Today, China is the most talked-about jurisdiction when it comes to foreign investment, and it is easy to see why: the huge growth potential. Between 1979 and now, the country has enjoyed a steady economic growth of about 10%, which has made it the second-largest economy on the planet. As China races to topple the US economy, this growth is expected to continue, and this is an excellent opportunity to grow your brand. However, you need to start by registering a company in China.
Forming a company in China gives you the legitimacy to exploit the mainland market and also reach out to the neighboring jurisdictions. However, registering a company is never easy. It looks like an impossibility for some people because the process involves preparing a long list of documents, dealing with multiple departments, and carrying out due diligence. These challenges should not stand in your way because you can simply use an agency of experts.
A Brief about China
The most notable thing about China is its emphasis on opening its economy to foreign investors by offering them a favorable environment to do business. Here are other key facts about China that you need to know when opening a company in the jurisdiction:
- China has a population of slightly over 1.4 billion.
- With a total area of 9.6 million, China is the world’s third-largest nation.
- The country has the second-largest economy, which reached a GDP of $15.55 trillion in 2020.
- When the GDP is calculated in terms of Purchasing Power Parity (PPP), the World Bank indicates that China is already the leading economy.
- Since 2010, China has been the world’s number one manufacturer.
- When it comes to e-commerce, China is the market leader. In 2019, China enjoyed 50% of the global e-commerce market share.
These are only a few statistics about China, and they indicate a country ready to support your enterprise to grow to the next level. Now that the country is supporting businesses to grow even faster and cover up the lost ground because of COVID-19, this is an awesome time to incorporate your company in China.
The Simplified Method of Company Registration in China
The process of company setup in China can be lengthy, starting from getting the name of your company set aside by the Ministry of Commerce (MOFCOM) to opening a bank account. This is more challenging because the registration process might vary with the regions. For a foreigner, we must indicate that trying to go about this process alone is likely to result in failure. This is why you should consider working with an agency of experts.
Because agencies of experts specialize in helping companies coming to China, their professionals have all the experience needed to complete the process fast and correctly. For example, they are able to prepare the required documents fast, act as your legal representative, and deal with the involved departments.
The lovely thing about working with an agency of experts is that it does not stop at registering your company in China. In addition, it can help you to craft a good strategy for entry. Once the company is up and running, the experts will also be there to assist with other executive functions, such as accounting and payroll management. They hold your hands all along to ensure you become successful.
Incorporating a company in China can be a herculean last, but you can overcome all the challenges by working with professionals. With a good agency of experts, such as Hawksford, you have a reliable partner to ensure everything is done correctly, fast, and reliably. You can never go wrong with committed experts on your side!
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