Setting up a ro in china
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As China continues to become strategically important, many companies may consider establishing some kind of legal entity in China. Depending on your organization's overall strategy and budget, Representative Office might be a good choice for you. Hopefully this presentation will give you some guidance toward your success in China.
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From an overall viewing, India comes across as a thriving under-penetrated consumer driven market with a scope for exponential growth. Internet penetration and its increasing importance will drive most of the businesses. On account of the consumer demographics, with China being out of bounds, India offers the largest pie of investment opportunity that the world is eyeing. This is despite the multitude of operational, regulatory and taxation issues that surround the business running environment in India. However, 2015 has turned out to be a year offering a bit of a reality check to one and all and redefined the dynamics to a great extent. The year also set the tone for the next stage in the evolution of the startup ecosystem. The maturity in decision making that should ideally come in at this stage would be a step in the right direction taking the startup space in India towards greater heights, as it deserves.
The larger problems plaguing the businesses, such as the unorganized and fragmented Indian market, lack of clear and transparent policy initiatives, lack of infrastructure, lack of knowledge and exposure, complications in doing business, etc. are at least now being identified as issues that need to be addressed. The framework and course of regulations need to be updated and adopted as per the times. The right policy matter announcements by lawmakers can be a push. In times like these, pro-reforms announcements are required to provide the much needed impetus to the general business environment in the country in the startup space. To create awareness and building an entrepreneurial environment, a lot of emphasis should now be given to creating infrastructure for mentoring startups. Various stakeholders such as the government, corporate, educational institutions and others are and should join hands to build a better ecosystem for young people. I understand that the Commerce Ministry is planning to build an online portal for information sharing among various stakeholders including incubators/accelerators, angel investors, VC funds and government departments. Also, I understand that other such initiatives are in the pipeline and are expected to be rolled out in due course.
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Setting up a ro in china
- 1. Setting up a Representative Office in China Vincent Li 3/9/2012
- 2. Purpose and relevance • Purpose: Introduce key issues about setting up a RO in China. • Relevance: – Sourcing is a strategic part of McConkey’s business – We need to understand the complicity and potential risks about doing business in China so we can make informed decisions.
- 3. Agenda • Why do we need to set up a RO? • Functions and activities of a RO • HR and management issue • Tax and accounting issue • Other risks and how to mitigate them • Where do we want to set up a RO? • When do we want to set up a RO? • Budget
- 4. Why RO? • Sourcing is a strategic part of our operation • We need a legal structure in China • Types of legal structures in China
- 5. Functions and activities of a RO • ROs cannot engage in any profit activities • ROs can be involved in – Market research, display and publicity activities that relate to company products or services. – Liaison activities (vendor relations, QC, order processing) • ROs will be subject to penalties of RMB50K- 500K for each profit activity
- 6. HR Issues • ROs are prohibited from hiring Chinese employees, whether directly or indirectly through other organizations, and must entrust FESCO (or alike) to do this. • FESCO will handle labor contract and salary and other benefits required by the government • HR risks
- 7. Tax and accounting • Corporate Income Tax (CIT), Business Tax (BT) and VAT • Taxable activities vs. tax-exempt activities • If the RO only performs tax-exempt activities on behalf of its head office, neither of these taxes will be imposed. • Annual audit requirement • Foreign currency and bank account • Seek professional consultant for advice
- 8. Potential Risks • HR risks – Labor law – Talent acquisition and retention – Employee termination • Compliance risks • Fixed overhead vs. sales growth • How to mitigate – Educate ourselves and stay informed – Seek professional advice
- 10. Mandatory social insurance RMB Salary cap ? Retirement 8% 1008 20% 2521 8% 935 22% 2571 8% 800 18% 1800 Medical 2% 255 10% 1260 2% 234 12% 1403 2% 200 8% 800 Unemployment 0.2% 25 1% 126 1% 117 2% 234 1% 100 2% 200 Maternity 0% 0 0.8% 101 0% 0 0.5% 58.4 0% 0 0.7% 70 Injury 0% 0 1% 126 0% 0 0.5% 58.4 0% 0 0.5% 50 Total 10% 1288 33% 4134 11% 1286 37% 4325 11% 1100 29% 2920 Employer 10000 Beijing 12603 Shanghai 11688 Fuzhou Employee Employer Employee Employer Employee
- 11. Budget • Initial set up cost – Fuzhou: RMB40,000 (USD6,400) – Shanghai: RMB50,000 (USD8,000) • Recurring costs – RMB64,000/month (USD10,000) – Regional difference could be significant. • Other fees – Travel expense – Professional services (accounting and taxation)
- 13. When • Timeline? • What is next step?