06 · ChinaMNC
Banking, tax and visas after incorporation
Once the business licence is issued, the practical work begins. Open a RMB basic account and a foreign currency capital account at a bank with experience serving foreign-invested enterprises. Banks apply enhanced due diligence, so expect questions about the source of funds, the group structure and the expected transaction flows. Prepare a business plan and supporting contracts in Chinese if possible.
On tax, register with the local tax bureau, confirm your taxpayer status (small-scale or general VAT taxpayer), and set up monthly or quarterly filing. A WFOE typically needs bookkeeping from day one, even before revenue; engage a licensed accounting firm rather than relying on informal help. The Hainan Free Trade Port has its own tax policies for qualifying activities and talent, but eligibility is specific — do not assume you qualify without written confirmation.
For people, the foreign legal representative and expatriate staff need a work permit and a residence permit. The process normally starts after the company is registered and can sponsor foreign employees. Short-term business visas are not a substitute for working in China. Budget time for medical checks, degree and criminal-record documentation, and the work permit application.