06 · ChinaMNC
Banking, tax and visas
After the licence, open a basic RMB account and, for foreign investment, a capital account. Banks apply enhanced due diligence to foreign-owned companies; expect questions on beneficial owners, source of funds and the business model. Bring your full corporate file, translated, and be ready for the process to take longer than in major cities.
Tax: register with the local tax bureau, choose between the general and small-scale VAT taxpayer status, and confirm invoicing setup. Corporate income tax, VAT and withholding rules apply; engage a local accountant early. Tax incentives may exist for specific sectors or regions, but eligibility depends on current policy and your facts, so verify rather than assume.
Visas: the legal representative and foreign staff generally need a work permit and a residence permit. The process involves a health check, degree and experience documentation, and employer sponsorship. Allow time for authentication of overseas documents. Family members can apply for dependent visas once the principal permit is issued.