A WFOE (Wholly Foreign-Owned Enterprise) is a limited liability company in China that is 100% owned and controlled by foreign investors, with no requirement for a Chinese business partner. The full form is Wholly Foreign-Owned Enterprise (Chinese: 外商独资企业, pinyin: wàishāng dúzī qǐyè). Under the Foreign Investment Law of the People’s Republic of China, effective January 1, 2020, WFOEs are formally classified as foreign-invested enterprises, though the WFOE term remains standard across business, legal, and government practice in China.
If you are a foreign individual or company planning to operate commercially in mainland China, hire staff directly, issue official tax invoices (fapiao) in RMB, or repatriate profits, a WFOE is the most practical and widely used legal structure. This guide covers every angle: types of WFOE, when it makes sense over a joint venture or representative office, registration requirements, costs, taxes, restricted sectors, and city selection.
Key Takeaways
- A WFOE gives foreign investors 100% ownership and full operational control in mainland China, without needing a local partner, governed by the Foreign Investment Law (2020) and Company Law (2024 revision).
- There are three types of WFOE: consulting/service, trading (also known as FICE), and manufacturing. Each carries different licensing, compliance, and capital expectations.
- Under the 2024 Company Law, there is no statutory minimum registered capital for most WFOE types, but shareholders must contribute all subscribed capital within five years of incorporation.
- Standard corporate income tax (CIT) for a WFOE is 25%, with lower rates available for qualified high-technology enterprises (15%) and small enterprises (variable).
- Registration typically takes one to three months from document preparation through to bank account opening, depending on entity type and city.
What Is the Full Form of WFOE? (Definition and Legal Basis)
WFOE stands for Wholly Foreign-Owned Enterprise. In Chinese law, it is written as 外商独资企业 and transliterated as wàishāng dúzī qǐyè. You may also see the spelling WOFE (incorrect, though common in informal use).
Legally, a WFOE is a limited liability company incorporated in mainland China with capital contributed entirely by one or more foreign entities or individuals. It holds independent legal personality, meaning it can sign contracts, hire employees, own assets, and bear liabilities in its own name.
The original legal framework for WFOEs was the Law on Wholly Foreign-Owned Enterprises (1986, revised 2000). That law was superseded by the Foreign Investment Law of the PRC (2020), which unified the three previous foreign-investment laws into a single framework. Under the 2020 law, WFOEs are no longer a distinct statutory category but are registered as foreign-invested limited liability companies under the Company Law of the PRC.
In practice, the term WFOE remains universally used by foreign investors, legal professionals, registration agents, and government officials when referring to a 100% foreign-owned company in mainland China. The 2020 Foreign Investment Law did not eliminate the structure; it removed the separate approval regime and integrated WFOEs into the general company registration process overseen by the State Administration for Market Regulation (SAMR).
The 2024 revision of the Company Law (effective July 1, 2024) further modernized governance rules, including changes to registered capital contribution timelines. These changes apply to WFOEs alongside domestic companies.
What Are the Types of WFOE in China?
WFOEs are not a single homogeneous structure. The type of WFOE you register determines your approved business activities, licensing requirements, and in some cases your registered capital expectations. There are three practical categories.
Consulting/Service WFOE
A consulting or service WFOE is the simplest and most common type for foreign businesses entering China. It covers advisory services, management consulting, software development, IT services, marketing, training, and most B2B service models. No additional sector-specific licenses are required beyond the standard business license. This is the fastest type to set up, often completing within four to eight weeks for straightforward cases.
Trading WFOE (FICE)
A Trading WFOE, also known as a Foreign-Invested Commercial Enterprise (FICE), is licensed to conduct import, export, wholesale, retail, franchising, and distribution activities in China. In addition to the standard business license, a trading WFOE requires customs registration and, for specialty goods categories, additional product-specific licenses. Companies operating in or near Free Trade Zones in Shanghai, Guangdong, or Hainan may access streamlined procedures and preferential policies for trading operations. Registered capital for trading WFOEs is typically higher than for service WFOEs.
Manufacturing WFOE
A manufacturing WFOE is licensed to produce, assemble, or process goods in China for domestic sale, export, or both. The setup process is the most involved of the three types. Before submitting the business license application, a manufacturing WFOE must complete an Environmental Impact Assessment (EIA), which is reviewed by local environmental authorities. Manufacturing WFOEs generally require higher registered capital and a physical production facility. They are common in sectors such as electronics, automotive components, consumer goods, and industrial equipment.
Is a WFOE Better Than a Joint Venture in China?
For most foreign businesses entering China today, the answer is yes. A WFOE gives you 100% ownership, full control over strategy and operations, and clear intellectual property ownership. A joint venture (JV) requires sharing equity with a Chinese partner, and with that comes shared decision-making, profit distribution negotiations, and, in many cases, IP exposure.
The primary reason to choose a JV over a WFOE is regulatory necessity. Under China’s Foreign Investment Negative List (Special Administrative Measures for Foreign Investment Access), certain sectors restrict or prohibit full foreign ownership. In those restricted sectors, a JV with a Chinese partner is the only way to enter. Outside the Negative List, there is generally no regulatory reason to take a JV over a WFOE.
| Factor | WFOE | Joint Venture (JV) | Representative Office (RO) |
|---|---|---|---|
| Foreign ownership | 100% | Partial (shared with Chinese partner) | N/A (not an independent entity) |
| Can generate revenue | Yes | Yes | No |
| Can issue fapiao (RMB invoices) | Yes | Yes | No |
| Hire local staff directly | Yes | Yes | Via dispatch agency only |
| Profit repatriation | Yes, after tax | Yes, after tax and per JV agreement | Not applicable |
| IP protection | Strong (no partner access) | Risk of exposure to partner | Limited |
| Setup complexity | Moderate | High (negotiate JV agreement) | Low |
| Dissolution complexity | Moderate (up to 12 months) | High | Simpler |
In short: if your target sector is open to full foreign ownership under the Negative List, a WFOE is almost always the better structure. Joint ventures add complexity, IP risk, and negotiation overhead without providing operational advantages in most cases.
Not sure if a WFOE, JV, or Representative Office fits your China plans?
Our China team helps you choose the right structure before you commit to registration.
When Should You Set Up a WFOE in China?
A WFOE is the right choice whenever your business needs to operate commercially in mainland China on a sustained basis. Below are the most common scenarios where a WFOE is the appropriate structure.
You Need to Generate Revenue in China
A representative office cannot invoice clients or recognize revenue. A WFOE can. If your business model requires signing contracts with Chinese customers, collecting RMB payments, and issuing official tax invoices (fapiao), a WFOE is the minimum viable structure. Without it, you cannot participate in formal procurement processes or work with state-owned enterprises.
You Want Full Control Over Operations and Strategy
A WFOE lets you implement your global business strategy without negotiating each decision with a local partner. Hiring, pricing, product development, vendor selection, and profit reinvestment decisions remain entirely within the foreign parent’s control. This matters especially in sectors where speed and confidentiality are competitive advantages.
You Are Entering a Non-Restricted Sector
If your business activity is not listed in China’s Foreign Investment Negative List, full foreign ownership through a WFOE is permitted. Examples include most consulting, software development, professional services, consumer goods manufacturing, and trading activities. The Negative List has shortened considerably since China joined the WTO; most mainstream foreign investment sectors are now fully open.
Intellectual Property Protection Is a Priority
A WFOE contains and controls its IP entirely within the foreign parent’s corporate structure. Unlike a joint venture, there is no Chinese partner with access to proprietary technology, processes, or client data. For technology companies, R&D operations, or businesses with significant brand equity in China, this separation is critical.
You Plan to Hire Chinese Employees Directly
A representative office must dispatch staff through a government-approved agency, which adds cost and reduces control over HR decisions. A WFOE employs Chinese staff directly under standard labor contracts, with full flexibility over compensation structures, role definitions, and performance management.
You Want to Repatriate Profits Overseas
A WFOE can convert RMB profits to foreign currency and remit them abroad after paying applicable taxes, subject to State Administration of Foreign Exchange (SAFE) procedures. The foreign currency capital account and RMB basic account work together to facilitate this. A representative office generates no profits by definition and has no repatriation mechanism.
What Are the Key Requirements to Register a WFOE in China?
Registering a WFOE involves meeting several foundational requirements before the registration application is submitted to SAMR. These are not optional steps; missing any one of them will result in delays or rejection.
Legal Representative
Every WFOE must appoint a Legal Representative, who is the individual ultimately responsible for the company under Chinese law. The Legal Representative’s name appears on the business license and on all five company seals. This person does not need to reside in China, but they must be a real individual (not a corporate entity) and must be willing to be identified in public records. In practice, many companies appoint the founder, a senior director, or a designated nominee.
Business Scope
The business scope is a formally registered description of what the WFOE is legally authorized to do. It appears on the business license. This is one of the most consequential decisions in WFOE setup. The scope must be specific enough to describe your actual activities and broad enough to accommodate future growth. Operating outside the approved scope is a compliance violation. Amending the scope after registration is possible but requires a formal application to SAMR.
Registered Address
A WFOE must have a physical commercial address in China as its registered place of business. Residential addresses are not permitted. Virtual office addresses are generally not accepted for WFOE registration, though serviced office addresses in commercially designated buildings are accepted in most major cities. The registered address and the actual operating location must match; relocating to another district after registration requires updating all licenses and may trigger a tax clearance process.
Corporate Governance Structure
Under the 2024 Company Law, small WFOEs may operate with a simplified governance model: a single Executive Director plus a General Manager, or the same individual holding both roles. Larger WFOEs may be required to establish a Board of Directors and, depending on scale, a Board of Supervisors or Audit Committee. The governance structure must be defined in the Articles of Association (AoA), which is one of the core registration documents.
The foreign shareholder, whether an individual or a corporate entity, must provide certified and authenticated identity documents. For individuals, this means a passport with notarization and either apostille certification or consular authentication, depending on the home country. For corporate shareholders, the parent company’s incorporation certificate, articles of association, and proof of legal representative must all be prepared in the same manner. Authentication requirements vary significantly by the jurisdiction of the shareholder and the city of registration in China.
How to Set Up a WFOE in China: Step-by-Step Process (2026)
Setting up a WFOE in China follows a structured sequence of procedures administered across SAMR, the local tax bureau, and the banking system. The overall timeline for a service WFOE typically runs four to eight weeks; trading and manufacturing WFOEs may take eight to twelve weeks or more.
Step 1: Pre-Registration Checks
Before any paperwork begins, verify that your intended business activity is not listed in the Negative List and does not require additional sector-specific approvals (such as telecommunications licenses or food production permits). Confirm the city and district where you plan to register, as local SAMR offices have varying processing times and occasionally city-level requirements on top of national regulations.
Step 2: Company Name Reservation
Reserve your Chinese company name with the local SAMR. The name must follow the format: City Name + Company Name + Industry Description + Entity Type (e.g., ABC Consulting [Shanghai] Co., Ltd.). Name approval typically takes one to three working days. The reserved name is held for up to six months, with one possible extension, after which it lapses if registration is not completed.
Step 3: Secure a Registered Address
Execute a lease agreement for a commercial property approved by SAMR for business use. The landlord must provide the lease contract, property ownership certificate, and identity documents. Have these reviewed before signing; deficient address documents are a common reason for registration delays.
Step 4: Prepare Registration Documents
Compile the full registration package: certified Articles of Association, authenticated shareholder documents, appointment letters for the Legal Representative, registered address materials, and the MOFCOM foreign investment information report. All documents must be prepared in Chinese, with foreign-language documents translated and certified by a recognized translator.
Step 5: Submit Business License Application to SAMR
Submit the complete application package to the local SAMR office. Once accepted, SAMR reviews the filing and issues the Business License (营业执照) within approximately five to ten working days if all documents are in order. The Business License is the official proof of legal incorporation and carries the company’s registered name, address, business scope, legal representative, and registered capital.
Step 6: Obtain Company Seals (Chops)
After the Business License is issued, the company must engrave its five official seals: the company seal, legal representative seal, financial seal, contract seal, and invoice seal. These seals are required to execute contracts, authorize banking transactions, and complete subsequent registrations. Seal production typically takes two to three business days.
Step 7: Tax Registration
Register with the local tax bureau within 30 days of receiving the Business License. This step activates the company’s tax identification and determines VAT status. Depending on expected annual revenue, the WFOE may be classified as a general VAT taxpayer (access to input VAT credits) or a small-scale taxpayer (simplified VAT rate). Tax registration is a prerequisite for opening the bank accounts and issuing invoices.
Step 8: Open Corporate Bank Accounts
Open two accounts: an RMB Basic Account for daily operations, payroll, and tax payments; and a Foreign Currency Capital Account for injecting registered capital from the overseas parent. Most banks require the Legal Representative to be physically present in China for account opening. This step is often the most time-consuming part of the overall process, particularly for foreign investors without existing banking relationships in China.
Step 9: Inject Registered Capital
Transfer the agreed registered capital from the parent company’s overseas account into the Foreign Currency Capital Account. Under the 2024 Company Law, all subscribed capital must be paid within five years of incorporation, as stated in the Articles of Association. SAFE must be notified of the capital injection, and the funds are verified before being converted to RMB for operational use.
Step 10: Post-Registration Compliance Setup
Register with the local Social Insurance Fund to enroll employees in China’s mandatory social insurance schemes. File the foreign investment information report with MOFCOM through the National Enterprise Credit Information Publicity System. Set up monthly accounting, bookkeeping, and tax filing systems. The WFOE is now operational.
Note From Our China Team
One thing many foreign investors underestimate is the business scope decision. We see it regularly: a client sets up a consulting WFOE, then six months later wants to start distributing products in China. That requires either amending the scope (a formal process with SAMR, taking weeks) or registering a separate trading WFOE. Getting the scope right at the start is not just administrative tidiness; it directly determines what your company can do on day one. The time to think this through carefully is during incorporation, not after you have signed your first Chinese client contract.
What Is the Registered Capital Requirement for a WFOE in China?
Since the 2014 revision of the Company Law, there is no statutory minimum registered capital for most types of WFOE in China. However, “no minimum” does not mean “any amount works.” Several practical and regulatory factors shape how much registered capital you actually need.
The most significant change introduced by the 2024 Company Law revision (effective July 1, 2024) is a mandatory payment timeline. Shareholders must now contribute all subscribed capital within the period defined in the Articles of Association, and that period cannot exceed five years from the date of incorporation. Previously, timelines were often set at 20 or 30 years, effectively making registered capital nominal. Under the 2024 rules, capital commitments must be realistic and fundable within five years.
Practical guidance from registration experience in major Chinese cities:
| WFOE Type | Typical Registered Capital Range (CNY) | Notes |
|---|---|---|
| Consulting/Service | CNY 100,000 to 500,000 | Sufficient to cover first year of operations for most service businesses |
| Trading (FICE) | CNY 300,000 to 1,000,000+ | Higher for e-commerce platforms (TMALL requires approximately CNY 1,000,000) |
| Manufacturing | CNY 600,000 to several million | Depends on production scale, equipment costs, and EIA requirements |
Registered capital serves multiple purposes beyond regulatory compliance. It signals financial credibility to Chinese banks, clients, and business partners. Companies with very low registered capital may face practical obstacles in opening bank accounts or winning contracts with larger Chinese enterprises. Your registered capital should realistically cover operating expenses until the WFOE reaches cash-flow-positive operations.
Regulated industries including banking, insurance, securities, and certain healthcare and education sectors maintain separate minimum capital requirements that apply regardless of the general Company Law rules.
Unsure how much registered capital your WFOE actually needs?
Our China specialists can walk through your business model and give you a realistic capital recommendation.
What Taxes Does a WFOE Pay in China?
A WFOE is subject to Chinese taxation on the same basis as domestic companies. The major tax categories a WFOE will encounter are:
Corporate Income Tax (CIT)
The standard CIT rate for WFOEs is 25%, as governed by the Enterprise Income Tax Law of the PRC (2007, amended). Two important reduced rates apply in specific circumstances. Qualified high-technology enterprises (HNTEs) recognized by the Ministry of Science and Technology pay a reduced rate of 15%. Small and micro enterprises pay 20% on the first CNY 3 million of taxable income. Companies located in specific Free Trade Zones or designated development areas may access additional preferential rates or tax holidays depending on their industry and capital commitment.
Value-Added Tax (VAT)
VAT is China’s primary indirect tax. The applicable rate depends on the nature of the business activity. The standard rate is 13% for goods and certain services. A 9% rate applies to transportation, construction, and basic services. A 6% rate applies to most modern service industries including financial services, consulting, technology services, and cultural services. Small-scale taxpayers pay a simplified 3% rate on turnover without access to input tax credits. Exports of goods are VAT-exempt. Since 2022, some small enterprises have received temporary VAT exemption or reduced rates as part of economic stimulus measures; you should verify current rates at the time of registration.
Individual Income Tax (IIT)
A WFOE is responsible for withholding Individual Income Tax from employee salaries. Rates are progressive, running from 3% to 45% for Chinese residents. Foreign employees who spend 183 days or more in China per year are generally treated as tax residents. Dividend distributions to foreign shareholders are subject to a 10% withholding tax, reducible under applicable tax treaties.
Other Applicable Taxes
Stamp duty applies to certain contract types and property transactions at varying rates. Land Appreciation Tax applies at 30% to 60% on gains from the transfer of state-owned land use rights. Consumption tax applies only to specific categories of goods (alcohol, tobacco, luxury items, certain vehicles). Resources tax applies to extractive industries. Most service and technology WFOEs will primarily encounter only CIT, VAT, and IIT in regular operations.
Which Industries Are Restricted or Prohibited for a WFOE in China?
Foreign investment access in China is governed by the Special Administrative Measures for Foreign Investment Access (Foreign Investment Negative List), maintained jointly by the National Development and Reform Commission (NDRC) and the Ministry of Commerce (MOFCOM). The Negative List is updated periodically; the most recent publicly available version reduced restrictions significantly compared to earlier editions.
Industries listed as prohibited for foreign investment include: most news, publishing, and broadcast media; specific internet information services; certain compulsory education institutions; and several defense-related activities. Foreign investors cannot establish a WFOE or hold any equity stake in these sectors.
Industries listed as restricted require foreign ownership to remain below a specified percentage, effectively requiring a joint venture with a Chinese partner. Historically restricted sectors include certain telecommunications services, some financial services, and specific healthcare segments. These sectors have been progressively opening.
The vast majority of manufacturing, trading, professional services, technology, and consumer sectors are now outside the Negative List and fully open to 100% foreign ownership through a WFOE. If you are uncertain whether your specific activity falls under a restriction, check the current version of the Negative List directly on the MOFCOM or NDRC website, or consult a qualified advisor before committing to a structure.
Also Read: Setting up in Hong Kong is often used as a complementary structure for businesses that need a gateway entity before China entry, particularly for financial services, IP holding, and Greater Bay Area strategies.
Which City Should You Register Your WFOE in?
City choice affects registration processing times, tax incentives, sector-specific approvals, and the availability of commercial office space. Here is a practical comparison of the most common WFOE registration cities.
Shanghai
Shanghai is the most established WFOE destination and home to the China (Shanghai) Pilot Free Trade Zone, which was the country’s first FTZ and remains the most internationally recognized. The Shanghai FTZ offers faster registration procedures, broader business scope permissions for certain service categories, and cross-border RMB facilitation. Shanghai is ideal for trading WFOEs, financial services companies, and regional headquarters operations.
Shenzhen
Shenzhen is the dominant hub for technology companies, electronics manufacturers, R&D operations, and cross-border e-commerce businesses. Its proximity to Hong Kong makes it popular with businesses structured to use both jurisdictions. The Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone offers specific preferential policies for eligible service companies. Shenzhen’s SAMR processes are generally efficient, and the city has a high concentration of experienced incorporation service providers.
Beijing
Beijing is the natural base for government-facing industries, lobbying, media, education, and companies whose primary clients are state-owned enterprises or government ministries. Registration procedures can be slower than in Shanghai or Shenzhen. The Beijing E-Town development zone (formerly Economic and Technological Development Area) offers some incentive packages for tech companies.
Guangzhou and the Greater Bay Area
Guangzhou, alongside Dongguan and Foshan, forms the core of southern China’s manufacturing corridor. It suits traditional manufacturing and export-oriented WFOEs. The Guangdong Free Trade Zone covers the Nansha area in Guangzhou as well as Qianhai in Shenzhen and Hengqin near Macau. Each subzone has distinct sector focuses and incentive structures.
Chengdu, Hangzhou, and Other Inland Cities
For WFOEs targeting domestic consumption in central and western China, cities like Chengdu and Chongqing offer lower operating costs, strong domestic market access, and government incentives for relocation. Hangzhou has emerged as a technology and e-commerce hub, partly due to Alibaba’s headquarters effect. Several industrial parks across these cities offer preferential land costs, tax holidays, and streamlined registration for qualifying sectors.
What Are the Ongoing Compliance Obligations for a WFOE?
Registering a WFOE is the beginning, not the end, of your compliance obligations. Foreign investors often underestimate the administrative load that comes with maintaining a fully compliant entity in China.
Monthly and Quarterly Tax Filing
A WFOE must file VAT returns monthly (or quarterly for small-scale taxpayers). Corporate income tax is filed quarterly with a final annual settlement. Failure to file on time results in penalties and, in some cases, suspension of the company’s tax status, which prevents invoice issuance.
Annual Reporting
Every WFOE must submit an Annual Report through the National Enterprise Credit Information Publicity System before June 30 each year. This report covers basic company information, equity structure, and financial data. Companies failing to submit on time may be listed as abnormal by SAMR, which can affect banking relationships and government contract eligibility.
Statutory Audit
WFOEs with annual revenue exceeding applicable thresholds must prepare audited financial statements in accordance with Chinese Accounting Standards (CAS). The audit must be conducted by a licensed Chinese CPA firm. Audited financials are required for profit distribution, capital reduction, and certain bank financing applications.
Social Insurance and Housing Fund
WFOEs must register with the local social insurance authority and contribute to five mandatory social insurance schemes for all employees: pension, medical, unemployment, workplace injury, and maternity insurance. Housing fund contributions are also mandatory in most cities. Combined employer contributions typically represent 30% to 40% of employee gross salary in major cities.
Also read: How to Register a Company in China as a Foreign Investor: Complete Guide (2026)
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Frequently Asked Questions
What is a WFOE in China?
A WFOE (Wholly Foreign-Owned Enterprise) is a limited liability company in China that is 100% owned by one or more foreign investors, without requiring a Chinese partner. It allows the foreign owner to operate commercially in China, hire employees directly, issue RMB invoices, and repatriate profits after tax. Under the 2020 Foreign Investment Law, WFOEs are classified as foreign-invested enterprises but continue to be registered and operated under the same practical framework.
What is the full form of WFOE?
WFOE stands for Wholly Foreign-Owned Enterprise. In Chinese, this is 外商独资企业 (wàishāng dúzī qǐyè). Some sources use WOFE (placing the O before the F), but WFOE is the standard and correct abbreviation. The structure is sometimes also referred to as a wholly foreign-funded enterprise or a foreign-invested limited liability company.
Is a WFOE better than a joint venture in China?
For most foreign businesses, yes. A WFOE gives the foreign investor 100% ownership, full operational control, and better IP protection than a joint venture. A joint venture requires sharing equity and decision-making with a Chinese partner, which adds complexity and risk. The main reason to choose a JV is regulatory necessity: some sectors on China’s Foreign Investment Negative List restrict full foreign ownership and require a Chinese partner. Outside those restricted sectors, a WFOE is generally the superior choice.
What is the WFOE tax rate in China?
A WFOE pays corporate income tax (CIT) at a standard rate of 25% on net taxable income, under the Enterprise Income Tax Law (2007). Qualified high-technology enterprises (HNTEs) pay a reduced rate of 15%. Small and micro enterprises pay 20% on the first CNY 3 million of taxable income. VAT applies at rates of 6%, 9%, or 13% depending on the type of goods or services provided. Dividends distributed to foreign shareholders are subject to a 10% withholding tax, which may be reduced by an applicable tax treaty.
How long does it take to set up a WFOE in China?
A service or consulting WFOE typically takes four to eight weeks from document preparation to a fully operational bank account. Trading WFOEs require additional customs registration and typically take eight to twelve weeks. Manufacturing WFOEs, which require an Environmental Impact Assessment before business license issuance, can take three to six months or longer. Timeline varies significantly by city, completeness of documentation, and whether any sector-specific approvals are required.
Can I register a WFOE in China without traveling to China?
Most of the WFOE registration process can be handled remotely, including document preparation, name reservation, and business license application. However, corporate bank account opening in China generally requires the Legal Representative to be physically present. Some banks accept a proxy under limited conditions, but in practice most investors make at least one trip to China specifically for account opening. Planning for this trip early in the process avoids delays once the business license is issued.
References
1. Ministry of Commerce of the People’s Republic of China. (2020). Foreign Investment Law of the People’s Republic of China. Retrieved from
http://www.mofcom.gov.cn/
2. Standing Committee of the National People’s Congress. (2024). Company Law of the People’s Republic of China (2024 Revision). Effective July 1, 2024. Retrieved from
http://www.npc.gov.cn/
3. State Administration for Market Regulation (SAMR). (2026). Enterprise Registration Administration. Retrieved from
https://www.samr.gov.cn/
4. National Development and Reform Commission (NDRC) and Ministry of Commerce. (2021). Special Administrative Measures for the Access of Foreign Investment (Negative List). Retrieved from
https://www.ndrc.gov.cn/
5. State Administration of Taxation. (2007, amended). Enterprise Income Tax Law of the People’s Republic of China. Retrieved from
https://www.chinatax.gov.cn/
