Written in conjunction with TMF Group
Good news for investors with their sights set on China. The government has made it much easier for foreigners to set up shop and do business in one of Asia’s largest countries. In 2015, China streamlined its business registration procedures, made it easier to obtain expatriate work visas, and simplified the compliance process.
Here’s what the changes mean for you.
Easier To Obtain Licenses
Gone are the days when companies had to seek out a Business License, Tax Registration Certificate and Organization Code Certificate from three different entities. Now all you need to do is send in one set of forms to the Administration for Industry and Commerce (AIC). The new three-in-one license makes it easier - not to mention cheaper and faster - to get started doing business in China.
Easier Foreign Banking
The State Administration of Foreign Exchange (SAFE) gave local banks the power to handle the foreign exchange registration and other related business on inbound direct investments by foreign investors. Local banks are now also authorized to handle examinations, records-filing, monitoring and statistics-related matters.
Easier To Obtain Work Permits
Changes to China’s work permit application process mean expatriates can now apply for a Green Card or five-year residence permit. People from certain countries can apply for their Z Visa, or work visa, upon arrival at Pudong Airport in Shanghai. Finally, Taiwan and Hong Kong citizens no longer have to obtain a residence permit.
Easier Filings
An annual report filing now replaces the annual inspections previously required for inbound investments.
China’s reforms on business visas, filings and banking, as well as its easing on capital injection requirements, have created more opportunities for foreign investors and businesses.
LEARN MORE
To learn more about how CT can help you better manage your global compliance needs, contact a CT representative at 844-318-1457 (toll-free US).
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