FROM SEA FARMING EXPORT - TO INTERNATIONAL HI-TECH INDUSTRY.
SINOR is in the process of planning the establishment of the world's largest R.A.S. production facility with integrated processing and logistic centre to serve the Chinese and South East Asian markets with live Atlantic Salmon......
While the global economy continued to struggle over the past 12 months, China's economic performance remained strong and it contributed the most in real terms to global economic growth for the sixth consecutive year. European companies have benefited from this growth, with increased revenues and higher average profit margins in China compared to company performances being reported globally. With optimism about continued growth, China's strategic importance has correspondingly increased for most European companies, as has the strategic intention to serve the domestic market through their China operations. This is reflected in the plans of many companies to make further investments, increase the number of permanent staff positions and develop marketing and sales activities as companies increasingly see boosting domestic consumption as important to China's growth. Source EUCCC.
The Norwegian Atlantic Salmon from China will in the years to come supply the Chinese market as well as the and Asian markets with premium quality - guaranteed without antibiotics or vaccination. The Atlantic Salmon grows....
Comparison Of Business Operations in China: Shanghai, Beijing, Hangzhou, Hong Kong
ITEMS
WFOE/ Joint Venture
REPRESENTATIVE OFFICE
HONG KONG COMPANY
Minimum Capital
Starts from 100K RMB
No capital required
1 HKD
Business Scope
Specific Industry: Trading WFOE; Consulting WFOE, Manufacturing WFOE(*1)
Liaision; Quality Control; Factory Visiting
All business activities offshore; General Trading
Office
In an office building which could register business
Shanghai: Grade A building; Beijing: office building
Virtual address in HK
Working Visa
1 year multi-entry Visa(*2)
1 year multi-entry Visa
Can't have work visa in China and HK
Recruiting Staff
Recruite staff directly
Through Local HR agency: FESCO, CIIC
Can't recruite staff in China
Taxation
Turnover tax; Income tax, Dividend tax (3*)
Approx. 10% on expenses; individual income tax
Corporate Income tax: 16.5%. No dividend tax
Maintenance
Monthly; Quarterly; Annually
Monthly; Quarterly; Annually
Annual: License renew; audit report
Bank Account
Access & receive money; pay bills; issue cheque; withdraw cash in China; RMB account and Foreign Currency
Can only receive money from parent company; Can only pay for expenses; Can't pay for products
Online banking; Withdraw cash in HK; Withdraw cash with debit card in China if applicable
Invoicing
Official invoice in China
Can't issue invoice or receipt
Customized A4 size receipt
Receiving payments
World Wide
Not allowed to receive payments from clients
World Wide (*4 )td>
Liability of equity participants
Limited to amount of registered capital
Parent company
Limited to amount of equity participation
(*1) WFOE/ Joint Venture can only conduct business within its approved business scope, which ultimately appears on the business license. Any amendments to the business scope require further application and approval. Please check point 5 at www.wfoe.org for more details.
(*3) There are 2 major taxes for WFOE and Joint Venture in China: Turnover tax (which include Business tax and VAT tax etc.), Income tax (corporate income tax, individual income tax) For Business tax: Based on turnover, 5-6% applies to the service oriented business; VAT tax: Based on Value added part of the products, applies to trading and manufacturing businesses; Corporate Income tax: based on gross profit, it is 25% nation wide (Since Jan. 1st, 2008) except High technology businesses with tax incentives in Special economic zones, and encouraged industries in middle-western China (Starts from Jan. 1st, 2009). Other taxes including taxes on dividends which is 20%. As for publica listed companies the dividend tax is 10% since June 13th, 2005.
(*4) Some local Chinese companies don't have foreign currency accounts and can't send money abroad (including to Hong Kong) Make sure your China clients can T/T to Hong Kong.
