When you are starting a business in China there is plenty of legal and bureaucratic red tape that you have to deal with. Using the following information as an outline you can get an idea of what the procedures will be, how long it will take, and what the costs are. From this you can begin to plan your business start-up and be incorporated to take full advantage of the burgeoning Chinese market.
1 Obtain a notice of pre-approval of the company name
The first step in the process involves filing an application for company name pre-approval with the local Administration of Industry and Commerce (AIC) office, which can also be downloaded from the AIC?s website. If the application is made through mail, fax, email, then it be approved or rejected within 15 days, however, it can be performed in 1 day by going into the office. There is no financial cost for this step beyond time and postage.
2 Open a preliminary bank account
As of 2006, you are required to open a bank account, deposit at least CNY 30,000, and obtain a certificate of deposit as proof. After paying this initial amount the shareholders have up to 2 years to pay off their remaining capital contributions. The required initial capital contributions must be at least 20% of the proposed company?s registered capital. The registered capital, however, can be comprised of ?nonmonetary assets that can be monetarily valued and legally transferred.?
3 Obtain capital verification report from an auditing firm
An auditing firm has to prepare a report verifying the capital at an average cost of CNY 350, and usually takes about 2 days for them to complete this report.
4 Apply for registration certification ?business license of enterprise legal person? and register for taxes for both local and federal tax agencies
All of this can be easily completed by downloading and filing with SAIC. In one window they are able to get the business license and apply for all of the necessary tax accounts and numbers. Once the business license is approved the other information is provided instantly and you can be notified of the approval online. This process takes about two weeks and there is no fee for micro and small cap companies, or it is a fee of .08% of registered capital.
5 Obtain the approval to make a company seal from the police department
All of the shareholders that are individual investors, then they have to file this registration with a duplicate of the business license. It takes 1 day and cost nothing except time.
6 Make a company seal
Once you have the approval from the police department you need to have a company seal made, which will run CNY 70-300, depending on design and quality, and take 1 day.
7 Pay the fee for the organization code certificate issued by the Quality and Technology Supervision
Picking up this certificate is a simple matter of paying the CNY 102 fee.
8 Register with the local statistics bureau
Within the first month (30 days) of obtaining the business license, the company must file with the local statistics bureau with their application, including business license and organization code certificate.
9 Open a formal bank account of the company
Opening a formal business bank account that is properly funded with the registered capital is the next step, and varies from bank to bank.
10 Apply for the authorization to print or purchase financial invoices/receipts
After registration with the tax bureau and obtaining a tax registration certificate a company must apply for authorization to purchase and issue financial invoices and receipts. The taxation authority will issue the invoice purchasing book, and the process can take up to 10 business days if all of your papers are in order.
11 File for recruitment registration with local career service center
Within 30 days of recruiting employees, a company is required to register with the local career service center. This can be performed online or at the center and can be accomplished in the same day.
12 Register with Social Welfare Insurance Center
Within the first 30 days, a company must register for payment of employee social insurance with the local social insurance office by submitting a completed social insurance registration form.
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Source: http://china-business-connect.com/business-in-china.htm
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