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China Ship Broking Company Introduce

 Ship broking company WFOE incorporation -Shanghai

GENERAL INFORMATION.

The China ship broking company has allowed business scope such as: ship chartering,                       ship sales and purchase, cargo soliciting. At 2010, the first 9 ship broking companies incorporate at Shanghai. That was new start of ship broking service in China mainland. An example is the Clarkson broking company WFOE, which was incorporate at 2010-7-28 in Shanghai. It is 100% shareholding hold by a HK company.
 .

MAIN CONDITION OF INCORPORATION SHIP BROKING WFOE.

1.       Before incorporation, hire 5 employee, who personal each has "ship broking working license".
2.       Before incorporation, lease a office room in Shanghai.
3.       Before incorporation, notarization & Certificate of investors legalised identity.
4.       After company incorporation, pay up registered capital minimum RMB1,000,000 ..

 

INFORMATION AND DOCUMENTS REQUIREMENT. 

1. Do (notarization & certificate) legalized by the Chinese Embassy in the country where the investor(s) resided or registered. Investors could be corporate, or natural person.
 *(if personal investor) legalised identity documents of passport, bank reference letter; (Chinese translate version)
 *(if corporate investor) legalised identity documents of its incorporation documents, bank reference letter; (Chinese translate version)
 2. Tenancy Agreement of the office room in Shanghai; (lessee name must be WFOE director, or WFOE company name) (lease term 12 months at least) (locate in commerce building).
 3. Those 5 employee broking working license;
 4. A feasibility study report in Shanghai; (i.e. WFOE Business plan introduce)
 5. WFOE company names, both Chinese and English; (provide 3 key words alternatives)
 6. Who will be WFOE director, supervisor, accountant; (their passports or Chinese ID card, head photograph, telephone number and address)
 7. How much registered capital, method and time limit of contribution; (could be the first installment 20% within 3 month, the rest 80% within 2 years) 
8. How many years of the proposed term of operation for the WFOE. The standard term is generally 10-20 years.
9. which bank branch in Shanghai will be chose to open bank account for WFOE.

INCORPORATION PROCEDURES & TIME FRAME.  

1. Client yourself do: Investors' bank account, deposit 60% at least proposed registered capital of WFOE. Then, apply a bank reference letter from the bank;
 2. Client yourself do: (notarization & certificate) legalized of investor identity documents; (our agent can do this if investor is a HK company)
 3. Client yourself find and hire 5 employee who have broking working license; (our agent can assist to find them)
 4. Client yourself find an office room and sign tenancy agreement by WFOE director; (our agent can assist to find office)
 5. Client provide above things/information (listed above 1 to 9) to agent;
 6. (if any), agent translate above documents to be Chinese version;
 
 7. agent prepare documents then send to client sign;
 8. client give all duly signed documents back to agent;
 9. agent handle documents and submit to the Shanghai approve office;
 10. after get approve certificates, agent submit documents to Company Registration Office;
 11. the WFOE get license of incorporation & seals;
 (now can start China business) (below are subsequently steps)
 
 12. agent and the WFOE director together go to bank to open account;
 13. the investors pay up first installment registered capital into the WFOE account;
 14. agent assist to do capital verification, after then, the WFOE can use those capital deposit for business;
 15. The WFOE accountant go to buy Fapiao paper and electronic device for future tax declare;
 
 
 steps 1-5: time frame base on client schedule;
 steps 6-11: If things smoothly, it will need 2 months;
 steps 12-15: estimate 1 month;
  .

COST FEE & PAYMENT MONTH.  

1. WFOE incorporate service (step 7 to 12), agent charge RMB 17,000
 2. WFOE incorporate fee, the Shanghai government office charge* RMB 3,200
 
 3. (if any) translate documents for Chinese version,  professional firm charge RMB150 per page
 4. open bank account, bank charge* around RMB 1,800
 5. capital verification, professional firm charge* RMB2300 per time
 
 *Note:
 -Government office charge is base on amount of registered capital of WFOE; Here is just use RMB1,000,000 capital as example.
 -The capital verification, professional firm charge is base on amount registered capital of WFOE; Here is just use RMB1,000,000 capital as example.
 -Bank charge fee is base on which bank branch, and what kind of service client used.
 

We shall be grateful if you can let us have your further instructions, should you have any questions, please feel free to contact us.  enq@ahkcpa.com
 
 (2011-5-1 Revision).



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