China has become the global economic powerhouse and if you are looking to forge a strong working relationship with a Chinese manufacturer, registering your business in China brings with it many potential benefits. Entering a new market does make you feel a bit apprehensive, especially a marketplace like China, with a language and culture that is unfamiliar at best.
- Source an International Law Firm – Prior to making any approach to the Chinese government, you should connect with an award-winning international law firm and the experts can explain the pros and cons with each type of business, which means you can make data-driven decisions.
- Remote Company Management – Thanks to high-speed Internet and state of the art software, you can manage your Chinese business remotely; there is voluntary tax compliance in China and by outsourcing toa local accountant, you can be sure of compliance. All bookkeeping can be carried out by remote staff that are located on mainland China, while quarterly and annual reports are created according to the timeline.
- Corporate Tax Compliance – Monthly VAT returns are required and with access to your cloud, local accountants can file all returns in good time, ensuring complete compliance. A local accounting firm can advise you on invoicing, this makes tax returns easier and minimising taxation strategies. Late payment typically means paying a per-day surcharge and you definitely don’t want that. Foreign companies/corporations that regularly pay late could be labelled by the authorities.
- Rely on your Legal Partner – A law firm with offices in Beijing knows the protocol for registering a foreign business in China and without their in-depth knowledge, many mistakes would be made. Engaging the services of a top international law firm is the only way to be sure you are doing the right thing at the right time. They are the key to many local business service providers that will keep your business fully compliant; whatever your needs, a top-rated international business law firm is a critical partner for those who wish to enter the Chinese commerce arena. Click here for a few investment tips that you might not know.
- Carrying out Market Research – If you would like to carry out some market research before becoming a trading business entity, setting up a Representative Office allows you to do just that and when you feel you are ready to go to the next level, your lawyer can facilitate a joint venture company with a local partner. Of course, a Chinese company can be 100% foreign owned, talk to your lawyer regarding this.
The People’s Republic of China (PRC) welcomes foreign investments and with the right law firm in your corner, you can set up a business entity and that will be the start of an exciting new chapter of your life. You are given full instructions of how to prepare, which includes banking information and company documents that must be submitted.
