdu is a city with a very old history dating back thousands of years, unlike some very modern cities such as Shenzhen. Chengdu is also famous for its unique cuisine and, last but not least, it is the city of pandas! So there are many reasons to start your business in Chengdu.
An Introduction to Chengdu
We offer Chengdu Company Registration and help you establish a Wholly Foreign Owned Enterprise in Chengdu, and we can also provide the registered address in Chengdu.