Formerly named Dongxilian Island, Lianyungang is found in the northeastern part of the province of Jiangsu and it is one of the largest ports of China, at the Yellow Sea. The coastal development area is home to many companies from abroad, mostly activating in the import and export sector. If you would like to open a WFOE (Wholly Foreign-Owned Enterprise) in China and particularly in Lianyungang Coastal Development Area, we invite you to talk to our company formation specialists in China and ask for support and assistance in this direction.
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Short facts about Lianyungang Coastal Development Area
An area of approximately 7,777 square km is allocated to Lianyungang port which connects with important business points in China and around the world. 14 of the coastal cities in Lianyungang developed in areas like industry, tourism, manufacturing, trading and many more, having excellent business collaborations with Korea and Japan. The following information sustains the fact that Lianyungang Coastal Development Area is a preferred business destination for local and international investors:
- Lianyungang is connected to more than 40 countries through the Eurasia Continental Landbridge.
- 70% of the natural crystal reserve of the country is found in Donghai County in Lianyungang.
- There are 2 operational nuclear power plants and 4 in the making in Lianyungang.
- Lianyungang is the 10th largest port in China and the 30th in the world.
- There are 6 districts in Lianyungang: Ganyu, Lianyun, Haizhou, Donghai, Guanyun, and Guannan.
Being a large port and found in the top 10 in China when it comes to the volume of cargo, there are numerous entrepreneurs who developed import and export companies, logistics and transportation firms, manufacturing, etc. A WFOE in China represents the ideal business structure for foreign investors wanting a company in Lianyungang and complete ownership and control. If you are interested in registering a company in China and especially in Lianyungang Coastal Development Area, you can get in touch with our company formation agents in China.
Foreign entrepreneurs who want to set up a company in China and enjoy the benefits offered by this country in the business field can get in touch with our local representatives. They can successfully manage everything related to paperwork, opening a bank account, and the supply of a registered address, among others. We mention that the whole process can last around 3 months if there are no complexities in terms of documentation or other formalities.
How do I open a WFOE in Lianyungang?
The incorporation of a WFOE in China is not a complex procedure if all the requirements are respected. For instance, the first thing to consider when establishing a WFOE in Lianyungang is to verify the business name and reserve the chosen one. The next thing to do is to open a bank account and deposit the minimum share capital of RMB 30,000, except in the free trade zones where such condition is not imposed.
Registration for taxation and social contribution, applying for licenses and permits, and then obtaining the company seal are the following steps in opening a WFOE in Lianyungang. A legal representative and a board of managers are needed for a WFOE to properly activate on the market. We mention that one of our company formation specialists in China is at your service and can act with a power of attorney if you need a representative for your company in Lianyungang. All the requirements in opening a business in China can be explained by our consultants, whether you are a local or a foreign entrepreneur in China.
Our accountants in China offer you various services for the company you own in this country. In principle, you will need payroll services, bookkeeping, preparation of annual financial statements, risk assessment and evaluation, tax registration, and management of human resources. We also have personalized investment consultancy available for large investors, so don’t hesitate to contact us and discover the services you can benefit from.
What kind of business can I develop in Lianyungang?
There are no particular restrictions in starting a business in Lianyungang as long as it respects the legislation. If you cannot decide on the business direction in Lianyungang, you might want to direct your attention to sectors like new energy, new pharmaceuticals, the production of high-end manufacturing equipment, or import and export businesses. The investments in this part of China are huge in most of the appreciated economic sectors, so there should be easy to find out the field in which the large profits are generated. Lianyungang also welcomes law and accounting firms, insurance and guarantee companies or other financial institutions.
Institutions and business approvals in Lianyungang
The company registration in Lianyungang involves a series of approvals made by different institutions as follows:
- The name approval issued by the Office of the Administration for Industry and Commerce, followed by the business approval made by the Office of the Development and Reform Commission in Lianyungang.
- The Office of the Bureau of Commerce issues the approval business certificate.
- The administration for Industry and Commerce will issue the needed licenses and permits.
- Lianyungang Local Taxation Bureau and Lianyungang office of State Administration of Taxation are two institutions in charge of company tax registration in this province.
For more details about how you can register your business in Lianyungang Coastal Development Area, feel free to contact our company formation representatives in China.