Establishing a Wholly Foreign-Owned Enterprise (WFOE) in China is a significant milestone, but it’s only the beginning of your business journey. Once your WFOE is officially registered and you have received your business license, several essential steps must follow to make the company legally operational and compliant. Here's a practical checklist of what comes next:
Tax Registration: Register for taxes (e.g., corporate income tax, VAT) with the local tax bureau within 30 days of receiving the business license (now streamlined via the Electronic Taxation Bureau)
Create Company Chops (Seals): Obtain official company chops (e.g., company seal, financial seal, legal representative seal, invoice seal) under the supervision of the Public Security Bureau, as these are legally binding in China
Register with Other Authorities: Register with relevant authorities, such as the State Administration of Foreign Exchange (SAFE) and Chinese Customs (if import/export activities are planned)
Open Bank Accounts: Establish a RMB account for domestic transactions and a foreign currency capital account for receiving and verifying the initial capital contribution
Additional Post-Registration Formalities: Depending on the business scope, complete further registrations (e.g., HR and social security account for company to hire foreigners, social security and housing registration for local employees) and obtain necessary licenses (e.g., import and export license, food license, dangrous goods trading license, etc.)
Once these steps are completed, the WFOE is officially registered and ready to operate in China.
Completing WFOE registration is a great achievement, but the true operational setup begins afterward. With multiple regulatory steps, tax compliance, and financial management to handle, it's essential to work with experienced local professionals. At Gomax International, we provide full post-WFOE registration services to help you launch your China business smoothly and successfully.
Need help after registering your WFOE?
Contact us at info@gomaxgroup.com for one-stop support.
