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Yiwu Representative Office(RO)

Update Date:2015-9-29 12:23:45 Source:Tannet (Malaysia) Sdn Bhd Views:262

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Overview of Yiwu

Yiwu is located in Jinhua and Quzhou Basin, at east longitude 119 degrees 49 minutes to 120 degrees 17 minutes and north latitude 29 degrees 02 minutes 13" to 29 degrees 33 minutes 40", and in the geographical center of Zhejiang Province.


It lies on the east of Dongyang, south of Yongkang and Wuyi, west of Jinhua and Lanxi, and north to Zhuji River. Far away from the provincial capital Hangzhou hundred meters, the City is surrounded by the mountains on east, south and north three sides. The length from north to south is 58.15 kilometers and from east to west is 44.41 kilometers wide. Yiwu, a pearl of China market, is striving to improve investment environment and to provide favorable conditions for foreign investers.


Yiwu City Foreign Trade and Economic Cooperation Bureau has also drawn up "a Guide to Yiwu Investment Promotion Projects", and actively promoting the industrialization of investment.

 

Representative Office (RO) is established by foreign companies to engage in business liaisons, quality control, product promotion, market research, exchange of technology and other permitted activities in China.


Yiwu Representative Office Registration-Features of a Representative Office in Yiwu

1. Legal status and Business scope of Yiwu representative office

The Representative Office has no qualification of a legal entity, is not allowed to directly engage in operational activities, as shown in the Business License of ROs, that a RO should not engage in direct operational activities, such issue invoices on its own, remitting outward, signing sales or purchase contracts, or receiving income from services performed but may act as business liaison, product promotion, market research, exchange of technology for its parent company.


2. Name of Yiwu representative office

The name of the Representative office should be in the form of "Name of the Enterprise + Name of the City + Representative Office (or Office)".



3. Min-registered capital of Yiwu representative office

No requirement on the capital for the establishment of a RO


4. Financial services for Yiwu representative office

The RO may open account in bank and accept the payment from the parent companies overseas. However, the remittance can only be used for the day-to-day expenses. They are not allowed to open L/C account in bank and to accept other more extensive financial services


5. Business Address of Yiwu representative office

The business address must be located in commercial buildings approved by the government.


6. Hire staff for Yiwu representative office

Cannot employ the staff directly, which must be processed through a third-party intermediate agencies with relevant qualifications.


Yiwu Representative Office Registration-Documents required 

Below are the documentation of Foreign Representative Office setting up in Yiwu, Item 1-5 should be prepared before coming to Yiwu:

1. 1 Certificate of Incorporations or Equivalent document certified by Chinese embassy or Chinese consulate overseas.

2. 1 Bank Reference Letter from investor's bank to declare a good standing.

3. A brief summary of the operations and business of the parent company, such as the principal business activities, registered address, contact phone number, fax, name of the parent company; director of parent company's passport copy

4. China Chief Representative: Resume; 6 photos [2 inch size]; passport copy certified by Chinese embassy or Chinese consulate overseas.

5. If there are General Representatives to be stationed in Yiwu in addition to the Chief Representative, the resume, 2 pictures, passport copy certified by Chinese embassy or Chinese consulate overseas;

6. 2 original leasing contracts of the office premise to be used by the Representative Office; the lease term should be at least 12 months; the lease contract should be register in building administer department.


Tannet Malaysia is an International Consultant Firm based in Hong Kong, Shenzhen. We have over 10 branches located in China and we believe Tannet would be your best choice for your oversea investment. We provide services from pre-setting up to incorporation, management to operation, IPO such as international company registration, global trademark application, outsource accounting services and etc. Kindly contact us for more information if you are interested! 


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