Company name Registration
The company name pre-approval application form needs five options of company name in Chinese. Meanwhile, we need the Passport /Business Certificate's photocopies of the Legal representative and the shareholders that should be notarized by the Chinese Embassy.
Business License and Stamps
After taking name approval, we draft an article of association for your company. We need an Incorporation application report, Certificate of incorporation of overseas investors certified by the Chinese Embassy, Standards forms, etc. After the Public security bureau record, we start to engrave the company's stamps, including the Company stamp, the Financial stamp, the Fapiao stamp, and the Legal representative's stamp.
Bank Account and Tax Registration
Enterprises with foreign capital shall open an account with the Bank of China. We need to arrange the meeting with the Chinese bank and sign the bank contract with the legal representative.Normally, within 30 days from the date the business license is obtained, the enterprise needs to apply for the Tax Account in Tax Bureau. We should collate, prepare the documents, and completed relevant forms to Tax Bureau to apply for E-tax Filing.
RENMINBI VS YUAN
This is the difference with the renminbi and the yuan.
- The renminbi (RMB) and the yuan (CNY) are the official names for the currency of China. The terms are often used interchangeably, but there is a difference between the two.
- The renminbi is the official name of the currency, while the yuan is the unit of measurement for the currency. The renminbi is issued and regulated by the People's Bank of China, the central bank of China, while the yuan is the unit of currency that is used in daily transactions.
- In other words, the renminbi is the name of the currency, while the yuan is the unit of the currency that is used to represent the value of goods and services. For example, you might say that something costs 50 yuan, but the actual currency that you would use to pay for it would be renminbi.
- Both the renminbi and the yuan are used in China and in other countries around the world. The renminbi is not fully convertible on the international market, but it is widely used in international trade and financial transactions, particularly in Asia.
- The Chinese government has been working to increase the use of the renminbi in international transactions and make it more widely accepted as a global currency.
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