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Wenzhou (China)

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Registering a company in Wenzhou (China) in 2020

Key benefits of doing business in this jurisdiction:

  • A favorable geographical position;
  • A rapid economic growth;
  • A stable social and political environment;
  • A high quality of life;
  • No currency control;
  • A developed banking sector;
  • The availability of a Free Trade Zone (FTZ in Zhejiang Province);
  • Broad prospects for the development of medium and large businesses;
  • A flexible taxation.

A cost of registering a business is from € 3500

A company registration period is from 40 days

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If your plans include registering a company in Zhejiang, consider Wenzhou Prefecture, a city district in China, a city without borders with a population of over 8 million people, located in a mountainous area on the Oujiang River, between the southern part of Zhejiang and the province of Jun, about 30 km from the coast to the East China Sea, where Wenzhou has an international port. Bordered by Taizhou and Lishui. The official language is Chinese. Wenzhou belongs to the FTA (a free trade zone) of Zhejiang.

Key areas of investment in jurisdictions

Jurisdiction is the economic, an industrial, a transport and a cultural center of East China (South Zhejiang) and the center for the production of consumer goods. Thanks to this, entrepreneurs, who decide to register food production in Wenzhou or invest in Wenzhou tourism, can count on good profits. To set up a company in China is profitable in related industries: services, restaurant and hotel business. There are many small and medium-sized factories in the district.

The main export products are:
  • mass production textiles;
  • leather and sports shoes (up to 4000 leading companies in China, among them - Aima, an exporter of products in more than thirty countries of the world);
  • lighters (about 70% of the shares worldwide);
  • frames for glasses (one of the most important production sites in the world);
  • a paper;
  • porcelain and earthenware industries;
  • simple electronic goods.
Other priority industries for registering a business in Wenzhou:
  • It is advantageous to open a commercial firm in Wenzhou in the construction industry: the city is being actively built in depth (under construction) and outside: while the tallest building is the 68-story skyscraper Wenzhou Shopping Center. As a result, real estate transactions are also a good area to establish a company in Wenzhou.
  • A consulting.
  • To register a commercial enterprise in Wenzhou is also profitable in the field of mining and processing of minerals, which are in demand in the production of electronics.
  • The agriculture is developed in the region; most of the farms are run by private entrepreneurs.
  • A transport and the logistic.

Since the wages in the district are already quite high by Chinese standards, almost every company in Wenzhou is trying to open branches in the inner regions of China, as well as in Africa, where production can be cheaper. In Wenzhou, enterprises also began to register new design decisions in shoes and clothes after a phase of almost exclusive orientation to Western product samples (“replicas”). Niall Ferguson in his book “The West and the Rest of the World” calls Wenzhou “Chinese Jerusalem”, because there are many Christian entrepreneurs in the city.

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The jurisdiction is characterized by a developed banking sector, a flexible taxation and the absence of requirements for submitting financial reports for non-resident investors, who want to open an enterprise in Wenzhou.

A tax system in Wenzhou jurisdiction

A corporate income tax

25%

To register an IT company and software production in Wenzhou

15%

To register an investment company in Wenzhou for public benefit purposes

12,5% ​​(up to 3 years)

To register a company in the service sector in Wenzhou

12,5% ​​(up to 3 years)

VAT

16%

The income (for individuals)

3-45%

With the help of IQ Decision specialists, you can
  • register a company in Wenzhou without a personal visit in about a month;
  • register with the Trade and Industrial Administration of the PRC;
  • obtain a registration certificate from the Tax Service;
  • obtain a form for a quality control, the access to the system of customs authorities “E-Port”;
  • we will also help you to prepare all the necessary documents to get a registration certificate from the Ministry of Commerce, to obtain a license with an apostilled translation into Chinese, to open an account with a Chinese bank (remotely or with some banks on a visit);
  • also, our specialist will help to place an order for the manufacture of seals for the company;
  • will help to obtain a license for doing business in Wenzhou and to get an identification number in China;
  • for permission of export-import operations and activities in foreign trade, you need to register in the Ministry of Commerce, in the Office of Currency Regulation;
The main legal forms in which you can set up an enterprise in Wenzhou:
  • a representation;
  • a branch of a foreign company;
  • a Joint Venture (or a joint venture with a limited liability);
  • WFOE (an international company with completely foreign capital).

In the WFOE variant, the procedure for registering a company in Wenzhou is simplified, investors are also attracted by the convenience of managing this form of company.

Key requirements:
  • For statutory documentation, you must provide a unique name for the company in China;
  • A director is at least 1 (of any residency);
  • 1 or more founders of any nationality;
  • A secretary is one;
  • The office isrequired;
  • The minimum size of the authorized (paid) capital is 30 thousand CNY;
  • Accounting, auditing, and annual reporting are required.
In what currency can I open a corporate account in China?

In Wenzhou, CNY renminbi is used. You can also open an account in other convertible currencies.

The information posted in the article is current at the time of its publication.

Please, check with our specialists for possible solutions for your business.

  • The information outlined in the article is actual at the time of its publication.

  • Please refer to our specialists for checking possible solutions for your business.

  • Still have any questions?

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