China business set up usually proceeds as follows:

i) Pre-approval of the business name is obtained at the local municipal bureau in the city where the business will maintain a physical premises;

ii) Obtaining foreign investment approval from the provincial Foreign Economic Relations & Trade Commission;

iii) Opening a bank account in the intended business name to accept paid-up registered capital;

iv) Obtaining a Certificate of Registration for the business;

v) Obtaining approval to make a company seal;

vi) Obtaining the company code certificate;

vii) Registering the business with the Statistical Department in the city where it will open its physical office premises;

viii) Registering the business with the Tax Bureau in the city where it will open its physical office premises;

ix) Set upa corporate bank account to conduct daily transactions;

x) Apply for authorisation to print or purchase financial invoices/receipts;

xii) Buy financial invoices; and

xiii) Register with the Social Welfare Insurance Center in the city where the business will open its physical office premises.

Between four months and six months later, the provincial government issues a business license, normally valid for 30 years in the case of a WOFE or FICE. Foreign investment is not allowed in the defence, transportation and telecommunications sectors.