Definition of WFOE
The Wholly Foreign Owned Enterprise (WFOE) is a limited liability company wholly owned by the foreign investor(s).The foreign investor(s) can be a nature person or a legal entity. Investor(s) from Hong Kong, Macau, Taiwan is (are) also defined as the foreign investor(s).
The needed documents and procedures are what we are very concerned about, so WEBOND will tell you all these details as you wish.
When setting up a WFOE, the following documents are needed:
1. The name, shareholder, supervisor and business scope of the GZ WFOE.
2. For company investor: 3x original Certificate of Incorporations, Articles of Incorporation or Equivalent document notarized by local lawyer and endorsed by Chinese embassy or consulate. For individual investor: 2x original Passport copies of Investors need be notarized by local lawyer and endorsed by Chinese embassy or consulate.
3. 2x original Bank Reference Letters from investor’s bank (declare a good standing)
4. Office address in China, 2x original leasing contracts, 2x copies of of house property certificate with company stamp or signature of lesser and 2x landlord identification documents (The lessee should be acted by legal representative or investor. The area is required no less than 30 ㎡ and for commercial use only with more than one year’s rent and the lease contract should be endorsed by local Housing Management Authority)
The main procedures are as follows:
1. Signing the agreement and all the application papers of a WFOE.
2. Submitting all the papers to the government departments
3. Opening the company account in the bank
4. Account funding by shareholders and making the capital verification report
5. finishing the account funding and changing the business license
Time needed: 3 months (the procedures of setting up a WFOE is a little more complex than other companies |
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