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How start your business in China ---by Zhao Qin About the speaker MSc IB student Department Head Department Mgr. Vice-President Zhao Qin CERAM Metro Changhai Changhai 2003-2004 2004-2005 2005-2006 2006-Now Classifacation of Chinese Enterprise State Enterprise Private Enterprise Joint Venture Classifacation of Chinese Company Limited Company Stock Limited Company 2 to 50 investors Registered capital: 0.03M RMB or more 5 to infinite investors Registered capital: 5M RMB or more Individual enterprise single investor Registered capital: 1 RMB Procedure of setting up your company Entitle Capital verification Compose articles of corporation Register company in industrial and commercial bureau Apply Organization Code Certification from supervision bureau (continue) Certificates from other function department Open primary account of your company Apply Tax Registration Certificate from tax bureau Apply your company’s invoice Start your business How entitle your company 江西省 昌海 糖酒食品 有限公司 Region name industry Ltd. Co. Chinese only “China” “National” “Intertional” state enterprise only No same name in the same industry and region Procedure of verifying capital Get “Name Approval Certificate” from industrial and commercial bureau Open a temporary account of your company Enough money in the account Articles of your company Sharehoulder’s ID certificate Accountant office verify the capital Which documents you need to register the company capital verification report articles of corporation rental contract Name Approval Certificate fill the sheets make your seals offical seal contract seal business seal Function of industrial and commercial bureau Company registration Advertising supervision Consumer right protection Brand registration Keep market order Use of Organization Code ID number of the company tax, bank, social security, vehicle, custom Function of supervision bureau standardisation goods’ bar code goods’ quality and quantity supervision Which function departments you also need to contact? Sanitation bureau Bureau of Culture Commercial Commission Commission of Science Technology Education bureau Primary account only one and required taxation supervision draw cash Types of Chinese tax Turnover taxes Income taxes Resource taxes Taxes for special purposes Behaviour taxes Agricultural taxes Customs duties Chinese taxation system State taxation office Local taxation bureau Financial department Custom department VAT rates Coverage of collection Rates Exportation of goods (except otherwise stipulated by the State) 0% Agriculture, forestry, products of animal husbandry 13% Crude oil, mine salt and goods other than those listed above, and services of processing, repairs and replacement 17% Consumption tax rates Taxable items Tax rates Tobacco 50% 40% 25% 25% 30% Alcoholic drinks and alcohol 25% 15% 240 yuan per tonne 220 yuan per tonne 10% 5% Cosmetics 30% Skin-care and hair-care products 8% Precious jewellery, pearls, precious jade and stones 5% 10% Firecrackers and Fireworks 15% Gasoline 0.2 yuan per litre 0.28 yuan per litre Diesel 0.1 yuan per litre Motor Vehicle Tyres 10% Motor-cycles 10% Motor cars 3%,5%,8% Business tax rates Taxable items Tax rates communications and transportation 3% construction 3% financial and insurance businesses 8% culture and sports 3% post and tele-communication 3% entertainment 5%-20% services 5% transfer of intangible assets 5% sales of immovable properties 5% Enterprise income taxes Normally, the amount of Enterprise Income Tax payable is computed on the basis of the taxable income and by applying the rate of 33%. Besides the statutory rate, two lower rates of 18% and 27% are designed for some less profitable enterprises.