Resolutions to Ensure a Smart Year of Investment
As investors, we cannot generally control the prices of the assets we invest in. We can control only two things our risk exposure and the costs we incur. All
else being equal, minimizing these ensures better returns. With this in mind, below is a list, New Year's resolutions as it were, of things we can all do to
limit our costs and our risks.
The list is compiled from my own mistakes and those I've observed others making. I've mentioned some of these before in previous posts. They may seem
obvious, but time and again we see smart people make silly mistakes.
Costs
Are you overpaying for a service If you can do the same thing at an equally reputable broker for less than at your current broker, why wouldn't you Limit the commissions you pay as a percentage of your investment to as little as possible. If you pay $10 in commissions to buy $250 worth of stock, for
example, your stock has to go up 8% for you to break even. In other words, you pay $10 to buy and $10 to sell. Your position has to appreciate $20 in value
for you not to lose any money when you sell. Are you paying an account maintenance fee Why There are plenty of equivalent institutions that don't charge fees. If your IRA has a fee, switch to one that
doesn't. If your bank account charges you fees, get a new bank account that offers the same features and is free. If you invest in an index mutual fund or ETF, is there another index fund that is basically the same but charges less fees In most cases there is. Most
Vanguard products, for instance, charge less fees than competitors. So if you're using a competitor's products, you might be overpaying. For example, why pay
0.2% in fees with the iShares Total Market ETF (IYY) when you can pay 0.07% for a similar fund with Vanguard (VTI) Granted that in real terms the difference
is negligible and for small amounts probably unnoticeable, but the iShares ETF is almost three times as expensive for pretty much the same thing. With other
funds, such as bond funds, where yields are important, the fund fee can take a big chunk out of your returns. For mutual funds, avoid funds that charge you
fees for buying and selling. There are plenty of mutual funds out there with similar strategies that don't charge any transaction fees. For example, why go
with a growth stock mutual fund that charges a 3.5% load when you buy when you can get a growth stock mutual fund that doesn't charge you anything to buy it
With that second mutual fund you are 3.5% ahead of the first one right away. Do you subscribe to publications that you can read for free on the internet, or that you may already be paying for Is the cost of the physical product worth
it
Monday, December 29, 2008
Sunday, December 28, 2008
Older Investors Should Examine the Risks in Bonds
Older Investors Should Examine the Risks in Bonds
For people in or near retirement, bonds were supposed to provide a sense of security.But for some investors, they did precisely the opposite. Bonds of all stripes have taken sizable hits this year. The losses have not been as agonizing as the 40 percent decline in the stock market, of course, but any loss is particularly painful for people who count on these investments as a safety net.
“There haven’t been any safe places to hide, with the exception of Treasuries,” said Miriam Sjoblom, a mutual fund analyst at Morningstar. “That has been a surprise to some investors.”
Several diversified bond funds have held their own — largely because they contained a healthy helping of Treasuries — which underscores the importance of diversification.
But for some older Americans, even that relative safety is not enough to allay their concerns. Lehman Brothers and Washington Mutual were top-rated bonds — until they were not. Even some money-market funds have run into trouble.
“Fixed income should be ultrasafe,” said Steve Podnos, a financial planner in Merritt Island, Fla. “The return of principal is more important than the return on principal.”
That is a popular mantra, especially now. Ultrasafe comes at a cost, however, and there are not many bulletproof investments that yield more than 2 or 3 percent, experts said. For the risk-averse, that might be plenty when you just do not know what might lurk around the corner.
And because conditions may worsen before they improve, older investors should check that their bond investments are indeed what they thought they were — and that they fit their tolerance for risk. “We are in a 2 to 3 percent world, and if they want to earn more than that they need to proceed cautiously,” said Gary Cloud, a bond manager at Financial Counselors in Kansas City, Mo.
Several advisers and bond experts recommended that investors maintain higher cash reserves than they might in more normal times. Keeping two to three of years of living expenses in extremely safe investments, like a certificate of deposit or a money market account at a large financial institution, can provide some breathing room. That way, investors will not be forced to sell investments at an inopportune time.
Investors also need to remember that bond funds and individual bonds work a bit differently. With an individual bond, investors are guaranteed to receive their original investment back after it matures, as long as the company does not implode. With bond funds, there is no such guarantee because the value of the bonds inside will fluctuate with market conditions. That means the value of the investment will vary, too.
Of course, a sizable pile of money is needed to build a portfolio of individual bonds as opposed to simply purchasing a bond fund. Opinions vary widely — from $50,000 to $500,000 — on the amount needed to be properly diversified, though several experts agree it can be done with about $100,000 to $200,000. It is probably best to sit down with an adviser, preferably a fee-only adviser or one that charges by the hour, to go through the pros, cons and costs of each.
Some advisers have strong feelings about both instruments. Some refuse to use bond funds because they say they do not know what they own, though that problem can be addressed by using index funds, whose investments remain relatively static. Other advisers say they cannot attain the level of diversification with individual issues. Whatever you decide, knowing what you own and understanding the risks involved are what really matters. And if a bond investment promises high returns, a little mental bell should go off as a warning signal.“We see a lot of retirees come in and they have a lot of their fixed-income investments in aggressive funds,” said Richard Rosso, a financial planner with Charles Schwab in Houston. “They have gotten seduced by the yield of the fund and didn’t look at how that yield was being derived.”
Instead, investors should anchor their portfolios with a fund, or combination of funds, that hold wide swaths of high-quality government-backed, corporate and mortgage-backed bonds — with short- to intermediate-term maturities, experts said. (Shorter-term securities are less sensitive to changes in interest rates; when rates rise, bond prices fall). Low expenses are extremely important because bond funds do not yield much to begin with. The Vanguard Total Bond Market Index fund fits that bill. It is up nearly 5 percent this year and charges a rock-bottom 0.07 percent of assets. Two actively managed options, Harbor Bond, managed by Bill Gross of Pimco, and FPA New Income — up 2.2 percent and 4.03 percent, respectively — are considered strong choices where capital preservation is a top priority, Ms. Sjoblom of Morningstar said. But, of course, they are more expensive.
For people in or near retirement, bonds were supposed to provide a sense of security.But for some investors, they did precisely the opposite. Bonds of all stripes have taken sizable hits this year. The losses have not been as agonizing as the 40 percent decline in the stock market, of course, but any loss is particularly painful for people who count on these investments as a safety net.
“There haven’t been any safe places to hide, with the exception of Treasuries,” said Miriam Sjoblom, a mutual fund analyst at Morningstar. “That has been a surprise to some investors.”
Several diversified bond funds have held their own — largely because they contained a healthy helping of Treasuries — which underscores the importance of diversification.
But for some older Americans, even that relative safety is not enough to allay their concerns. Lehman Brothers and Washington Mutual were top-rated bonds — until they were not. Even some money-market funds have run into trouble.
“Fixed income should be ultrasafe,” said Steve Podnos, a financial planner in Merritt Island, Fla. “The return of principal is more important than the return on principal.”
That is a popular mantra, especially now. Ultrasafe comes at a cost, however, and there are not many bulletproof investments that yield more than 2 or 3 percent, experts said. For the risk-averse, that might be plenty when you just do not know what might lurk around the corner.
And because conditions may worsen before they improve, older investors should check that their bond investments are indeed what they thought they were — and that they fit their tolerance for risk. “We are in a 2 to 3 percent world, and if they want to earn more than that they need to proceed cautiously,” said Gary Cloud, a bond manager at Financial Counselors in Kansas City, Mo.
Several advisers and bond experts recommended that investors maintain higher cash reserves than they might in more normal times. Keeping two to three of years of living expenses in extremely safe investments, like a certificate of deposit or a money market account at a large financial institution, can provide some breathing room. That way, investors will not be forced to sell investments at an inopportune time.
Investors also need to remember that bond funds and individual bonds work a bit differently. With an individual bond, investors are guaranteed to receive their original investment back after it matures, as long as the company does not implode. With bond funds, there is no such guarantee because the value of the bonds inside will fluctuate with market conditions. That means the value of the investment will vary, too.
Of course, a sizable pile of money is needed to build a portfolio of individual bonds as opposed to simply purchasing a bond fund. Opinions vary widely — from $50,000 to $500,000 — on the amount needed to be properly diversified, though several experts agree it can be done with about $100,000 to $200,000. It is probably best to sit down with an adviser, preferably a fee-only adviser or one that charges by the hour, to go through the pros, cons and costs of each.
Some advisers have strong feelings about both instruments. Some refuse to use bond funds because they say they do not know what they own, though that problem can be addressed by using index funds, whose investments remain relatively static. Other advisers say they cannot attain the level of diversification with individual issues. Whatever you decide, knowing what you own and understanding the risks involved are what really matters. And if a bond investment promises high returns, a little mental bell should go off as a warning signal.“We see a lot of retirees come in and they have a lot of their fixed-income investments in aggressive funds,” said Richard Rosso, a financial planner with Charles Schwab in Houston. “They have gotten seduced by the yield of the fund and didn’t look at how that yield was being derived.”
Instead, investors should anchor their portfolios with a fund, or combination of funds, that hold wide swaths of high-quality government-backed, corporate and mortgage-backed bonds — with short- to intermediate-term maturities, experts said. (Shorter-term securities are less sensitive to changes in interest rates; when rates rise, bond prices fall). Low expenses are extremely important because bond funds do not yield much to begin with. The Vanguard Total Bond Market Index fund fits that bill. It is up nearly 5 percent this year and charges a rock-bottom 0.07 percent of assets. Two actively managed options, Harbor Bond, managed by Bill Gross of Pimco, and FPA New Income — up 2.2 percent and 4.03 percent, respectively — are considered strong choices where capital preservation is a top priority, Ms. Sjoblom of Morningstar said. But, of course, they are more expensive.
Thursday, December 25, 2008
Market Bottom For Some Investors, It’s Close Enough
Market Bottom For Some Investors, It’s Close Enough
EVERY time the market suffers another steep drop, it’s tempting to think that stock prices may have come down so much that the elusive market bottom is
finally in sight. Times Topics Credit Crisis — The EssentialsPrices have certainly come down. On Friday, the Standard & Poor’s 500-stock index was 44 percent below its peak
of a little more than a year ago. Since then, the priceearnings ratio on the S.& P. has dropped from 16.8 all the way down to 12. With numbers this low, is
the sell-off nearing an end It’s certainly possible, and some canny investors have begun nibbling at stocks. But don’t count on being able to time the market.While cheap stock prices are always a welcome development for bargain-seeking investors, low PE ratios haven’t always been an accurate gauge of predicting
turnarounds in the market.
If they were, stocks would have surged sharply in the mid to late ’70s, when the market’s PE ratio sank into single digits. Instead, the S.& P. was pretty
much flat throughout that time.“Cheap valuations are simply a symptom of what’s wrong, not the catalyst to get the market out,” said Richard Bernstein, chief investment strategist at
Merrill Lynch. After all, just because stocks are trading at extremely low levels today, it doesn’t mean they can’t become even cheaper tomorrow.
To be sure, investors may be hopeful now that some respected investors — including Warren E. Buffett, chief executive of Berkshire Hathaway, and Jeremy
Grantham, a chairman of the investment management firm GMO — say they’ve begun to selectively buy stocks.But both have gone to painstaking lengths to stress that they weren’t predicting that the worst of the sell-off was over.
In an Op-Ed article in The New York Times, Mr. Buffett wrote “I can’t predict the short-term movements of the stock market. I haven’t the faintest idea as
to whether stocks will be higher or lower a month — or a year — from now.” Similarly, Mr. Grantham said in an interview that even though his firm began buying stocks in early October, after prices fell to attractive levels, the
market had a tendency to “overshoot” during sell-offs. “Market bottoms have this Murphy’s Law style of being much lower than you ever expected in your
worst nightmare,” he said.
Mr. Grantham adds that he thinks the odds are roughly two to one that stock prices will sink to new lows next year. If the economy is in a modest recession,
Mr. Grantham thinks the S.& P. could fall from its current level of around 870 down to 800. But if the recession turns out to be a severe one, “the S.& P.
could fall to a range that’s closer to 600 than 800,” he said.
If that’s the case, why did GMO begin to buy stocks in this market Because Mr. Grantham doesn’t believe in trying to time short-term market moves. Mr. Grantham noted that GMO began buying only after its portfolios had fallen below some key thresholds. For example, in GMO’s global balanced portfolio of
stocks and bonds, the firm’s minimum allocation to equities is usually 45 percent. But after the market sell-off, that equity allocation dipped to around 38
percent. So once stock prices began to look attractive, GMO started rebalancing back into what it regards as the most undervalued types of equities emerging
markets stocks and high-quality domestic blue chip shares. After a few rounds of purchases, stocks now make up around 55 percent of GMO’s global balanced
portfolio.
Mr. Grantham says that although he doesn’t know how well he timed his purchases, “we do know that seven years out, these will be good purchases for us.”But what if you are determined to be opportunistic How can you tell if the market is poised to rebound anytime soon — or at least sooner than seven years There is no sure-fire answer. But one way is to pay close attention to the asset allocation recommendations of Wall Street strategists. “It turns out to be
a tremendous contrarian signal” for spotting market trends, said Mr. Bernstein.
For more than two decades, Mr. Bernstein has tracked recommended equity allocations in balanced portfolios managed by Wall Street firms. He found that when
the consensus recommendation for stocks exceeds 60 to 65 percent of a balanced portfolio — as was the case between 2000 and 2004 — it tends to be a bearish
indicator for future stock performance. On the other hand, when market strategists recommend keeping only around half of your portfolio in stocks, as was the
case in 1997, it tends to be a bullish signThe most recent survey taken by Mr. Bernstein, about two weeks ago, shows an allocation of around 58 percent
stocks. While that’s down from the mid-60s percentages of the start of last year, it’s still far from real pessimism. “We’re still hovering right around
the long-term average,” he said. His own assessment is more bearish. He recommends allocating 50 percent in stocks, with the rest in bonds and cash.
In recent weeks, these analysts have begun to lower their forecasts for 2009 earnings. Mr. Bernstein notes that for the first time in seven years, the ratio
of upward earnings revisions to downward revisions has fallen to 0.5 — meaning that for every corporate earnings forecast that has grown more positive, two
have become more pessimistic. “Analysts may be finally appreciating that the financial crisis has turned into a full-blown economic crisis,” he said.Still, analysts are far from throwing in the towel on their earnings forecasts, which may be needed for the market to start to rally.
While profit projections have declined, they may still be way too bullish. According to a survey of analysts by Thomson Financial, earnings growth estimates
for S.& P. 500 companies in 2009 have fallen well below the rosy 22 percent forecast at the start of October. Still, they’re expecting corporate profits to
grow more than 12 percent next year. Since many are predicting a difficult first half of the year, thanks to the weakening economy, this would assume a
tremendous profit surge in the latter half of 2009.Christopher N. Orndorff, head of equity strategy at Payden & Rygel, an asset manager based in Los Angeles, predicts that “the earnings releases in January
are going to be poor.” That should drive down earnings forecasts for 2009 even lower, he said.If earnings forecasts begin to fall substantially, he said, “it will be very difficult for stocks to rally.”
EVERY time the market suffers another steep drop, it’s tempting to think that stock prices may have come down so much that the elusive market bottom is
finally in sight. Times Topics Credit Crisis — The EssentialsPrices have certainly come down. On Friday, the Standard & Poor’s 500-stock index was 44 percent below its peak
of a little more than a year ago. Since then, the priceearnings ratio on the S.& P. has dropped from 16.8 all the way down to 12. With numbers this low, is
the sell-off nearing an end It’s certainly possible, and some canny investors have begun nibbling at stocks. But don’t count on being able to time the market.While cheap stock prices are always a welcome development for bargain-seeking investors, low PE ratios haven’t always been an accurate gauge of predicting
turnarounds in the market.
If they were, stocks would have surged sharply in the mid to late ’70s, when the market’s PE ratio sank into single digits. Instead, the S.& P. was pretty
much flat throughout that time.“Cheap valuations are simply a symptom of what’s wrong, not the catalyst to get the market out,” said Richard Bernstein, chief investment strategist at
Merrill Lynch. After all, just because stocks are trading at extremely low levels today, it doesn’t mean they can’t become even cheaper tomorrow.
To be sure, investors may be hopeful now that some respected investors — including Warren E. Buffett, chief executive of Berkshire Hathaway, and Jeremy
Grantham, a chairman of the investment management firm GMO — say they’ve begun to selectively buy stocks.But both have gone to painstaking lengths to stress that they weren’t predicting that the worst of the sell-off was over.
In an Op-Ed article in The New York Times, Mr. Buffett wrote “I can’t predict the short-term movements of the stock market. I haven’t the faintest idea as
to whether stocks will be higher or lower a month — or a year — from now.” Similarly, Mr. Grantham said in an interview that even though his firm began buying stocks in early October, after prices fell to attractive levels, the
market had a tendency to “overshoot” during sell-offs. “Market bottoms have this Murphy’s Law style of being much lower than you ever expected in your
worst nightmare,” he said.
Mr. Grantham adds that he thinks the odds are roughly two to one that stock prices will sink to new lows next year. If the economy is in a modest recession,
Mr. Grantham thinks the S.& P. could fall from its current level of around 870 down to 800. But if the recession turns out to be a severe one, “the S.& P.
could fall to a range that’s closer to 600 than 800,” he said.
If that’s the case, why did GMO begin to buy stocks in this market Because Mr. Grantham doesn’t believe in trying to time short-term market moves. Mr. Grantham noted that GMO began buying only after its portfolios had fallen below some key thresholds. For example, in GMO’s global balanced portfolio of
stocks and bonds, the firm’s minimum allocation to equities is usually 45 percent. But after the market sell-off, that equity allocation dipped to around 38
percent. So once stock prices began to look attractive, GMO started rebalancing back into what it regards as the most undervalued types of equities emerging
markets stocks and high-quality domestic blue chip shares. After a few rounds of purchases, stocks now make up around 55 percent of GMO’s global balanced
portfolio.
Mr. Grantham says that although he doesn’t know how well he timed his purchases, “we do know that seven years out, these will be good purchases for us.”But what if you are determined to be opportunistic How can you tell if the market is poised to rebound anytime soon — or at least sooner than seven years There is no sure-fire answer. But one way is to pay close attention to the asset allocation recommendations of Wall Street strategists. “It turns out to be
a tremendous contrarian signal” for spotting market trends, said Mr. Bernstein.
For more than two decades, Mr. Bernstein has tracked recommended equity allocations in balanced portfolios managed by Wall Street firms. He found that when
the consensus recommendation for stocks exceeds 60 to 65 percent of a balanced portfolio — as was the case between 2000 and 2004 — it tends to be a bearish
indicator for future stock performance. On the other hand, when market strategists recommend keeping only around half of your portfolio in stocks, as was the
case in 1997, it tends to be a bullish signThe most recent survey taken by Mr. Bernstein, about two weeks ago, shows an allocation of around 58 percent
stocks. While that’s down from the mid-60s percentages of the start of last year, it’s still far from real pessimism. “We’re still hovering right around
the long-term average,” he said. His own assessment is more bearish. He recommends allocating 50 percent in stocks, with the rest in bonds and cash.
In recent weeks, these analysts have begun to lower their forecasts for 2009 earnings. Mr. Bernstein notes that for the first time in seven years, the ratio
of upward earnings revisions to downward revisions has fallen to 0.5 — meaning that for every corporate earnings forecast that has grown more positive, two
have become more pessimistic. “Analysts may be finally appreciating that the financial crisis has turned into a full-blown economic crisis,” he said.Still, analysts are far from throwing in the towel on their earnings forecasts, which may be needed for the market to start to rally.
While profit projections have declined, they may still be way too bullish. According to a survey of analysts by Thomson Financial, earnings growth estimates
for S.& P. 500 companies in 2009 have fallen well below the rosy 22 percent forecast at the start of October. Still, they’re expecting corporate profits to
grow more than 12 percent next year. Since many are predicting a difficult first half of the year, thanks to the weakening economy, this would assume a
tremendous profit surge in the latter half of 2009.Christopher N. Orndorff, head of equity strategy at Payden & Rygel, an asset manager based in Los Angeles, predicts that “the earnings releases in January
are going to be poor.” That should drive down earnings forecasts for 2009 even lower, he said.If earnings forecasts begin to fall substantially, he said, “it will be very difficult for stocks to rally.”
Wednesday, December 24, 2008
What impact may China's accession to the WTO have on foreign investment in China?
What impact may China's accession to the WTO have on foreign investment in China?
After joining the WTO, China will adapt its laws and regulations to conform to the WTO's fundamental rules, improve and develop China's socialist market economy, and create suitable conditions for fair competition between domestic and foreign enterprises.
The Chinese government has committed itself to continuing opening its commodities market to the outside world, while simultaneously pushing forward the opening of its service industries. Technological innovation and the Western Development strategy provide a solid foundation for further improvement of foreign-invested industries and regional industrial structures.
The policy series issued by the state government in 1999 to encourage foreign investment and increase export will also bring obvious results in foreign capital utilization. China's WTO access will provide more market opportunities and greater stability for foreign investment in China and a larger scope of economic and trade cooperation, as well as exerting a positive influence on future exploration and absorption of foreign capital.
After joining the WTO, China will adapt its laws and regulations to conform to the WTO's fundamental rules, improve and develop China's socialist market economy, and create suitable conditions for fair competition between domestic and foreign enterprises.
The Chinese government has committed itself to continuing opening its commodities market to the outside world, while simultaneously pushing forward the opening of its service industries. Technological innovation and the Western Development strategy provide a solid foundation for further improvement of foreign-invested industries and regional industrial structures.
The policy series issued by the state government in 1999 to encourage foreign investment and increase export will also bring obvious results in foreign capital utilization. China's WTO access will provide more market opportunities and greater stability for foreign investment in China and a larger scope of economic and trade cooperation, as well as exerting a positive influence on future exploration and absorption of foreign capital.
Christmas rush finally hits in last five days
Christmas rush finally hits in last five daysDespite a worrying economic outlook, this weekend is set to be the busiest shopping weekend of the year with the Christmas rush finally upon us, claims
Auckland's leading shopping district, Newmarket.
"We're encouraging people who want to avoid the last minute rush, to get to town early this weekend. As we've long anticipated the last five days will be
very busy," says Cameron Brewer, general manager of the Newmarket Business Association.
"A combination of factors has condensed the Christmas rush into five days this year. Most notably people have been holding onto their money until they
absolutely have to part with it. Others have been waiting for their last pay cheque to roll in for the year. What's more with Christmas Day falling late in
the week, many people have felt comfortable leaving their shopping until the last weekend and early next week.
"Newmarket is anticipating a strong Christmas. The New Zealand Retailers' Association is expecting a solid performance across the country and electronic
transaction providers are telling us user volumes are comparable to previous years."
The Newmarket Business Association is asking people to be patient and just enjoy the buzz that is Christmas.
"The next five days are going to hectic and so we're asking people not to forget it is the season of goodwill. People are tired, traffic is heavy, and there
are queues for the counters. So we're asking people to be patient, allow themselves plenty of time, and perhaps get to the shops a little earlier than
normal.
"This year many people are discovering they're able to buy a lot of their presents on sale. What's more Boxing Day sales are becoming a phenomenon on the
retailing calendar. Retail is no longer just about the led up to Christmas, there's an increasing focus on the week after Christmas as well," says Mr Brewer.
Auckland's leading shopping district, Newmarket.
"We're encouraging people who want to avoid the last minute rush, to get to town early this weekend. As we've long anticipated the last five days will be
very busy," says Cameron Brewer, general manager of the Newmarket Business Association.
"A combination of factors has condensed the Christmas rush into five days this year. Most notably people have been holding onto their money until they
absolutely have to part with it. Others have been waiting for their last pay cheque to roll in for the year. What's more with Christmas Day falling late in
the week, many people have felt comfortable leaving their shopping until the last weekend and early next week.
"Newmarket is anticipating a strong Christmas. The New Zealand Retailers' Association is expecting a solid performance across the country and electronic
transaction providers are telling us user volumes are comparable to previous years."
The Newmarket Business Association is asking people to be patient and just enjoy the buzz that is Christmas.
"The next five days are going to hectic and so we're asking people not to forget it is the season of goodwill. People are tired, traffic is heavy, and there
are queues for the counters. So we're asking people to be patient, allow themselves plenty of time, and perhaps get to the shops a little earlier than
normal.
"This year many people are discovering they're able to buy a lot of their presents on sale. What's more Boxing Day sales are becoming a phenomenon on the
retailing calendar. Retail is no longer just about the led up to Christmas, there's an increasing focus on the week after Christmas as well," says Mr Brewer.
Tuesday, December 23, 2008
What are the regulations concerning taxes
What are the regulations concerning taxes for enterprises with foreign investment and foreign enterprises engaged in consultation business In recent years more and more foreign accounting offices, auditing companies, law firms and consulting companies (hereinafter referred to as consultation enterprises) have come to China to conduct taxation, accounting, auditing, law and consulting businesses (hereinafter referred to as consultation business or services). Some overseas consultation enterprises have set up in China enterprises with foreign investment that are engaged in consultation business, and some have set up representative offices in China. In some cases, overseas consultation enterprises participate in consultation business in China by sending personnel directly to China to do the business, or cooperating with consultation enterprises with foreign investment or representative offices in China. To standardize taxation management, the State Bureau of Taxation issued on May 12, 2000 the Circular concerning Taxes for Enterprises with Foreign Investment and Foreign Enterprises Engaged in Consultation Business (Guo Shui Fa [2000] No.82), which regulates the taxation on incomes obtained by foreign-invested enterprises, representative offices and overseas consulting businesses from consulting activities in China.
1). Taxation on incomes obtained from consulting activities by enterprises with foreign investment and representative offices in China
All the income from consultation business based on individual contracts between enterprises with foreign investment, or representative offices, with their customers (including those signed by a representative office on behalf of its head office, but actually fulfilled by the representative office) shall be entered as the income of the said enterprises or representative offices, and shall be reported for business and income taxes at the place where the said enterprises and representative offices are located.
2). Taxation on incomes obtained from consultation services provided to customers on individual basis by overseas consultative enterprises
All the income obtained by an overseas consultative business from consultation services that take place in China and based on individual contracts with its customers shall be reported and levied with business and income taxes in China. When the services provided take place both inside and outside China, the income shall be segmented into a domestic and an international part according to the places where the services occur, and the domestic part of income shall be reported in China for taxation. Generally, when the customer of the said consultative business is within the territory of China, the domestic part of the income should be no less than 60 percent of the total.
If all the consultation services take place outside of China, no taxes on the income will be levied in China.
3). Taxation on incomes from consultation business jointly conducted by overseas consultation companies and enterprises with foreign investment or representative offices in China
When an overseas consultation company signs a contract and conducts consulting business jointly with a domestic foreign-invested enterprise or representative office in China, the income so obtained should be segmented in accordance with the individual involvement of each party or stipulations of the contract. The foreign-invested enterprise or the representative office shall report its share of the income for business and income taxes. In cases where the customer of the joint consultation conducted by the overseas consultation enterprise and the domestic foreign-invested enterprise, or the representative office, resides within the Chinese territory, the share of income taken by the domestic foreign-invested enterprise and the representative office shall not be lower than 60 percent of the total income.
In cases where the overseas enterprise sends personnel to China to participate in the said consultation business, its income share shall again be segmented according to places of occurrence into a domestic part, which should be no less than 50 percent of its total share and should be reported for business and income taxes in China.
1). Taxation on incomes obtained from consulting activities by enterprises with foreign investment and representative offices in China
All the income from consultation business based on individual contracts between enterprises with foreign investment, or representative offices, with their customers (including those signed by a representative office on behalf of its head office, but actually fulfilled by the representative office) shall be entered as the income of the said enterprises or representative offices, and shall be reported for business and income taxes at the place where the said enterprises and representative offices are located.
2). Taxation on incomes obtained from consultation services provided to customers on individual basis by overseas consultative enterprises
All the income obtained by an overseas consultative business from consultation services that take place in China and based on individual contracts with its customers shall be reported and levied with business and income taxes in China. When the services provided take place both inside and outside China, the income shall be segmented into a domestic and an international part according to the places where the services occur, and the domestic part of income shall be reported in China for taxation. Generally, when the customer of the said consultative business is within the territory of China, the domestic part of the income should be no less than 60 percent of the total.
If all the consultation services take place outside of China, no taxes on the income will be levied in China.
3). Taxation on incomes from consultation business jointly conducted by overseas consultation companies and enterprises with foreign investment or representative offices in China
When an overseas consultation company signs a contract and conducts consulting business jointly with a domestic foreign-invested enterprise or representative office in China, the income so obtained should be segmented in accordance with the individual involvement of each party or stipulations of the contract. The foreign-invested enterprise or the representative office shall report its share of the income for business and income taxes. In cases where the customer of the joint consultation conducted by the overseas consultation enterprise and the domestic foreign-invested enterprise, or the representative office, resides within the Chinese territory, the share of income taken by the domestic foreign-invested enterprise and the representative office shall not be lower than 60 percent of the total income.
In cases where the overseas enterprise sends personnel to China to participate in the said consultation business, its income share shall again be segmented according to places of occurrence into a domestic part, which should be no less than 50 percent of its total share and should be reported for business and income taxes in China.
Monday, December 22, 2008
relevant regulations
What are the relevant regulations In the interests of opening up and reform, attracting foreign capital, importing advanced technology and equipment, and invigorating China's film industry, the State Administration of Radio, Film and Television, the Ministry of Foreign Trade and Economic Cooperation, and the Ministry of Culture promulgated in October 2000 the Interim Provisions on Foreign Investment in Cinemas. This was executed in line with relevant laws and regulations, including the Law of the People's Republic of China on Chinese-Foreign Equity Joint Ventures, the Law of the People's Republic of China on Chinese-Foreign Contractual Joint Ventures, and the Film Administration Regulations. According to the Interim Provisions, foreign companies, enterprises and other economic organizations or individuals (the foreign partner) are permitted to establish with Chinese companies and enterprises (the Chinese partner) Chinese-foreign equity joint ventures and Chinese-foreign contractual joint ventures in China to engage in the construction and renovation of cinemas and in film projection business. For the time being, wholly foreign-owned cinemas are not permitted in China.
1). Foreign-invested cinemas are subject to the following requirements
a. They must conform to the planning and overall arrangement of the local cultural facilities;
b. Their registered capital must be no less than 10 million yuan;
c. They must have fixed business (projection) premises;
d. No Chinese-foreign equity or contractual joint venture cinemas shall be named after a foreign film and television (media) business or cinema;
e. The proportion of the Chinese investment in the registered capital of an equity joint venture cinema should be no less than 51 percent. For a contractual Sino-foreign joint venture cinema, the Chinese partner should have the leading operation right.
f. The duration of the Chinese-foreign equity or contractual joint ventures shall be no longer than 30 years;
g. They must conform to the relevant laws and regulations of China.
2). The following procedures shall be followed for the establishment of foreign-invested cinemas
a. The Chinese party of the joint venture should file an application with the provincial-level foreign trade and economic cooperation department of the locality where the joint venture is to be located and submit the following documents
Project application; Legal status and credit status documents of the Chinese partner and documents on the land-use rights of the joint venture cinema; Legal status document, credit status document provided by a bank and financial status document provided by an accounting firm of the foreign partner; Notice of approval of the name of the foreign-invested cinema issued by the administrative department for industry and commerce; Feasibility study report, contract and articles of corporation; Other documents as required by relevant laws, regulations and the examination and ratification authorities. b. The locale provincial-level authorities of foreign trade and economic cooperation shall, after soliciting the opinions of the provincial-level film administration, submit its approval to the Ministry of Foreign Trade and Economic Cooperation.
c. After soliciting the opinions of the State Administration of Radio, Film and Television and the Ministry of Culture, the Ministry of Foreign Trade and Economic Cooperation shall carry out an examination in line with the relevant laws and regulations concerning foreign investment, and, upon approval, shall issue an Approval Certificate for Enterprises with Foreign Investment confirming the eligibility of the relevant venture.
d. The approved foreign-invested cinema shall, within one month from the date of receipt of the Approval Certificate for Enterprises with Foreign Investment issued by the Ministry of Foreign Trade and Economic Cooperation, undergo registration formalities with the state administrative department for industry and commerce.
e. When construction or renovation of a foreign-invested cinema has been completed and passed acceptance check by relevant departments, the foreign-invested cinema shall, with its Approval Certificate for Enterprises with Foreign Investment, and its business license, apply with the film administration department of the locale provincial government for a film projection business permit before commencing film projection business.
3). Other stipulations
a. Foreign-invested cinemas shall comply with relevant laws and regulations of China, operate according to the Film Administration Regulations, and be subject to the supervision and administration of the relevant departments of the Chinese government. A permit for public film projection is prerequisite for all films screened. The cinemas are not allowed to show pirated or smuggled films, nor to show videos, VCDs and DVDs for profit.
b. State-owned assets contributed in the form of investment by the Chinese partner in the joint venture shall be assessed according to the relevant regulations of the state-owned assets assessment administration, and reported to the state-owned assets management authorities at or above the provincial level for confirmation.
1). Foreign-invested cinemas are subject to the following requirements
a. They must conform to the planning and overall arrangement of the local cultural facilities;
b. Their registered capital must be no less than 10 million yuan;
c. They must have fixed business (projection) premises;
d. No Chinese-foreign equity or contractual joint venture cinemas shall be named after a foreign film and television (media) business or cinema;
e. The proportion of the Chinese investment in the registered capital of an equity joint venture cinema should be no less than 51 percent. For a contractual Sino-foreign joint venture cinema, the Chinese partner should have the leading operation right.
f. The duration of the Chinese-foreign equity or contractual joint ventures shall be no longer than 30 years;
g. They must conform to the relevant laws and regulations of China.
2). The following procedures shall be followed for the establishment of foreign-invested cinemas
a. The Chinese party of the joint venture should file an application with the provincial-level foreign trade and economic cooperation department of the locality where the joint venture is to be located and submit the following documents
Project application; Legal status and credit status documents of the Chinese partner and documents on the land-use rights of the joint venture cinema; Legal status document, credit status document provided by a bank and financial status document provided by an accounting firm of the foreign partner; Notice of approval of the name of the foreign-invested cinema issued by the administrative department for industry and commerce; Feasibility study report, contract and articles of corporation; Other documents as required by relevant laws, regulations and the examination and ratification authorities. b. The locale provincial-level authorities of foreign trade and economic cooperation shall, after soliciting the opinions of the provincial-level film administration, submit its approval to the Ministry of Foreign Trade and Economic Cooperation.
c. After soliciting the opinions of the State Administration of Radio, Film and Television and the Ministry of Culture, the Ministry of Foreign Trade and Economic Cooperation shall carry out an examination in line with the relevant laws and regulations concerning foreign investment, and, upon approval, shall issue an Approval Certificate for Enterprises with Foreign Investment confirming the eligibility of the relevant venture.
d. The approved foreign-invested cinema shall, within one month from the date of receipt of the Approval Certificate for Enterprises with Foreign Investment issued by the Ministry of Foreign Trade and Economic Cooperation, undergo registration formalities with the state administrative department for industry and commerce.
e. When construction or renovation of a foreign-invested cinema has been completed and passed acceptance check by relevant departments, the foreign-invested cinema shall, with its Approval Certificate for Enterprises with Foreign Investment, and its business license, apply with the film administration department of the locale provincial government for a film projection business permit before commencing film projection business.
3). Other stipulations
a. Foreign-invested cinemas shall comply with relevant laws and regulations of China, operate according to the Film Administration Regulations, and be subject to the supervision and administration of the relevant departments of the Chinese government. A permit for public film projection is prerequisite for all films screened. The cinemas are not allowed to show pirated or smuggled films, nor to show videos, VCDs and DVDs for profit.
b. State-owned assets contributed in the form of investment by the Chinese partner in the joint venture shall be assessed according to the relevant regulations of the state-owned assets assessment administration, and reported to the state-owned assets management authorities at or above the provincial level for confirmation.
Wednesday, December 17, 2008
What items are encouraged for foreign investment by China, and what are prohibited
What items are encouraged for foreign investment by China, and what are prohibitedTo direct foreign investment to go along with the development scenario of Chinese industries, and to avoid blind investment, the Chinese government promulgated in June 1995 the Interim Provisions for Guiding Foreign Investment and the Industrial Catalogue for Foreign Investment. The industrial projects in the catalogue are divided into four categories D the encouraged, permitted, restricted, and prohibited. In late 1997, the Chinese government revised the above-mentioned catalogue in line with the development of the national economy. The revised catalogue reflects expansion in the investment scope encouraged by the state and highlights priority industries. It embodies the principles of compliance with structural readjustment, of being conducive to the introduction of advanced technology, and encouragement of foreign investment in China's central and western areas.
The items in the catalogue encouraged for foreign investment mainly include new agriculture technologies, comprehensive development of agriculture, energy resources, communications, important raw materials, new and high technologies, export-oriented and foreign-currency-earning projects, comprehensive utilization and regeneration of resources, prevention of environmental pollution, and those that give play to the advantages of China's mid-west areas. Meanwhile, foreign investment is directed to the technological upgrading of traditional industries and old industrial bases and to the continued development of labor-intensive projects that comply with the state's industrial policies.
Foreign investment is prohibited in projects that endanger the state security and bring damages to public interest; that cause pollution of the environment and damage natural resources and public health; that use large farmland and are unfavorable to the protection and development of land resources; and that endanger the security and normal function of military facilities.
The state will continue to make appropriate revisions to the Industrial Catalogue for Foreign Investment and to the Interim Provisions for Guiding Foreign Investment in accordance with the development need of the national economy and China's commitment on the entry of the WTO.
The items in the catalogue encouraged for foreign investment mainly include new agriculture technologies, comprehensive development of agriculture, energy resources, communications, important raw materials, new and high technologies, export-oriented and foreign-currency-earning projects, comprehensive utilization and regeneration of resources, prevention of environmental pollution, and those that give play to the advantages of China's mid-west areas. Meanwhile, foreign investment is directed to the technological upgrading of traditional industries and old industrial bases and to the continued development of labor-intensive projects that comply with the state's industrial policies.
Foreign investment is prohibited in projects that endanger the state security and bring damages to public interest; that cause pollution of the environment and damage natural resources and public health; that use large farmland and are unfavorable to the protection and development of land resources; and that endanger the security and normal function of military facilities.
The state will continue to make appropriate revisions to the Industrial Catalogue for Foreign Investment and to the Interim Provisions for Guiding Foreign Investment in accordance with the development need of the national economy and China's commitment on the entry of the WTO.
Tuesday, December 16, 2008
shanghai lingkun investment consultation co., ltd
shanghai lingkun investment consultation co., ltd is a professional service company. Mainly specialised in registering company for foreign investers in China. Also, we handle the visa for the foreigners.
In the modern world, more and more businessman want to expand their business into worldwide, also seek for good country, good city, good place, good industry to invest to earn more money or gain more chance to be top-line enterprise.
In China, there are more chance for you to invest, for the large country and much more favourable policy. So if you want to invest in the world, please choose China!
What is more, we are an agent for government and burea in China, we can supply good service and completed information for your investment.
Whatever I can help, please tell me without hesitation. I will do my best to serve you!
Thank you in advance and hope for our cooperation in the near future.
We will be good friends.
In the modern world, more and more businessman want to expand their business into worldwide, also seek for good country, good city, good place, good industry to invest to earn more money or gain more chance to be top-line enterprise.
In China, there are more chance for you to invest, for the large country and much more favourable policy. So if you want to invest in the world, please choose China!
What is more, we are an agent for government and burea in China, we can supply good service and completed information for your investment.
Whatever I can help, please tell me without hesitation. I will do my best to serve you!
Thank you in advance and hope for our cooperation in the near future.
We will be good friends.
Monday, December 15, 2008
What are the basic laws and regulations encouraging overseas investors to invest in China
In order to create a congenial investment environment and to encourage overseas firms to invest in China, China has gradually set up a relatively complete legal system. In 1979 the National People's Congress issued The Law of the People's Republic of China on Chinese-Foreign Equity Joint Ventures. In the following 20-odd years, the Chinese government has promulgated and issued a series of laws and statutes concerning the establishment, operation, termination and liquidation of foreign-invested enterprises. The main laws and regulations include the three basic laws D The Law of the People's Republic of China on Chinese-Foreign Equity Joint Ventures, The Law of the People's Republic of China on Chinese-Foreign Contractual Joint Ventures, and The Law of the People's Republic of China on Wholly Foreign-Owned Enterprises; detailed rules for the implementation of the three basic laws; The Company Law of the People's Republic of China; The Income Tax Law of the People's Republic of China for Enterprises with Foreign Investment and Foreign Enterprises; Interim Provisions for Guiding Foreign Investment; Industrial Catalogue for Foreign Investment; Interim Provisions Concerning the Investment within China of Foreign-invested Enterprises, Provisions Regarding the Merger and Separation of Foreign-invested Enterprises, and Liquidation Measures for Enterprises with Foreign Investment. These provide legal bases from which to guarantee the independent operation rights of foreign-funded enterprises and to protect the legitimate rights and interest of both domestic and overseas investors.
Currently, the Chinese government is reexamining its existing laws and statutes in accordance with the framework of the WTO. It has abolished certain obsolete laws and regulations, and will gradually revise the laws and regulations that are incompatible with the rules of the WTO. For instance, in 2000 China revised The Law of the People's Republic of China on Chinese-Foreign Contractual Joint Ventures and The Law of the People's Republic of China on Wholly Foreign-Owned Enterprises, and discarded certain restrictions regarding the balance of foreign exchange account and localization of supplies. In 2001 The Law of the People's Republic of China on Chinese-Foreign Equity Joint Ventures was also revised.
Currently, the Chinese government is reexamining its existing laws and statutes in accordance with the framework of the WTO. It has abolished certain obsolete laws and regulations, and will gradually revise the laws and regulations that are incompatible with the rules of the WTO. For instance, in 2000 China revised The Law of the People's Republic of China on Chinese-Foreign Contractual Joint Ventures and The Law of the People's Republic of China on Wholly Foreign-Owned Enterprises, and discarded certain restrictions regarding the balance of foreign exchange account and localization of supplies. In 2001 The Law of the People's Republic of China on Chinese-Foreign Equity Joint Ventures was also revised.
Sunday, December 14, 2008
tax service
Shanghai Lingkun Investment Consultation Co., Ltd also provides accounting, bookkeeping, tax filing services and consultation.
Accounting service
- Bookkeeping consulting and advising;
- Establishing account and report complying with Chinese standards and accounting postulates;
- Handing up the account and report for your examine and verify;
- Completing tax declaration within prescribed time limit;
- Taking care of original evidences and financial statement;
- Liaising with clients and tax authorities;
Consulting service
- Tax regulations consulting;
- Trade and investment consulting service;
- Tax Planning.
- Business Taxation counseling;
- Individual tax of expatriates.
Annual Audit service
- Issuing the annual audit report;
- Annual Joint Inspection with government;
- Calculating and paying the enterprise income taxes.
Accounting service
- Bookkeeping consulting and advising;
- Establishing account and report complying with Chinese standards and accounting postulates;
- Handing up the account and report for your examine and verify;
- Completing tax declaration within prescribed time limit;
- Taking care of original evidences and financial statement;
- Liaising with clients and tax authorities;
Consulting service
- Tax regulations consulting;
- Trade and investment consulting service;
- Tax Planning.
- Business Taxation counseling;
- Individual tax of expatriates.
Annual Audit service
- Issuing the annual audit report;
- Annual Joint Inspection with government;
- Calculating and paying the enterprise income taxes.
Tuesday, December 9, 2008
China Poised to Move Investment Targets to Europe
China Poised to Move Investment Targets to Europe
By Yuan Zhaohui Published: 2008-10-09
The American financial crisis would likely accelerate the pace for China's State Administration of Foreign Exchange (SAFE) to diversify its oversea investments and switch its focus to the European market.The EO learned that during the past two weeks, many high-level managers from European private equity firms have come to Beijing on invitation by Chinese officials. Sources told the EO that after the US financial crisis began, some of these European managers were invited to impart investment from Europe, while others came to actively seek Chinese investment.
Sources told the EO that both SAFE and the China Investment Company (CIC)--which manages China's USD200 billion sovereign-wealth fund--would have more possibilities to migrate their investment to Europe, and that authorities were already discussing this.
Pu Yonghao, head of UBS Wealth Management Research (Asia-Pacific Regional), told the EO that "China’s huge dollar-denominated foreign exchange reserve should be diversified.”SAFE’s Low-key InvestmentsChina’s SAFE has made many secretive oversea investments since last year, and has already acquired shares of nearly 50 UK-listed firms.Since earlier this year, its frequent appearances in multinationals’ shareholder lists has drawn the attention of global financial institutions.For example, on April 15, British Petroleum Company (BP) confirmed to the media that a Hong Kong-registered company managed by China’s SAFE purchased nearly 1% of its shares, valued at some USD2 billion according to BP’s market value at that day.Before that, SAFE had purchased a 1.6% stake in TOTAL, the Paris-based petroleum giant, for a reported USD2.8 billion.Later, it went on to invest some 134 million pounds (USD234 million) to buy a 1% stake in the UK’s second largest insurer, Prudential Company, through a nominee account in the secondary market.The EO learned that SAFE has acquired around USD6.7 billion worth of shares in companies listed in the UK through its Hong Kong-registered SAFE Investment Company.The above activities reflected SAFE’s low-key investment style, which sought returns but not major shareholder position nor to affect the stability of financial markets.Lu Ting, economic manager of Merrill Lynch (Asia Pacific) Company, pointed out that was a good sign and that in the long term, China would likely diversify its huge dollar reserves to the non-dollar-denominated assets.Earlier this year when on a state visit, Britain’s Prime Minister Gordon Brown welcomed China’s sovereignty wealth fund (SWF) to invest in Britain. Dag Detter, senior advisor of Terra Firma, a European private equity firm, thought Brown’s remark was an active signal that Britain welcomed Chinese investment.
China’s total foreign exchange reserves have reached over 1.8 trillion US dollars in June according to the latest data released by China’s central bank.
Media has reported that from 2005, SAFE was allowed to make oversea investments with 5% of the state foreign exchange reserves, or around USD75 billion if calculated against the USD1.5 trillion in total reserves it was estimated to possess at the end of 2007.
By Yuan Zhaohui Published: 2008-10-09
The American financial crisis would likely accelerate the pace for China's State Administration of Foreign Exchange (SAFE) to diversify its oversea investments and switch its focus to the European market.The EO learned that during the past two weeks, many high-level managers from European private equity firms have come to Beijing on invitation by Chinese officials. Sources told the EO that after the US financial crisis began, some of these European managers were invited to impart investment from Europe, while others came to actively seek Chinese investment.
Sources told the EO that both SAFE and the China Investment Company (CIC)--which manages China's USD200 billion sovereign-wealth fund--would have more possibilities to migrate their investment to Europe, and that authorities were already discussing this.
Pu Yonghao, head of UBS Wealth Management Research (Asia-Pacific Regional), told the EO that "China’s huge dollar-denominated foreign exchange reserve should be diversified.”SAFE’s Low-key InvestmentsChina’s SAFE has made many secretive oversea investments since last year, and has already acquired shares of nearly 50 UK-listed firms.Since earlier this year, its frequent appearances in multinationals’ shareholder lists has drawn the attention of global financial institutions.For example, on April 15, British Petroleum Company (BP) confirmed to the media that a Hong Kong-registered company managed by China’s SAFE purchased nearly 1% of its shares, valued at some USD2 billion according to BP’s market value at that day.Before that, SAFE had purchased a 1.6% stake in TOTAL, the Paris-based petroleum giant, for a reported USD2.8 billion.Later, it went on to invest some 134 million pounds (USD234 million) to buy a 1% stake in the UK’s second largest insurer, Prudential Company, through a nominee account in the secondary market.The EO learned that SAFE has acquired around USD6.7 billion worth of shares in companies listed in the UK through its Hong Kong-registered SAFE Investment Company.The above activities reflected SAFE’s low-key investment style, which sought returns but not major shareholder position nor to affect the stability of financial markets.Lu Ting, economic manager of Merrill Lynch (Asia Pacific) Company, pointed out that was a good sign and that in the long term, China would likely diversify its huge dollar reserves to the non-dollar-denominated assets.Earlier this year when on a state visit, Britain’s Prime Minister Gordon Brown welcomed China’s sovereignty wealth fund (SWF) to invest in Britain. Dag Detter, senior advisor of Terra Firma, a European private equity firm, thought Brown’s remark was an active signal that Britain welcomed Chinese investment.
China’s total foreign exchange reserves have reached over 1.8 trillion US dollars in June according to the latest data released by China’s central bank.
Media has reported that from 2005, SAFE was allowed to make oversea investments with 5% of the state foreign exchange reserves, or around USD75 billion if calculated against the USD1.5 trillion in total reserves it was estimated to possess at the end of 2007.
Monday, December 8, 2008
商标注册专业服务Trademark
商标注册专业服务：
1、商标注册咨询
2、商标注册代理
3、商标续展代理
4、商标变更代理
5、商标转让代理
6、商标使用许可合同代理
Shanghai Lingkun Investment Consultation Co., Ltd offers you professional Consulting, Registration, Renewal, Revise, Leasing and Licensing contract service of Trademark.
1、商标注册咨询
2、商标注册代理
3、商标续展代理
4、商标变更代理
5、商标转让代理
6、商标使用许可合同代理
Shanghai Lingkun Investment Consultation Co., Ltd offers you professional Consulting, Registration, Renewal, Revise, Leasing and Licensing contract service of Trademark.
Thursday, December 4, 2008
签证办理visa
签证代理服务
一、 外国人签证服务
1． 所需材料如下：
1) 营业执照正本原件及副本复印件
2) 组织机构代码证正本原件及复印件
3) 批准证书正本原件及复印件
4) 5张2寸彩色照片
5) 体检证明原件及复印件
6) 临时住宿登记单(宾馆或住宿地派出所出具)原件及复印件
7) 有效护照及签证原件及复印件
8) 劳动合同原件
9) 个人履历（包括完整的学历及经历）
备注：
1．在公司任总经理或副总经理，还需提供公司章程、董事会成员名单；
2．已经申请就业证者，还需提供就业证原件及就业登记表原件；
3．代表处的代表还需提供代表证原件及复印件；
4．自2008年7月1日，凡持有L、F、X签证的外籍人士无法直接申办就业证，必须在办理期间出境一次办理Z签证入境后，方可继续申请就业证和居留许可。
2． 办理和流程：
就业许可-邀请函-体检-出国办理工作签证-就业证-居留许可
3． 手续办理时间
a) 体检：十个工作日
b) 办理就业证：五个工作日
c) 办理居留许可：十五个工作日。
注：以上办理时间供参考，实际以政府部门审批时间为准。
4． 政府规费（单位：人民币）
a) 体检：712元；
b) 就业证：10元
c) 工作居留许可：330元
实际以政府收费票据为准，实报实销。
二、 台胞证签注服务
1． 所需材料如下：
1) 营业执照正本原件及副本复印件
2) 组织机构代码证正本原件及复印件
3) 批准证书正本原件及复印件
4) 5张2寸彩色照片
5) 体检证明原件及复印件
6) 最新的临时住宿登记单(宾馆或住宿地派出所出具)原件及复印件
7) 台胞证原件及复印件
8) 单位申请书（加盖公章）
9) 劳动合同原件
10) 个人履历（包括完整的学历及经历）
2． 手续和流程
体检——就业证——工作签注
3． 手续办理时间：
a) 体检：十个工作日
b) 办理就业证：五个工作日
c) 办理工作签注：五个工作日。
注：以上办理时间供参考，实际以政府部门审批时间为准。
4． 政府规费:
a) 体检：712元；
b) 就业证：10元
c) 工作居留许可：330元
注：以上政府规费供参考，实际以政府部门出具的发票为准，实报实销。
三、 其他签证服务
Lingkun Investment Consultation Co., Ltd supply professional and high-quality visa service and endorsement service for foreigners and people from Hong Kong, Macao and Taiwan.
Procedure
Application of Employment Permit→Invitation→Health Checkup→Temporary Working Visa→Employment Permit→Residence Permit
Time
a) Health Checkup：10 working days
b) Employment Permit：5 working days
c) Residence Permit：5 working days
Government Fee
a) Health Checkup：712 RMB
b) Employment Permit：10 RMB
c) Residence Permit：330 RMB
Note: All above are for your reference, they should depend on the exact information from government.
Required documents
1business license
2organization construction code card
3certificate of approval
4Checkup certification
5Temporary Residence Form provided by hotel orresidential police station
6valid passport and visa /
7Contract of labor.
8Company application
9Resume(Including completed school record and experience)
102-inch color photo
Notes:
The followings are additional requirements for foreigners:
1. If the foreigner is a general manager or vice general manager, he should also provide Articles of Association, member list of director board.
2. If the foreigner has applied for Work Permit, he should also provide the original Work Permit and original working registration form.
3. Representative of the office should also provide the original representative certificate and its copies.
4. the foreigners who has L, F, X visa could not apply for the working certificate directly since July 1st, 2008. So they must leave country or region for a Z visa and back to continue his application of Work Permit and Residence Permit.
If you need other visa services, please contact us by: zxian516@gmail.com / 0086-21-51097809
It will be highly appreciated if you have any suggestion or advice for us, we will do our best to meet our customers’ requests.
一、 外国人签证服务
1． 所需材料如下：
1) 营业执照正本原件及副本复印件
2) 组织机构代码证正本原件及复印件
3) 批准证书正本原件及复印件
4) 5张2寸彩色照片
5) 体检证明原件及复印件
6) 临时住宿登记单(宾馆或住宿地派出所出具)原件及复印件
7) 有效护照及签证原件及复印件
8) 劳动合同原件
9) 个人履历（包括完整的学历及经历）
备注：
1．在公司任总经理或副总经理，还需提供公司章程、董事会成员名单；
2．已经申请就业证者，还需提供就业证原件及就业登记表原件；
3．代表处的代表还需提供代表证原件及复印件；
4．自2008年7月1日，凡持有L、F、X签证的外籍人士无法直接申办就业证，必须在办理期间出境一次办理Z签证入境后，方可继续申请就业证和居留许可。
2． 办理和流程：
就业许可-邀请函-体检-出国办理工作签证-就业证-居留许可
3． 手续办理时间
a) 体检：十个工作日
b) 办理就业证：五个工作日
c) 办理居留许可：十五个工作日。
注：以上办理时间供参考，实际以政府部门审批时间为准。
4． 政府规费（单位：人民币）
a) 体检：712元；
b) 就业证：10元
c) 工作居留许可：330元
实际以政府收费票据为准，实报实销。
二、 台胞证签注服务
1． 所需材料如下：
1) 营业执照正本原件及副本复印件
2) 组织机构代码证正本原件及复印件
3) 批准证书正本原件及复印件
4) 5张2寸彩色照片
5) 体检证明原件及复印件
6) 最新的临时住宿登记单(宾馆或住宿地派出所出具)原件及复印件
7) 台胞证原件及复印件
8) 单位申请书（加盖公章）
9) 劳动合同原件
10) 个人履历（包括完整的学历及经历）
2． 手续和流程
体检——就业证——工作签注
3． 手续办理时间：
a) 体检：十个工作日
b) 办理就业证：五个工作日
c) 办理工作签注：五个工作日。
注：以上办理时间供参考，实际以政府部门审批时间为准。
4． 政府规费:
a) 体检：712元；
b) 就业证：10元
c) 工作居留许可：330元
注：以上政府规费供参考，实际以政府部门出具的发票为准，实报实销。
三、 其他签证服务
Lingkun Investment Consultation Co., Ltd supply professional and high-quality visa service and endorsement service for foreigners and people from Hong Kong, Macao and Taiwan.
Procedure
Application of Employment Permit→Invitation→Health Checkup→Temporary Working Visa→Employment Permit→Residence Permit
Time
a) Health Checkup：10 working days
b) Employment Permit：5 working days
c) Residence Permit：5 working days
Government Fee
a) Health Checkup：712 RMB
b) Employment Permit：10 RMB
c) Residence Permit：330 RMB
Note: All above are for your reference, they should depend on the exact information from government.
Required documents
1business license
2organization construction code card
3certificate of approval
4Checkup certification
5Temporary Residence Form provided by hotel orresidential police station
6valid passport and visa /
7Contract of labor.
8Company application
9Resume(Including completed school record and experience)
102-inch color photo
Notes:
The followings are additional requirements for foreigners:
1. If the foreigner is a general manager or vice general manager, he should also provide Articles of Association, member list of director board.
2. If the foreigner has applied for Work Permit, he should also provide the original Work Permit and original working registration form.
3. Representative of the office should also provide the original representative certificate and its copies.
4. the foreigners who has L, F, X visa could not apply for the working certificate directly since July 1st, 2008. So they must leave country or region for a Z visa and back to continue his application of Work Permit and Residence Permit.
If you need other visa services, please contact us by: zxian516@gmail.com / 0086-21-51097809
It will be highly appreciated if you have any suggestion or advice for us, we will do our best to meet our customers’ requests.
中外合资公司注册登记Joint Venture Registration
中外合资公司注册登记---------------
（一）所需材料如下：
1、外方投资人所需材料如下： 1） 开业证明公证件2份；（个人投资则提供护照复印件）； 2） 外国公司银行资信证明原件1份；（个人亦需提供） 3） 外国公司法定代表人身份证或护照复印件；（个人不需提供） 4） 其他相关资料。
2、中方投资人（非国有企业）所需材料如下：1）《企业法人营业执照》和《章程》复印件(加盖公章)；2） 法定代表人身份证复印件；3） 股东会决议原件； 4） 其他相关资料。
3、共同所需材料如下：
1） 合资合同；
2） 拟设外资公司法定代表人简历一份和一寸免冠照片2张；
3） 监事护照复印件。
（二）、流程:查名—办理批准证书—办理工商营业执照—办理组织机构代码证—办理税务登记证—办理外汇登记和银行开户—办理统计证—办理财政登记证
（三）、 手续办理时间：1）查名：三个工作日；2）批准证书：约计四十个工作日；3）营业执照：十个工作日；4）组织机构代码证：一个工作日；5）外汇登记和银行开户：七个工作日；6）税务登记及发票：十个工作日。以上办理时间仅供参考，实际以政府部门审批时间为准。
（四）、 政府规费：（单位：人民币）1）查名：180元；2）批准证书：20元；3）营业执照：5000元左右；4）组织机构代码证：148元；
5）税务登记证及发票：100元；
6）外汇开户许可证：0元；
7）统计证：20元；
8）财政登记证：20元；9）验资：与注册会计师协定。以上拟设外资公司注册资本以14万美金计，政府规费为预估值，实际以政府收费票据为准。
Joint Venture Registration
1. Required documents:
A. The necessary documents from foreign investor.
1.1 Notarial documents. Request business license of the parent company but copies of passport for individual investor only.
1.2 Two pcs original credit certificate of the foreign investor，It should be given by the bank where an investor has opened account .
1.3 The photocopies of ID card or passport of the legal representative of their parent company, no requirement for individual investor.
1.4 The last year’s audit report of their parent company, no requirement for individual investor.
1.5 Other related documents if necessary.
B. The necessary documents from Chinese investor (Non-state enterprise):
2.1 The photocopies of business license and company regulation with company seal.
2.2 The photocopies of ID card of the legal representative of their parent company.
2.3 The original resolution which decided by shareholders.
2.4 The original undertaking of the equity capital.
2.5 Other related documents if necessary.
C. Conjunct Documents:
3.1 The contract of the Joint Venture.
3.2 The basic information of the authorized legal representative, especially resume and 2pcs photo, one inch without hat.
2. Procedure & Timing
2.1 Name Checking: 3 working days
2.2 Apply for Approval Certificate: 40 working days
2.3 Business License: 10 working days
2.4 Organization code License: 1 working day
2.5 Foreign exchange registration and Bank account opening: 10 working days
2.6 Taxation Registration & invoice: 10 working days
All above actual timing will be appreciably adjusted based on the audit speed of administrations.
3. Administration fee:
3.1 Name checking: 180RMB
3.2 Approval certificate: 20RMB
3.3 Business License: 5000RMB
3.4 Organization code Certificate: 148 RMB
3.5 Taxation Registration & invoice: 100RMB
3.6 Permission for foreign exchange Accounts: 500 RMB
3.7 Statistical Certificate: 20 RMB
3.8 Finance register: 20RMB
3.9 Check the registered capital: need to consult with the chartered public accountant.
Above estimated price is just based on the proposed registered capital 140000 USD, actual cost should be paid base on the formal invoice which issued by administration.
（一）所需材料如下：
1、外方投资人所需材料如下： 1） 开业证明公证件2份；（个人投资则提供护照复印件）； 2） 外国公司银行资信证明原件1份；（个人亦需提供） 3） 外国公司法定代表人身份证或护照复印件；（个人不需提供） 4） 其他相关资料。
2、中方投资人（非国有企业）所需材料如下：1）《企业法人营业执照》和《章程》复印件(加盖公章)；2） 法定代表人身份证复印件；3） 股东会决议原件； 4） 其他相关资料。
3、共同所需材料如下：
1） 合资合同；
2） 拟设外资公司法定代表人简历一份和一寸免冠照片2张；
3） 监事护照复印件。
（二）、流程:查名—办理批准证书—办理工商营业执照—办理组织机构代码证—办理税务登记证—办理外汇登记和银行开户—办理统计证—办理财政登记证
（三）、 手续办理时间：1）查名：三个工作日；2）批准证书：约计四十个工作日；3）营业执照：十个工作日；4）组织机构代码证：一个工作日；5）外汇登记和银行开户：七个工作日；6）税务登记及发票：十个工作日。以上办理时间仅供参考，实际以政府部门审批时间为准。
（四）、 政府规费：（单位：人民币）1）查名：180元；2）批准证书：20元；3）营业执照：5000元左右；4）组织机构代码证：148元；
5）税务登记证及发票：100元；
6）外汇开户许可证：0元；
7）统计证：20元；
8）财政登记证：20元；9）验资：与注册会计师协定。以上拟设外资公司注册资本以14万美金计，政府规费为预估值，实际以政府收费票据为准。
Joint Venture Registration
1. Required documents:
A. The necessary documents from foreign investor.
1.1 Notarial documents. Request business license of the parent company but copies of passport for individual investor only.
1.2 Two pcs original credit certificate of the foreign investor，It should be given by the bank where an investor has opened account .
1.3 The photocopies of ID card or passport of the legal representative of their parent company, no requirement for individual investor.
1.4 The last year’s audit report of their parent company, no requirement for individual investor.
1.5 Other related documents if necessary.
B. The necessary documents from Chinese investor (Non-state enterprise):
2.1 The photocopies of business license and company regulation with company seal.
2.2 The photocopies of ID card of the legal representative of their parent company.
2.3 The original resolution which decided by shareholders.
2.4 The original undertaking of the equity capital.
2.5 Other related documents if necessary.
C. Conjunct Documents:
3.1 The contract of the Joint Venture.
3.2 The basic information of the authorized legal representative, especially resume and 2pcs photo, one inch without hat.
2. Procedure & Timing
2.1 Name Checking: 3 working days
2.2 Apply for Approval Certificate: 40 working days
2.3 Business License: 10 working days
2.4 Organization code License: 1 working day
2.5 Foreign exchange registration and Bank account opening: 10 working days
2.6 Taxation Registration & invoice: 10 working days
All above actual timing will be appreciably adjusted based on the audit speed of administrations.
3. Administration fee:
3.1 Name checking: 180RMB
3.2 Approval certificate: 20RMB
3.3 Business License: 5000RMB
3.4 Organization code Certificate: 148 RMB
3.5 Taxation Registration & invoice: 100RMB
3.6 Permission for foreign exchange Accounts: 500 RMB
3.7 Statistical Certificate: 20 RMB
3.8 Finance register: 20RMB
3.9 Check the registered capital: need to consult with the chartered public accountant.
Above estimated price is just based on the proposed registered capital 140000 USD, actual cost should be paid base on the formal invoice which issued by administration.
外资公司（生产类）注册登记Manufacture Registration
外资公司（生产类）注册登记---------------
1、 所需材料如下：1） 开业证明公证件2份；（个人投资则查验护照原件）；2） 外国公司银行资信证明原件1份；（个人亦需提供）3） 外国公司法定代表人身份证或护照复印件各一份；
4） 拟设外资公司监事护照复印件5） 拟设外资公司法定代表人简历一份和一寸免冠照片2张；
6） 拟设外资公司名称字号5个以上；
7） 拟设外资公司经营范围；
8）拟设外资生产公司注册地址房屋产权证复印件、房屋租赁协议原件、厂房设施摆放平面图等。
9） 其他相关资料。
2、 手续和流程： 查名—环境评估—办理批准证书—办理工商营业执照—办理组织机构代码证—办理税务登记证—办理外汇登记和银行开户—办理统计证—办理财政登记证
3、 手续办理时间：1）查名：五个工作日；
2）环境评估报告：十个工作日3）批准证书：十五个工作日；4）营业执照：五个工作日；5）组织机构代码证：一个工作日；6）外汇登记和银行开户：七个工作日；7）税务登记：十五个工作日。以上办理时间仅供参考，实际以政府部门审批时间为准。
4、 政府规费：（单位：人民币）1）查名：180元；
2）环境评估报告：3500元左右3）批准证书：20元；4）营业执照：5000元左右；5）组织机构代码证：148元；
6）税务登记证：100元；
7）外汇开户许可证：0 元；
8）统计证：20元；
9）财政登记证：20元；10）验资：与注册会计师协定。以上拟设外资公司注册资本以14万美金计，政府规费为预估值，实际以政府收费票据为准。
Manufacture Registration
1. Required documents:
1.1 Notarial documents. Request business license of the parent company but copies of passport for individual investor only.
1.2 Two pcs original credit certificate of the foreign investor, It should be given by the bank where an investor has opened account.
1.3 The photocopies of ID card or passport of the legal representative of their parent company
1.4 The basic information of the authorized legal representative, which including resume, photocopy of the passport and 2 pieces of passport size photos.
1.5 Proposed at least 5 company names.
1.6 Proposed the business scope.
1.7 Registered address, leasing contract, certificate of real estate, layout of the manufacture etc.
1.8 Other related document if necessary.
2. Procedure & Timing
2.1 Name Checking: 3 working days
2.2 Environment protection measures: 10 working days
2.3 Apply for Approval Certificate: 15 working days
2.4 Business License: 10 working days (Check the site-status by Administration of Industry and Commerce)
2.5 Organization code License: 1 working day
2.6 Foreign exchange registration and Bank account opening: 7 working days
2.7 Taxation Registration: 10 working days
All above actual timing will be appreciably adjusted based on the audit speed of administrations.
3. Administration Fees:
3.1 Name checking: 180RMB
3.2 Report of Environment protection measures: 3500RMB
3.3 Approval certificate: 20RMB
3.4 Business License: 5000RMB
3.5 Organization code Certificate: 148 RMB
3.6 Taxation Registration: 100RMB
3.7 Permission for foreign exchange Accounts: 500 RMB
3.8 Statistical Certificate: 20 RMB
3.9 Finance register: 20RMB
3.10 Check the registered capital: need to consult with the chartered public accountant.
Above estimated price is just based on the proposed registered capital 140000 USD , actual cost should be paid base on the formal invoice which issued by Administration .
1、 所需材料如下：1） 开业证明公证件2份；（个人投资则查验护照原件）；2） 外国公司银行资信证明原件1份；（个人亦需提供）3） 外国公司法定代表人身份证或护照复印件各一份；
4） 拟设外资公司监事护照复印件5） 拟设外资公司法定代表人简历一份和一寸免冠照片2张；
6） 拟设外资公司名称字号5个以上；
7） 拟设外资公司经营范围；
8）拟设外资生产公司注册地址房屋产权证复印件、房屋租赁协议原件、厂房设施摆放平面图等。
9） 其他相关资料。
2、 手续和流程： 查名—环境评估—办理批准证书—办理工商营业执照—办理组织机构代码证—办理税务登记证—办理外汇登记和银行开户—办理统计证—办理财政登记证
3、 手续办理时间：1）查名：五个工作日；
2）环境评估报告：十个工作日3）批准证书：十五个工作日；4）营业执照：五个工作日；5）组织机构代码证：一个工作日；6）外汇登记和银行开户：七个工作日；7）税务登记：十五个工作日。以上办理时间仅供参考，实际以政府部门审批时间为准。
4、 政府规费：（单位：人民币）1）查名：180元；
2）环境评估报告：3500元左右3）批准证书：20元；4）营业执照：5000元左右；5）组织机构代码证：148元；
6）税务登记证：100元；
7）外汇开户许可证：0 元；
8）统计证：20元；
9）财政登记证：20元；10）验资：与注册会计师协定。以上拟设外资公司注册资本以14万美金计，政府规费为预估值，实际以政府收费票据为准。
Manufacture Registration
1. Required documents:
1.1 Notarial documents. Request business license of the parent company but copies of passport for individual investor only.
1.2 Two pcs original credit certificate of the foreign investor, It should be given by the bank where an investor has opened account.
1.3 The photocopies of ID card or passport of the legal representative of their parent company
1.4 The basic information of the authorized legal representative, which including resume, photocopy of the passport and 2 pieces of passport size photos.
1.5 Proposed at least 5 company names.
1.6 Proposed the business scope.
1.7 Registered address, leasing contract, certificate of real estate, layout of the manufacture etc.
1.8 Other related document if necessary.
2. Procedure & Timing
2.1 Name Checking: 3 working days
2.2 Environment protection measures: 10 working days
2.3 Apply for Approval Certificate: 15 working days
2.4 Business License: 10 working days (Check the site-status by Administration of Industry and Commerce)
2.5 Organization code License: 1 working day
2.6 Foreign exchange registration and Bank account opening: 7 working days
2.7 Taxation Registration: 10 working days
All above actual timing will be appreciably adjusted based on the audit speed of administrations.
3. Administration Fees:
3.1 Name checking: 180RMB
3.2 Report of Environment protection measures: 3500RMB
3.3 Approval certificate: 20RMB
3.4 Business License: 5000RMB
3.5 Organization code Certificate: 148 RMB
3.6 Taxation Registration: 100RMB
3.7 Permission for foreign exchange Accounts: 500 RMB
3.8 Statistical Certificate: 20 RMB
3.9 Finance register: 20RMB
3.10 Check the registered capital: need to consult with the chartered public accountant.
Above estimated price is just based on the proposed registered capital 140000 USD , actual cost should be paid base on the formal invoice which issued by Administration .
Wednesday, December 3, 2008
外资咨询、服务类公司注册Consultation / Service company Registration
外资公司（咨询服务类）注册登记---------------
1、 所需材料如下：1） 开业证明公证件2份；（个人投资则需查验护照原件）；2） 外国公司银行资信证明原件1份；（个人亦需提供）3） 外国公司法定代表人身份证或护照复印件；4） 拟设外资公司法定代表人简历一份和一寸免冠照片2张；
5） 拟设外资公司名称字号5个以上；
6） 拟设外资公司经营范围；
7） 拟设外资公司监事护照复印件
8） 其他资料。
2、 手续和流程：查名—办理批准证书—办理工商营业执照—办理组织机构代码证—办理税务登记证—办理外汇登记和银行开户—办理统计证—办理财政登记证
3、 手续办理时间：1）查名：三个工作日；2）批准证书：十个工作日；3）营业执照：五个工作日；4）组织机构代码证：一个工作日；5）外汇登记和银行开户：七个工作日；6）税务登记及发票：十五个工作日。以上办理时间仅供参考，实际以政府部门审批时间为准。
4、 政府规费：（单位：人民币）1）查名：180元；2）批准证书：20元；3）营业执照：5000元左右；4）组织机构代码证：148元；
5）税务登记证：100元；
6）外汇开户许可证：0 元；
7）统计证：20元；
8）财政登记证：20元；
9）验资：与注册会计师协定。以上拟设外资公司注册资本以14万美金计，政府规费为预估值，实际以政府收费票据为准。 Consultation / Service company Registration
1. Required documents:
1.1 Notarial documents. Business license of the parent company but copies of passport for individual investor only.
1.2 Two pcs original credit certificate of the foreign investor, it should be given by the bank where an investor has opened account.
1.3 The photocopies of ID card or passport of the legal representative of their parent company
1.4 The basic information of the authorized legal representative, which including resume, photocopy of the passport and 2 pieces of passport size photos.
1.5 Proposed at least 5 company names.
1.6 Proposed the business scope.
1.7 Other related documents.
2. Procedure & Timing
2.1 Name Checking: 3 working days
2.2 Apply for Approval Certificate: 10 working days
2.3 Business License: 10 working days
2.4 Organization code License: 1 working day
2.5 Foreign exchange registration and Bank account opening: 7 working days
2.6 Taxation Registration & invoice: 10 working days
All above actual timing will be appreciably adjusted based on the audit speed of administration.
3. Administration Fees:
3.1 Name checking: 180RMB
3.2 Approval certificate: 20RMB
3.3 Business License: 5000RMB
3.4 Organization code Certificate: 148 RMB
3.5 Taxation Registration: 100RMB
3.6 Permission for foreign exchange Accounts: 500 RMB
3.7 Statistical Certificate: 20 RMB
3.8 Finance register: 20RMB
3.9 Check the registered capital: need to consult with the chartered public accountant.
Above estimated price is just based on the proposed registered capital 140000 USD, actual cost should be paid base on the formal invoice which issued by administration.
1、 所需材料如下：1） 开业证明公证件2份；（个人投资则需查验护照原件）；2） 外国公司银行资信证明原件1份；（个人亦需提供）3） 外国公司法定代表人身份证或护照复印件；4） 拟设外资公司法定代表人简历一份和一寸免冠照片2张；
5） 拟设外资公司名称字号5个以上；
6） 拟设外资公司经营范围；
7） 拟设外资公司监事护照复印件
8） 其他资料。
2、 手续和流程：查名—办理批准证书—办理工商营业执照—办理组织机构代码证—办理税务登记证—办理外汇登记和银行开户—办理统计证—办理财政登记证
3、 手续办理时间：1）查名：三个工作日；2）批准证书：十个工作日；3）营业执照：五个工作日；4）组织机构代码证：一个工作日；5）外汇登记和银行开户：七个工作日；6）税务登记及发票：十五个工作日。以上办理时间仅供参考，实际以政府部门审批时间为准。
4、 政府规费：（单位：人民币）1）查名：180元；2）批准证书：20元；3）营业执照：5000元左右；4）组织机构代码证：148元；
5）税务登记证：100元；
6）外汇开户许可证：0 元；
7）统计证：20元；
8）财政登记证：20元；
9）验资：与注册会计师协定。以上拟设外资公司注册资本以14万美金计，政府规费为预估值，实际以政府收费票据为准。 Consultation / Service company Registration
1. Required documents:
1.1 Notarial documents. Business license of the parent company but copies of passport for individual investor only.
1.2 Two pcs original credit certificate of the foreign investor, it should be given by the bank where an investor has opened account.
1.3 The photocopies of ID card or passport of the legal representative of their parent company
1.4 The basic information of the authorized legal representative, which including resume, photocopy of the passport and 2 pieces of passport size photos.
1.5 Proposed at least 5 company names.
1.6 Proposed the business scope.
1.7 Other related documents.
2. Procedure & Timing
2.1 Name Checking: 3 working days
2.2 Apply for Approval Certificate: 10 working days
2.3 Business License: 10 working days
2.4 Organization code License: 1 working day
2.5 Foreign exchange registration and Bank account opening: 7 working days
2.6 Taxation Registration & invoice: 10 working days
All above actual timing will be appreciably adjusted based on the audit speed of administration.
3. Administration Fees:
3.1 Name checking: 180RMB
3.2 Approval certificate: 20RMB
3.3 Business License: 5000RMB
3.4 Organization code Certificate: 148 RMB
3.5 Taxation Registration: 100RMB
3.6 Permission for foreign exchange Accounts: 500 RMB
3.7 Statistical Certificate: 20 RMB
3.8 Finance register: 20RMB
3.9 Check the registered capital: need to consult with the chartered public accountant.
Above estimated price is just based on the proposed registered capital 140000 USD, actual cost should be paid base on the formal invoice which issued by administration.
Monday, December 1, 2008
外资公司（贸易商业类）注册登记-Commercial / Trading company Registration
办理外资公司（贸易商业类）注册登记---------------
1、 所需材料如下：1） 外国开业证明认证件2份；（个人投资则需查验护照原件）；2） 外国公司银行资信证明原件1份；（个人亦需提供）3） 外国公司法定代表人身份证或护照复印件；4） 拟设外资公司法定代表人简历一份和一寸免冠照片2张；
5） 拟设立公司监事护照复印件
6） 外国公司上年度审计报告复印件；
7） 拟设外资公司名称字号5个以上；
8） 拟设外资公司经营范围；
9） 其他相关资料。
2、 手续和流程：查名—经济委员会商业规划许可（商业类公司需要）—办理批准证书—办理工商营业执照—办理组织机构代码证—办理税务登记证—办理外汇登记和银行开户—办理统计证—办理财政登记证
3、 手续办理时间：1）查名：五个工作日；2）批准证书：十五个工作日；3）营业执照：五个工作日；4）组织机构代码证：一个工作日；5）外汇登记和银行开户：五个工作日；6）税务登记及发票：十五个工作日。以上办理时间仅供参考，实际以政府部门审批时间为准。
4、 政府规费：（单位：人民币）
1）查名：180元；2）批准证书：20元；3）营业执照：5000元左右；4）组织机构代码证：148元；5）税务登记证及发票：20元； 6）外汇开户许可证：0元7）统计证：20元；8）财政登记证：20元；9）验资：与注册会计师协定。
以上拟设外资公司注册资本以14万美金计，政府规费为预估值，实际以政府收费票据为准。
Commercial / Trading company Registration
1. Document required:
1.1 Notarial documents. Request business license of the parent company but copies of passport for individual investor only.
1.2 Two pcs original credit certificate of the foreign investor.
1.3 The photocopies of ID card or passport of the legal representative of their parent company
1.4 The basic information of the authorized legal representative, which including resume, photocopy of the passport and 2 pieces of passport size photos.
1.5 Audit report of their parent company.
1.6 Proposed at least 5 options of company name.
1.7 Proposed business scope.
1.8 Other related document if necessary.
2. Procedure and Timing
2.1 Name Checking: 3 working days
2.2 Apply for Approval Certificate: 40 working days
2.3 Business License: 10 working days
2.4 Organization code License: 1 working day
2.5 Foreign exchange Certificate & RMB account settle: 7 working days
2.6 Taxation Registration & Invoice: 10 working days
Above timing is possible to be adjusted in accordance with the Administration Department.
3. Administration Fees for setting a commercial or trading company:
3.1 Name checking: 180RMB
3.2 Approval certificate: 20RMB
3.3 Business License: 5000RMB
3.4 Organization code Certificate: 148 RMB
3.5 Taxation Registration & Invoice: 100RMB
3.6 Permission for foreign exchange Accounts: 500 RMB
3.7 Statistical Certificate: 20 RMB
3.8 Finance register: 20RMB
3.9 Check the registered capital: need to consult with the chartered public accountant.
Above estimated price is just based on the proposed registered capital 140000 USD, actual cost should be paid base on the formal invoice which issued by Administration.
1、 所需材料如下：1） 外国开业证明认证件2份；（个人投资则需查验护照原件）；2） 外国公司银行资信证明原件1份；（个人亦需提供）3） 外国公司法定代表人身份证或护照复印件；4） 拟设外资公司法定代表人简历一份和一寸免冠照片2张；
5） 拟设立公司监事护照复印件
6） 外国公司上年度审计报告复印件；
7） 拟设外资公司名称字号5个以上；
8） 拟设外资公司经营范围；
9） 其他相关资料。
2、 手续和流程：查名—经济委员会商业规划许可（商业类公司需要）—办理批准证书—办理工商营业执照—办理组织机构代码证—办理税务登记证—办理外汇登记和银行开户—办理统计证—办理财政登记证
3、 手续办理时间：1）查名：五个工作日；2）批准证书：十五个工作日；3）营业执照：五个工作日；4）组织机构代码证：一个工作日；5）外汇登记和银行开户：五个工作日；6）税务登记及发票：十五个工作日。以上办理时间仅供参考，实际以政府部门审批时间为准。
4、 政府规费：（单位：人民币）
1）查名：180元；2）批准证书：20元；3）营业执照：5000元左右；4）组织机构代码证：148元；5）税务登记证及发票：20元； 6）外汇开户许可证：0元7）统计证：20元；8）财政登记证：20元；9）验资：与注册会计师协定。
以上拟设外资公司注册资本以14万美金计，政府规费为预估值，实际以政府收费票据为准。
Commercial / Trading company Registration
1. Document required:
1.1 Notarial documents. Request business license of the parent company but copies of passport for individual investor only.
1.2 Two pcs original credit certificate of the foreign investor.
1.3 The photocopies of ID card or passport of the legal representative of their parent company
1.4 The basic information of the authorized legal representative, which including resume, photocopy of the passport and 2 pieces of passport size photos.
1.5 Audit report of their parent company.
1.6 Proposed at least 5 options of company name.
1.7 Proposed business scope.
1.8 Other related document if necessary.
2. Procedure and Timing
2.1 Name Checking: 3 working days
2.2 Apply for Approval Certificate: 40 working days
2.3 Business License: 10 working days
2.4 Organization code License: 1 working day
2.5 Foreign exchange Certificate & RMB account settle: 7 working days
2.6 Taxation Registration & Invoice: 10 working days
Above timing is possible to be adjusted in accordance with the Administration Department.
3. Administration Fees for setting a commercial or trading company:
3.1 Name checking: 180RMB
3.2 Approval certificate: 20RMB
3.3 Business License: 5000RMB
3.4 Organization code Certificate: 148 RMB
3.5 Taxation Registration & Invoice: 100RMB
3.6 Permission for foreign exchange Accounts: 500 RMB
3.7 Statistical Certificate: 20 RMB
3.8 Finance register: 20RMB
3.9 Check the registered capital: need to consult with the chartered public accountant.
Above estimated price is just based on the proposed registered capital 140000 USD, actual cost should be paid base on the formal invoice which issued by Administration.
Thursday, November 27, 2008
外国公司驻上海代表处注册Estabishing a Representative Office Registration in Shanghai
外国公司驻上海代表处注册登记
1、所需材料：
1） 外国公司开业证明认证件1份（需中国驻所在国领事馆公证）；
2） 外国公司银行资信证明原件1份（最近6个月）；
3） 开业申请书（原件1份）；
4） 首代委派书（原件1份）；
5） 首代中文简历、护照、照片，若中国人任首代，还需工作证复印件和资格认定；
6） 驻在证明（原件）、指定办公场地、产权证、租房合同（原件）、租赁备案；
7） 其他相关文件；
2、手续和流程预登记—办理登记证—办理组织机构代码—刻章—办理税务登记证—统计证。
3、手续办理时间：
1） 预登记：五个工作日；
2） 办理登记证：五个工作日；
3） 办理组织机构代码及刻章：三个工作日；
4） 税务登记后续手续：十五个工作日注：以上办理时间供参考。实际以政府部门审批时间为准。
Representative Office Registration
1. Document required:
1.1 The photocopy of the business license of its parent company, request the confirmation from the China consulate which located at the same country to the investor.
1.2 Original Credit certificate of its parent company (the latest 6 months)
1.3 The application letter for setting a Representative Office. <1piece>
1.4 The power of attorney for the Chief Representative <>
1.5 The photocopies of Chinese resume, passport of the chief representative, and 2 pcs of his/ her passport size photos. If appoint a Chinese person to be the chief representative, need offer the contract between the authorized chief representative and Foreign Service Centre.
1.6 A draft lease contract of your office premise. The office building should be approved to be used as Representative office by Shanghai Foreign Economic Relation &Trade Commission.
1.7 Introduction of the parent company, including the company name, established date, registered location & capital, business scope etc.
1.8 Other related documents if necessary.
2. Procedure & Timing
2.1 Pre-register at the website of Administration of Industry and Commerce: about 5 working days.
2.2 Apply for registration certification: 5 working days
2.3 Apply for the Organization Code License & company chop: 3 working days
2.4 Register with Shanghai Taxation Bureau & other related procedures: 10 working days
All above actual timing will be appreciably adjusted based on the audit speed of administration.
1、所需材料：
1） 外国公司开业证明认证件1份（需中国驻所在国领事馆公证）；
2） 外国公司银行资信证明原件1份（最近6个月）；
3） 开业申请书（原件1份）；
4） 首代委派书（原件1份）；
5） 首代中文简历、护照、照片，若中国人任首代，还需工作证复印件和资格认定；
6） 驻在证明（原件）、指定办公场地、产权证、租房合同（原件）、租赁备案；
7） 其他相关文件；
2、手续和流程预登记—办理登记证—办理组织机构代码—刻章—办理税务登记证—统计证。
3、手续办理时间：
1） 预登记：五个工作日；
2） 办理登记证：五个工作日；
3） 办理组织机构代码及刻章：三个工作日；
4） 税务登记后续手续：十五个工作日注：以上办理时间供参考。实际以政府部门审批时间为准。
Representative Office Registration
1. Document required:
1.1 The photocopy of the business license of its parent company, request the confirmation from the China consulate which located at the same country to the investor.
1.2 Original Credit certificate of its parent company (the latest 6 months)
1.3 The application letter for setting a Representative Office. <1piece>
1.4 The power of attorney for the Chief Representative <>
1.5 The photocopies of Chinese resume, passport of the chief representative, and 2 pcs of his/ her passport size photos. If appoint a Chinese person to be the chief representative, need offer the contract between the authorized chief representative and Foreign Service Centre.
1.6 A draft lease contract of your office premise. The office building should be approved to be used as Representative office by Shanghai Foreign Economic Relation &Trade Commission.
1.7 Introduction of the parent company, including the company name, established date, registered location & capital, business scope etc.
1.8 Other related documents if necessary.
2. Procedure & Timing
2.1 Pre-register at the website of Administration of Industry and Commerce: about 5 working days.
2.2 Apply for registration certification: 5 working days
2.3 Apply for the Organization Code License & company chop: 3 working days
2.4 Register with Shanghai Taxation Bureau & other related procedures: 10 working days
All above actual timing will be appreciably adjusted based on the audit speed of administration.
Wednesday, November 26, 2008
关于海外/离岸及香港公司
为鼓励贸易与投资，从上个世纪中后期，世界上一些国家和地区纷纷以法律手段创造出一些特别宽松的经济区域，允许国际人士在其领土上成立国际业务公司，这些区域一般称为离岸法域或离岸司法管辖区。而所谓离岸公司就是泛指在离岸法域内成立的有限责任公司或国际商业公司。“离岸”的含义是指投资人的公司注册在离岸法域，但投资人不用亲临当地，可以委托中介机构在离岸法域注册，其业务运作可在世界各地的任何地方直接开展。非当地居民在英属维京群岛、纽埃岛、塞舌尔群岛、巴哈马群岛、马拿马及开曼等这些岛国或地区注册的公司，都属于这一类别。
离岸公司好处：
1．方便快捷，管理顺畅，合理税务规划，为企业节省成本；
2．海外公司回国内再投资，享受国家优惠的国家及地方税务政策；
3．通过离岸公司为产品申请国内外商标，提高品牌形象；
4．打开海外市场，保护产品品牌权益；
5．离岸公司可以使海外投资过程变得简单合法，并得到严密的资料保密；
6．离岸公司可以让您并购海外企业的战略计划变得现实，以及保密效果；
7．对于高新技术产业以及中小型企业的融资活动；
8．离岸公司管理方便，经营范围宽松，有完善的英美公司法典作为基础；
9．离岸公司的维护费用相对较少，并不须浪费过多人力物力资源。
香港公司好处：
1．名称选择自由
2. 经营范围极少限制
3．低税环境有利发展
4．注册资金少且无须验资
5．争取获得香港居留权
6．容易获得国际信用和信贷
7．人流、物流、资金进出自由
8．创立香港品牌
9．拓展国际市场窗口
10．进入中国内地市场跳板
特点：
1．不用验资到位；
2．名称不重复即可使用；
3．经营范围一般不限制；
4．股东国籍无限制
条件：
1．一位或以上股东及董事；
2．注册地址；
3．注册秘书（香港居民/公司）
4．注册会计师；
手续：
1．股东身份证（满18岁）/护照/营业执照复印件；
2．三个公司名（中英）核名如无重复即可使用；
3．注册每个股东所占股份的百分比（%）
完整公司文件：
1. 公司注册证书;
2. 商业登记证;
3. 章程;
4. 股票;
5. 出任董事同意书
6. 钢印;
7. 签字印;
8. 董事法定册子;
9. 注册地址通知书;
10. 首任董事秘书通知书
流 程：
委托书→
签署协议→
交付定金→
亲自签署法定文件→
立即送到香港政府办理→
10-15个工作日办理完毕→
交接文件，注册完毕！
离岸公司好处：
1．方便快捷，管理顺畅，合理税务规划，为企业节省成本；
2．海外公司回国内再投资，享受国家优惠的国家及地方税务政策；
3．通过离岸公司为产品申请国内外商标，提高品牌形象；
4．打开海外市场，保护产品品牌权益；
5．离岸公司可以使海外投资过程变得简单合法，并得到严密的资料保密；
6．离岸公司可以让您并购海外企业的战略计划变得现实，以及保密效果；
7．对于高新技术产业以及中小型企业的融资活动；
8．离岸公司管理方便，经营范围宽松，有完善的英美公司法典作为基础；
9．离岸公司的维护费用相对较少，并不须浪费过多人力物力资源。
香港公司好处：
1．名称选择自由
2. 经营范围极少限制
3．低税环境有利发展
4．注册资金少且无须验资
5．争取获得香港居留权
6．容易获得国际信用和信贷
7．人流、物流、资金进出自由
8．创立香港品牌
9．拓展国际市场窗口
10．进入中国内地市场跳板
特点：
1．不用验资到位；
2．名称不重复即可使用；
3．经营范围一般不限制；
4．股东国籍无限制
条件：
1．一位或以上股东及董事；
2．注册地址；
3．注册秘书（香港居民/公司）
4．注册会计师；
手续：
1．股东身份证（满18岁）/护照/营业执照复印件；
2．三个公司名（中英）核名如无重复即可使用；
3．注册每个股东所占股份的百分比（%）
完整公司文件：
1. 公司注册证书;
2. 商业登记证;
3. 章程;
4. 股票;
5. 出任董事同意书
6. 钢印;
7. 签字印;
8. 董事法定册子;
9. 注册地址通知书;
10. 首任董事秘书通知书
流 程：
委托书→
签署协议→
交付定金→
亲自签署法定文件→
立即送到香港政府办理→
10-15个工作日办理完毕→
交接文件，注册完毕！
Tuesday, November 25, 2008
A brief Introduction to Types of business entities in China
You are reading this because you want to find your business solutions in China.
If your business is expanding to China, Set up your new business in China, you are in right Place.
Types of Business setting up in China:
Registration of Representative Office (Rep. Office)
Wholly Foreign Owned Enterprise (WFOE) Registration
Joint Venture
Hong Kong company formation
Before anything, companies should always carry out thorough research of the market. The habitual question amongst would-be investors is the type of business they should seek: a Representative Office, Joint venture or wholly foreign-owned enterprise etc. There is no right answer. Experience suggests a widespread preference for a WFOE amongst Foreign investors in China in recent years.
If you do need decide that a presence is necessary in the market, one easy and cost-effective option is the www.PathToChina.com site, and some other Consultancy companies in China, which allows you to get more information before committing yourself. Following are the brief introduction for types of business.
1. Representative Office in China:If, having decided, you do need to have a permanent presence, one option is to set up a representative office. Representative Offices are established by foreign companies to engage in business liaison, product promotion, market research, exchange of technology and other permitted activities in China.
Representative Offices could not engage in direct operational activities. It’s prohibiting for Rep. Office exporting goods to overseas alone, pay suppliers through Rep. Office’s bank account etc.
If you are thinking about manufacturing or trading in China through a legal entity, the choice is generally between setting up your own wholly owned enterprise or setting up a joint venture or even do Mergers and Acquisition in China.
2. Wholly Foreign Owned Enterprise [manufacturing]:When looking at the attractions of manufacturing in China weigh up the benefits of subcontracting, or outsourcing, in China. If your company’s manufacturing requirements can be met through an outsourcing operation, this may be the better option. It may be possible to outsource using local manufacturers in China. Much of the myriad of goods on sale in the West bearing a ‘Made in China’ label is manufactured under contract.
In many cases it will not be possible to deal direct with a small Chinese manufacturer; such entities do not possess the all-important license to export the finished goods.
3. Trading Wholly Foreign Owned Enterprise in China:Normally to have a trading WFOE is the better option:Getting an export/import license has become much easier since March, 2006. It can be organized, and sometimes smaller manufacturers offer low-cost production in conjunction with your Trading WFOE equipped with such a license.
What are the disadvantages of setting up a WFOE?A disadvantage for an inexperienced investor setting up a WFOE in China is that much of the knowledge, administrative processes and contacts a partner would bring has to be gained the hard way. Strong relationships are a key factor for successful business in China, whether with the local authorities where the enterprise is located or along the supply chain.
4. Consulting and Service WFOE in China:
You could set-up a Consulting WFOE or service WFOE in China if you are looking for provide business services to your clients in China and abroad.You may find details here: http://www.pathtochina.com/reg_wfoe.htm
5. JOINT VENTURE IN China:Why chooses a joint venture? What should you look for?
An ideal partner who is honest, entrepreneurial, straightforward in its dealingscommitted to the protection of the joint venture company’s IPRwith good market access and local contactsand bringing with them a first-class workforce and facilities.What are the problems with going the joint venture route?(i) Lack of information about the prospective Chinese partner. A foreign company that locates a likely-looking company in China may have little knowledge of the company’s background. In the past it has been hard to gain data about the commercial situation of Chinese companies or to substantiate their descriptions of themselves and their business relationships. This difficulty in carrying out checks to a rigour that would be usual in the West has sometimes meant foreign investors enter into JVs reluctantly, accepting the attendant risks.
However an increasing amount of advice is available nowadays, with Path To China able to make checks on prospective partners and some consultancies that specialize in this area offer comprehensive investigative services, such investigations can provide sufficient information to warn.
(ii) The need to retain comprehensive control. A frequently-cited reason why foreign investors are not attracted to the JV option is a wish to retain comprehensive control over their China production - something a WFOE can offer but not a JV. ]
6. Hong Kong company formation:
Hong Kong, officially the Hong Kong Special Administrative Region is one special administrative regions of China. The territory lies on the eastern side of the Pearl River Delta.
Hong Kong was a dependent territory of the United Kingdom from 1842 until July 1, 1997. Under the policy of “one country, two systems”, the Central Government is responsible for the territory’s defense and foreign affairs, while the Government of Hong Kong is responsible for its own legal system, police force, monetary system, customs policy, immigration policy etc.
Hong Kong remains one of the top twenty trading economies, the world’s third largest financial center.
Hong Kong’s corporate law is strongly based on the British Legal System, the setting up of a Hong Kong is str. Local businesses are regulated and Hong Kong regards itself as a low tax centre rather than a tax haven. Taxes are levied on profits which is 16.5% since Financial Year 2008/2009. Under special circumstances, a Hong Kong company may even declare business transactions as offshore which are subject o 0% tax in Hong Kong.
As Hong Kong’s role as a major trading and gateway to China mainland and Asia, some companies formed in Hong Kong are for trading purposes generally, while some use it as HQ of it’s operations in China mainland.
Doesn’t like other China cities, Hong Kong has no restrictions on capital transfer in/out of Hong Kong (No Currency Control)
Register a Hong Kong company within 3 weeks and operate it offshore.
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