Registering Shanghai WFOE Handbook Service
Shanghai hotline: 021- 68877368
Registering Shanghai WFOE Handbook, the instructions about Shanghai WFOE registration, which makes you have a deeper understanding about Shanghai WFOE registration.
Characteristics of a WFOE
Wholly Foreign Owned Enterprise (WFOE), also known as Wholly Owned Foreign Enterprise (WOFE), is a limited liability company, the establishment of which is governed both by the Company Law of PRC and Law of the PRC on Enterprises Operating Exclusively with Foreign Capital.
A WFOE can engage itself in approved business activities and issue tax invoices on its own. It is a corporation and a tax resident. All shareholders of WFOE should not be Chinese nationals.
Advantages of WFOE
Independence and freedom to implement the worldwide strategies of its parent company without having to consider the involvement of the Chinese partner;
Ability to formally carry out business rather than just function as a representative office and being able to issue invoices to customers in RMB and receive revenues in RMB;
Capability of converting RMB profits to US dollars for remittance to its parent company outside of China;
Protection of intellectual know-how and technology;
Full control of human resources
Greater efficiency in operations, management and future development.
NewInvestor's parent company does not have to be established for more than 2 years while for Representative Office, it's parent company is required to have been established for more than 2 years.
Name of a WFOE
The name of the WFOE is governed by “Regulations on the Management of name of Enterprises”. Since WFOE is a limited liability company, its name should be in the form of “Name of City + Name of the Enterprise +Industry+ Company Limited “. Accordingly, a company registered in Shanghai will normally bear a name like: USCorp Software Development (Shanghai) Limited.
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