China Banking

 People's Republic of China (PRC) is situated in eastern Asia, bounded by the Pacific in the east. It is third largest country in the world, which has one-fifteenth of the world's land mass and one-fifth of the world's population. Beijing is the capital of China. Since the implementation of the Open Door Policy and economic reforms at 1980s, China has attained an annual average growth rate of 9.7% for its GDP since then China has evolved to an extremely attractive and realistic big market in the global context. In December 2001, China has become the 143rd member of the World Trade Organization. Entering to the WTO signifies China that it is being brought into the global trading system based on commonly accepted rules and norms. Accession to the World Trade Organization helps strengthen its ability to maintain strong growth rates in which foreign investment remains a strong element in China's remarkable economic growth. China in 2003 stood as the second-largest economy in the world just after the US.

China will open service areas such as banking, insurance, telecommunication, foreign trade, domestic trade, tourism step by step, formulate uniform, standard and transparent investment access policy, intensify efforts to enact and perfect relevant laws and regulations, improve the level of administration, establish and perfect the regime consistent with the international prevailing rules and actual situation in China. Business people are facing unprecedented opportunities in making investment in China.

Shanghai, one of the most dynamic city in China possesses huge market opportunities, many companies abroad has either choose to setting up their offices in Shanghai or outsource one or more departments to Shanghai.

Types of Corporate Vehicle

Equity Joint Ventures (EJV) - a partnership of Chinese and Foreign Investors, whose benefits and liabilities are determined by contribution of equity.

Cooperative Joint Ventures (CJV) - a limited liabilities partnership of Chinese and Foreign Investors.

Wholly Foreign Owned Enterprises (WFOE) - a limited liabilities company which is wholly owned by foreign investors. A WFOE can engage itself in approved business activities and issue tax invoices on its own and it is the most preferable corporate vehicle.

Enterprises other than those listed above that have establishments or places of business in China and engage in production or business operations, e.g. factory, places for exploitation of nature resources, contracted project sites.

People come to China with passion and cash in pocket and want to setting up offices in major cities like Beijing or Shanghai, but might be frustrated at complicated procedure and formalities, professionals of EFS provide advices and serve as an agent in setting up businesses all over China. Integrating international extensive experiences and profound understanding to the China market, we offer professional consultancies in business registration, setting up WFOE in China and also outsourcing solutions. For setting up offices in Beijing and Shanghai, please contact us.