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Wholly foreign owned enterprise Formation in Ningbo

Last Updated: Dec. 13, 2017

 

Establishing a Wholly Foreign Owned Enterprise in Ningbo:

Popular districts by PtC's clients in Ningbo: Haishu, Jiangdong, Jiangbei, Beilun,

Registered capital: No. minimum registered capital is required for WFOEs with scope of business of consulting, Trading, retailing, information technology etc. in Ningbo. There are minimum registered capital still required for some sectors, for instance: Banking, Forwarding, education etc.

Since Ningbo still maintains foreign currency control policy, it's still advisable to choose registered capital within RMB 100,000 (approx. Euro 11,600 or USD 15,000)- RMB 500,000 (approx.Euros 58,000 or USD 75,000) as the minimum registered capital for Consulting WFOE, Service WFOE, Hi-Tech WFOE registration in Ningbo. (Investor could inject the above capital within 5 years or even 10 years) For instance, a client from Europe decided to use PtC's service to form a consulting WFOE in Ningbo. The investor deceide to invest RMB 300,000 (approx.Euros 35,000 or USD 50,000) to this company in Ningbo. According to the latest regulation that the invest could choose to inject the capital within 5 years and the initial paid-up capital could be 15% of the registered capital. After the investor obtained business license of their China WFOE, investor injected Euros 5,250 (USD7,500) to their China company's bank account, and started to use the capital to pay for all expenses related to the business. And to inject the remaining capital within 5 years.

Information provided below will guide you to:

Documents Required & Registration Procedures of WFOE

Condition(s):

Our suggested minimum capital for consulting WFOE, Service WFOE, IT WFOE: RMB 100,000 - 300,000. Approx. USD$ 50,000 or Euro 35,000. (15% as initial paid-up within 3 months and the balance 85% could be injected within 5 or 10 years)

For Trading or Manufacturing WFOE registration in Ningbo, our suggested minimum capital is USD 80,000 or 58,000 EURO (15% as initial paid-up within 3 months and the balance 85% could be injected within 5 or 10 years)

For Food & Beverage WFOE registration in Ningbo, the minimum registered capital would be RMB 300,000 - 500,000 (15% as initial paid-up within 3 months and the balance 85% could be injected within 5 or 10 years

Below is the required documentation for WFOE formation in Ningbo. (Item 1,2,7,8 should be prepared before visiting Ningbo:

CHECKLIST:

Documents required

  • Corporate investor: 2x Certificate of Incorporations, Articles of Formation or Equivalent document certified by Chinese embassy or Chinese consulate overseas [UK , US, HK, AUS, RUS, SGP, GER, SWE, ISL etc. ] ]As f For individual investor: 2x Passport copies of Investors need be certified by Chinese embassy or consulate. [investorindividual investor] Double check with us if individual investor is currently in Ningbo as some districts accept individual investor(s) to submit the application without passport copy to be certified. .
  • 1x Bank Reference Letters from investor’s bank (declare a good standing)[-bank refernce letter-]
  • Passport copy of: (i) Parent company's director (ii) Ningbo company's Legal Representative (managing director) and (iii) Ningbo company's supervisor
  • Ningbo Legal Representative (managing director) provides: 6 photos (2 inches size), brief resume [ -Sample- ]
  • Registered capital; Business Scope; 8 proposed Chinese names of China company
  • Office address in Ningbo: 2x leasing contracts [-contract- ] , 2x certificate of real estate ownership [-Sample-], and 2x landlord identification [ Individual, Company ]
  • 4x Letter of Authorization [-Sample-]
  • For Trading WFOEs only: The latest annual audit report copy from the parent company: provided by a Certified Public Accountant (CPA) [-audit report-] and Customs HS Code of proposed Import/Export products in Ningbo[ Codes ]

The above documents are good enough to register a Trading WFOE, Service WFOE & Consulting WFOE in Ningbo . For a manufacturing WFOE establishment in Ningbo, you will also need:

  • Purpose and estimated investment
  • WFOE's operational structure and number of employees
  • Permission for land use, environment evaluation report
  • Products, size of production, detailed list of equipment, and business plan
  • Environmental protection measures
  • Requirement for utilities such as power and water supply

Registration Procedures

Foreign investors are not permitted to directly submit the application documents of incorporate a WFOE to the relevant authority in Ningbo. They must retain a PRC entity that is authorized or permitted by relevant authorities to act as a sponsor. The sponsor will submit all the documents to the examination and approval authorities on behalf of the foreign investor. Procedures for setting up a Wholly Foreign Owned Enterprise in Ningbo are the following:

  • Name registration with Ningbo Administration of Industry and Commerce (SAIC)
  • Certificate of Approval by Ningbo Municipal commission of commerce
  • Apply for Business License with SAIC [-what is a business license?-]
  • Chops made by Public Security Bureau (PSB) of Ningbo
  • Organization Code License by Ningbo Technical Supervision Bureau (TSB)
  • Tax Certificate by Taxation Bureau of Ningbo
  • Registration and Approval with State Administration of Foreign Exchange (SAFE)
  • Open foreign currency and RMB bank account
  • Inject capital from investor’s overseas bank account
  • Capital Verification Report by Certified Public Accountant (CPA)
  • Apply for permanent Business License with SAIC
  • Financial certificate registration
  • Statistics license registration
  • Import/Export license (applicable for Trading & Manufacturing WFOE)
  • newValue Added Services: Free Visa service, 2 months accounting serivce and morearrow

More information about WFOE:

Contact Our Regional Partners in Mumbai, Delhi, Singapore, Kuala Lumpur, Beijing, Shenzhen, Guangzhou, Shanghai, Ningbo, Hangzhou or Hong Kong for more details:


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Regional Manager: Ms. Gifty Jia [-Bio-]

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1038 West Nanjing Road, Suite 2508, 25 Floor, Westgate Tower, Shanghai 200040, China [-MAP-]
Tel: (86-21) 5108.8535 (English and Mandarin)
Regional Manager: Ms. Wendy Wang [-Bio-] & Nancy Liu [-Bio-]

Ningbo Office:
E-mail: info@pathtochina.com [or Request For Proposal]
Suite 2925 South Tower, 1299 Yinxian Ave., Yinzhou, Ningbo 315040
Regional Consultant: Mr. Dean Dong [-Bio-]
Tel: (86 574) 8716.4655 GMT+8 ( English and Mandarin)

Hangzhou Office:
E-mail: nancy.liu@pathtochina.com [or Request For Proposal]
No. 2, 1785 Jianghan Rd.(by Binsheng Rd.), Binjiang District, Hangzhou 310051, China
Regional Consultant: Ms. Nancy Liu [-Bio-]
Tel: (86) 139.1772.5080 GMT+8 ( English and Mandarin)

Shenzhen & Southern China Office:
E-mail: echo.wang@pathtochina.com [or Request For Proposal]
6009 Yi Tian Road, Suite 2306, New World Tower,Shenzhen 518035
Tel: (86-755) 6128.6800 GMT+8 (English and Mandarin)
Regional Consultant: Ms. Echo Wang

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Tel: (86.20) 6113.5690 GMT+8
info@pathtochina.com

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E-mail: simon@pathtochina.com [or Request For Proposal]
Suite 1701, HeNan Building, 92 Jaffe Road, Wanchai, Hong Kong[-MAP-]
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Regional Partner: Simon Lee


Rest Cities of China: Chengdu, Chongqing, Tianjin, Wuhan, Suzhou, Xi'an etc.
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INDIA (Delhi) :
E-mail: info@pathtochina.com [or Request For Proposal]
Suite 201, ITO, Hans Bhawan, Delhi [-MAP-]
M: 906.914.2028 (English, Hindi)

Mumbai
E-mail: info@pathtochina.com [or Request For Proposal]
Suite B-404, Cello Triumph, IB Patel Road, Mumbai [-MAP-]
M: 906.914.2028 (English, Hindi)
India Partner: Mr. Narendra Kumar

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