Registering a company as a foreigner in Wuhan has never been easier! Previously, it could take months of document processing, pricey office rentals, and bank transfers records that could exceed 100,000+ RMB!
Most start-up companies and entrepreneurs can’t afford the high fees and monthly costs. Now Z Visa or X Visa Holders can open a company in a month with less than 10,000RMB AND that includes an office, desk, and internet for a year!
Read this article in full and register to join the FREE Workshop on April 8th to learn more!
Steps To Follow
Step 1: Apply for enterprise name approval online
Step 2: Submit the completed application for business registration in person
Step 3: Receive the “Business License” after 5 working days
Step 4: Receive the Company Stamps (corporate chapter, financial chapter, official seal, contract chapter)
Step 5: Open a Company Bank Account
Step 6: File your Company Taxes
Sign Up for a Free “Business Registration Workshop” at Founders Space Wuhan!
April 8th, 2018
Scan the Code Below to Register! Seating is Limited.
Speakers: June Tang – Nohan Consulting; Jacob Wilson – Wuhan Social; Mance Wu – Founders Space; Special Guest – Optics Valley Commercial Bureau
Special Guests: Wuhan Pioneer Angel Group, East-Lake High Tech Development Bureau, Hubei Foreign Affairs Service Center, American Consulate Wuhan & American Chamber of Commerce
At this workshop you will:
- Get to know the process with examples of the required documents
- Find the cheapest way to register your business address
- Get an in-depth look at the company registration process, timeline, and costs
- Ask the experts details about how to apply for a business license
- Find out how to process (Z) working visas with your company
Interested companies or organizations that would like to join or share this educational event, please send all inquiries to Jacob Wilson, firstname.lastname@example.org, 15002778414
Helpful Tips On How to Open a Company
Forms to Complete
Four standardized organization forms will need to be completed in Chinese for your business registration application:
- City of Registration
- Industry Characteristics
- City Organization Form
- Articles of Incorporation
Choose at least 3 potential Chinese names for your company. These will be checked to see which name is available and haven’t been registered by another business.
The company name is crucial to the future development of a company because it not only relates to the company’s influence in the industry, but also relates the company’s services or products in the market.
Determine if the company you will register is a limited liability company or a company limited by shares. You will also need to list the shareholders of your company, and their respective shares in the company. You can register a “Wholly Foreign Owned Enterprise” (WFOE) which will list only foreigners as the shareholders or a “Joint Venture” (JV) which can have both a foreigner and Chinese person or company as shareholders.
The company’s “Registered Capital” is listed on the business license as the amount of money used to set up the company. In previous years, this money should be deposited in the bank account of the newly formed company. However, the requirements have recently changed making it much easier to open a company. Now you are no longer required to deposit the actual money in the Chinese bank account, greatly reducing the time and cost to register a company as a foreigner.
You should decide the amount of registered capital that you will chose to list on your business license, in accordance with the industry of the type of business you will be doing.
For example, a consulting company would require much less registered capital than a company registered for manufacturing at a factory.
Decide on the “Scope of Business”-the area of services or types of commodities that you are allowed to produce and operate. Your scope of business will be printed on your business license in Chinese. You can choose several phrases for your scope of business from a wide variety of business areas and these options will be provided by the government to describe the kind of business you are allowed to do. There are almost an endless amount of choices so you should be able to easily find the options that describe your areas of business operation.
Some examples of choices: Catering, Computer Programming, Software Development, Event Consulting, Clothing Design, etc.
The company needs to have a registered address including some documents provided by the office or landlord such as: real estate license, homeowner’s ID copy, and lease agreement. The registered address should also be approved by the government to allow foreign owned companies to have their company registered there. Fortunately, there are some very cheap options for those of you who would like to get the business license and stamps to operate, sign contracts, and employ foreigners, without the need to have a large private office which is often expensive for start-up companies or entrepreneurs.
For example, Founders Space in Optics Valley has shared offices that qualify for foreign company registration address, and single desks start at as low as 300 RMB per month.
It is necessary to determine who the legally responsible person is, who the shareholders are, and how much each shareholder holds. There is also the determination of a company supervisor (as an emergency contact person of the company and does not assume any responsibilities and obligations). All shareholder identity information (original ID card or passport) and contact information will be required to submit. Foreigners who hold either a Work Visa (Z) OR a Student Visa (X) can both be the registered shareholders of the newly formed company.