WOFE Registration Service

Bank Registration

Eyes on China Registration Services

We take care of the registration procedure, saving you both time and resources and ensuring that your WOFE is correctly registered according to all of the PRC ’s latest legislations:

Collecting, making and/or approval letters, feasibility report, proof of legal qualifications of all the investors, contract, filled forms, articles signed and documents requested
Going and returning to the 12 Examination and Approval Departments according to their time limit
Dealing with the 14 Examination and Approval Departments according to deadlines
Fulfilling additional requirements in order to fully register your WOFE

Application Requirements

General Requirements

1. The investor of the solely-funded bank or the foreign sector of the equity joint bank must be financial organizations.
2. The only or the largest shareholder of both the solely-funded bank or the foreign sector of the equity joint bank have to be commercial banks and their capital adequacy rates should not be lower than 8%
3. The only or the largest shareholder of the solely-funded bank must already have set up their representative branch in China for more than 2 years. The only or the largest shareholder of the foreign sector of the equity joint bank must already have set up their representative branch in China (Share holders including Bank of Hong Kong and Bank of Macau of the foreign sector of the equity joint bank do not need to set up any representative branches.) A representative branch indicates an organization which is under the CBRC ´s supervision
4. The only or the largest shareholder of the solely-funded bank and the only share holder of the equity joint bank or the largest shareholder of its foreign sector must have net assets no less than 10 billion US dollars and no less than 6 billion USD if the shareholders are Bank of Hong Kong or Bank of Macau at the end of their last financial year before the time of set-up
5. The investor of the solely-funded bank or the foreign sector of the equity joint bank should have appropriate rules and legislations for financial supervision in their own countries or regions and they should also be under effective supervision by local bureaus in their countries or regions
6. The investor of the solely-funded bank or the foreign sector of the equity joint bank should have permission from their domestic authorities which are in charge
7. Minimum registered capital for both solely-funded and equity joint banks: 1,000,000,000 RMB or equivalent value in foreign currencies which can be converted freely. Notice that registered capital should be contributed capital
8. Branches located in China of solely-funded foreign and equity joint banks, should receive at least 100,000,000 RMB or equivalent value in foreign currencies which can be converted freely form their headquarters for operation at no cost. However, the sum should not exceed 60% headquarters' total capital
9. Branches of foreign banks, should receive at least 200,000,000 RMB or equivalent value in foreign currencies which can be converted freely form their headquarters for operation at no cost.

Prudent Requirements

To set up solely-funded or equity joint banks, applicants must also satisfy the following prudent requirements:

1. Having reasonable legal person´s governance structure
2. Having good persistent operational achievement
3. Producing financial reports according to the accounting concept of "prudence" and the accounting firm should have clean report for the 3 years before application
4. No severe law violation, no bad credit record
5. Having good business reputations and social status
6. Financial investors have to be suitable for all other requirements stated by law and legislation
7. All other "prudent" requirements regulated by CBRC

Solely-funded and Sino-foreign equity joint banks wish to set up their branches, must satisfy the following conditions:

1. Must have been in operation for at least 5 years in China, have no record of law violation or any other misbehavior, and making profits for 3 consecutive years before application
2. With paid-in capital of no less than 200,000,000 RMB
3. Having average monthly credit balance for more than 100,000,000 USD and healthy assets quality

Branches of the foreign banks wish to set up sub-branches, have to satisfy the following conditions:

1.Must have been in operation for at least 3 years in China, have no record of violating the law or any other misbehavior, and making profits for 2 consecutive years before application
2. Having average monthly credit balance for more than 100,000,000 US Dollars and healthy assets quality

Others

People´s Bank of China will also look at if the country which the foreign bank comes from treat China´s bank equally when dealing with the applications.
Both solely-funded foreign bank and equity joint bank should put more foreign funds in equivalence of at least 100,000,000 RMB for operation in addition of its initial paid-in capital
Foreign banks apply to set up sub-branches, have to give its branch in China in foreign currencies, at least equivalent to 50,000,000 RMB as the operating funds. According to "Regulations of the People´s Republic of China Governing Financial Institutions with Foreign Capital 30% of the fund have to be saved into the local branch of People´s Bank of China

Application Procedure

1. Pre-approval of Solely-funded or Equity Joint Banks

Submittal Entity : Local CBRC where the banks are going to be located

2. Application for Setting-up of WOFE

Examination and Approval Department: Banking Regulatory Institutions
Note: Applicants must have completed preparation work within 6 months after its application has been permitted. If preparation work has not been done within 6 month, the applicant should provide reasonable explanations. This process can be delayed for a further 3 months after being approved by local Banking Regulatory Department. If preparation work has still not been done, the permit for setting up WFOE becomes invalid automatically

3. Application for Permit of Financial and Operational Services

Examination and Approval Department: Banking Regulatory Institutions

Note: Foreign investors should provide main body qualifications proof or the identification notarized by their domestic notary organ and also the Chinese embassy in those their home countries. Investors from Hong Kong, Macau, Taiwan must also provide documents notarized by their domestic notary organ. Documents from Hong Kong should be stamped and forwarded by the China Legal Service (H.K.) Ltd, Valid Mainland Travel Permits can be personal identification for Taiwan investors and do not need to be notarized. If countries of which the foreign investors have not established or have already ended foreign relations with China, their main body qualifications proof or the identification should be notarized by their domestic authorities and then by third country´s embassy which the country has established foreign relations with China. All the notarized documents have to be notarized by the Chinese embassy located in the third country.

4. Industry and Commerce WOFE Registration

Examination and Approval Department: Administration of Industry and Commerce

Note: The qualification certificate and identification shall be notarized by the national notary institution and authorized by the host country´s embassy (consulate) Hong Kong, Macao investors should provide the local notary notarized document of identity and eligibility in accordance with the law (Hong Kong by the China Legal Service (HK) Limited stamping transmitting Seal transmitting, issued by the Mainland public security departments also can be used as MTPs Taiwan investors are natural and without proof of notarization); foreign investors and the host country China has yet to establish diplomatic relations or terminated diplomatic relations, their main qualification should prove identity or the host country after notarized by a notary public that have diplomatic relations with China the third country in the country that (recipients) Museum certification, the aforementioned notarization, and authentication documents should be notarized by Chinese embassy in the third country

5. Record at the Public Security Bureau

Examination and Approval Department: Municipal Public Security Bureau (the Administration Center of Embarkation and Disembarkation)

6. Enterprise Chop Engrave

Examination and Approval Department: Engraving of organization chop proposed by police station

7. Application for Code of Enterprise

Examination and Approval Department: State Bureau of Technical Supervision (The Administration Center of Organization Code)

8. Tax Registration

Examination and Approval Department: Municipal Local Taxation Bureau

9. Registration of Administration of Foreign Exchange

Examination and Approval Department: Beijing Center of Foreign Exchange Control

10. Financial Registration

Examination and Approval Department: The Financial Bureau

11. Statistic Registration

Examination and Approval Department: The Statistical Bureau

12. Beijing Customs Procedure for WOFE Registration

Examination and Approval Department: Customs