What should WOFE do after registration? When you get all the Certificates/Licenses and stamps, it doesn’t mean you can use the WOFE immediately. However, you can sign contracts for sure.
To make full use of a WOFE and maintain it in a proper way, the few things listed below should be done after Shanghai WOFE Registration:
1. Open bank account;
Basic Account: Every company including WOFE in China should have a bank account, such bank account mainly refers to the Basic Account, with which you receive payment and pay expenses & cost and employees’ payroll, tax, etc. So, a Basic Account must be open, and it cannot be closed unless de-register your WOFE. With all Certificates/Licenses and stamps we provided and the original Passport/ID card of the legal representative, you will be able to open a Basic Account all by yourself, however there will be many forms to fill in in the bank, and they are in CHINESE. Thus, if you are not able to fill in the forms, we can open the Basic Account for you, and a certain amount service fee will be charged.
Capital Account: For a WOFE, even though the Registered Capital can be paid up in 20 or 30 years, if you want to start up, it will cost you a certain amount of start-up capital. This is the time when the investors should inject start-up capital from overseas with USD/Euro/HKD/GBP… Such capital is the so-called investment capital, and should be injected into the Capital Account. After capital injection, you should exchange the capital into CNY and put it in your Basic Account, and then you can pay expenses & cost and employees’ payroll, tax, etc. for your WOFE. Just like Basic Account, if you are not able to open the Basic Account, we can do it for you and a certain amount service fee will be charged.
*Foreign Currency Account: Foreign Currency Account is for Import & Export companies mainly. For international traders, a Foreign Currency Account, will help your company to receive international payment easily. There’s no doubt that a Basic Account can receive international payment, but for Basic Account, each international payment should settle the exchange to receive the payment, and if the exchange was not settled in time, the payment would be revoked. Foreign Currency Account CAN ONLY be opened after Import & Export registration.
2. Ratify Tax (Ref: Tax Ratification);
Every company should declare tax, and pay tax when necessary. After opening Basic Bank Account, you can receive payment for your products or service products. Your clients would ask you for invoices after they made their payments. It’s an accountant’s job to ratify tax, and declare tax and accounting, it’s a professional job. Follow are the main steps to ratify tax:
(1). Buy USBkey;
(2). File application;
(3). Buy Tax disk;
(4). Apply for Blank Invoices from the Taxation Bureau.
After Ratify Tax, you will be able to make invoices. And remember to declare tax monthly.
3. Open Social Insurance Account;
According to the Labour Law of the People's Republic of China every company should pay Social Insurance for its employees. If you hired someone, you must open Social Insurance Account to pay Social Insurance for your employees. Social Insurance Account can be opened whenever you want to hired employees.
4. Open Accumulation Fund Account;
Just like Social Security, every company should pay Accumulation Fund for its employees. Accumulation Fund Account can be opened whenever you want to hired employees.
*5. Import & Export Registration
For international traders who does Import & Export business should apply for Import & Export Registration. Follow are the main steps to apply for Import & Export Registration:
(1). Foreign trade operator Registration;
(2). Commodity inspection Registration;
(3). Customs Registration;
(4). Foreign Exchange Registration;
(5). E-port, legal representative card, operator card.
If you have a WOFE in China, or you are a WOFE’s manager, you are welcome to send an e-mail to: firstname.lastname@example.org to seek help.
WOFEChina.com has successfully helped investors from more than 50 countries (regions) all over the world registered Wholly Owned Foreign Enterprises (WOFE), Joint Ventures (JV), Shanghai Representative Offices(RO), and provide one-stop business solution, including Trademark Registration, Bookkeeping, etc. We have a very skilled consultant team, a set of efficient operation system. We provide high-quality customized services with reasonable price and accurate information, that’s what makes us different.
Shanghai QiXiang Business Consulting Co., Ltd.
Contact: Leo Zhang
Mobile Phone:+86 185 1632 9606
QQ:230 911 4493
WeChat/WhatsApp: +86 185 1632 9606
Tel: +86 21 3100 7715