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About Joint Venture:
A joint venture can turn under-utilized resources into profit, create a new profit center, and help you enter untapped markets more quickly and less costly than WFOE.
Joint Venture is a popular method of expanding business. Major corporations and mid-sized companies are getting together, and small companies can, too, on a less formal basis.
Joint venture partners are matched by a process of closed proposal. Interested parties should submit a proposal of they would like to implement, stating what they bring to the project and what they expect from a Joint Venture partner.
Registration Procedures
Foreign companies are not allowed to directly submit the application documents to the relevant authority. They must retain a PRC entity that is authorized or permitted by relevant authorities to act as an agent. The agent will submit all the documents to the examination and approval authority on behalf of the foreign enterprise. Procedures to set up the Wholly Foreign Owned Enterprise in Shanghai are as following:
1.Name checking: 5 working days
2.Applying for the Approval Certificate：15 working days;
3.Applying for the business license: 10 working days;
4.Applying for the Organization Code Certificate: 1 working day;
5.Opening the account: 2 working days;
6.Capital Verification: 7 working days;
7.Tax Registration: 7 working days ;
8.Financial Registration: 15 working days;
9.Statistic Registration: 1 working day;
10.Record keeping at the customs:20 working days.
(the information above only for reference!)
Materials Needed from the Foreign Investor(s):
1.A brief introduction of the foreign company;
2.A photocopy of the foreign company’s Business License and 2 original copies of the Notarization Letter of the Business License and 2 original copies of the Authentication Letter(from the Chinese embassy in that country) of the Business License;
3.A photocopy of legal representative’s passport;
4.2 original copies of the Bank’s Reference Letter;
5.Last year’s audit report of the foreign company.
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