FIEs ( Foreign Invested Enterprises) and RO’s Duty Free Car Importation in Shanghai
By Vincent Cheung from www.pathtochina.com
JVs, WFOEs (Wholly Foreign Owned Enterprise) with a registered more thant 200,000 USD, RO (Representative Offic), foreign investors as well as Hong Kong, Taiwan and Macau compatriots are entitle to importing duty free cars.
For JVs, the approval certificate of incorporation, capital verification report, sales contracts, invoice and approval letter need to be submitted to SMERT (Shanghai Municipal Foreign Economic & Trade Commission) when applying for it, and later on, upon the issue of the approval, apply for the import certificate for FIE’s self-use cars at the central government’s locally-stationed special commissioner’s office. For WFOEs, above documents need to be submitted to SMERT, and later on, upon the issue of approval, proceed it at local custom.. The application of RO is the same with WFOE, with a importation limit of only one car, foreign investors and Hong Kong, Taiwan, Macau compatriots can fill out a application form for self-use articles at the custom.
The number of duty-free cars varies according to the foreign party’s registered capital amount.
The importation is put on record at tax bureau and the value of the car should be put in the accounts and annual audit.
Provided by www.pathtochina.com
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