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WOFE Registration Service

Insurance Corporation 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 13 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

1. The minimum registered capital is 200 millions RMB
2. There must be a practical registered address
3. Operate insurance business experience: more than 30 years
4. Have set up representative office in china :more than 2 years
5. To set up the total assets of the end of one year before applying : no less than 5 billion US dollars
6. The countries or regions have a well-developed insurance regulatory system, and the foreign insurance companies has been effectively monitor ed by the competent authorities of host country or region.
7. Comply with solvency standards of the host country or region .
8. Applications has been approved concerned authorities of the country or region
9. Other conditions regulates by China Insurance Regulatory Commission

Application Procedure

1. Pre-approval of WOFE Name

• Examination and Approval Department: Administration of Industry and Commerce

2. Application for setting up WOFE

• Examination and Approval Department: China Insurance Regulatory Commission
• Time Limit: Within 6 months
• Required Documents:
  • Application for setting up WOFE signed by legal representative
  • Copy of business license delivered by authorities of the country or legal foreign applicator located
  • Identification of payment capability and the written submissions of the application
  • Feasibility report and setting up plan
  • Article of association and last three years annals
  • List , CV and office certification of the staff responsible for the preparation
  • Other documents required by China Insurance Regulatory Commission

Note: Investors should complete construction work within one year from receiving the formal application form; can be extended by three months after the China Insurance Regulatory Commission approval if unfinished construction work Within a specified period and have warrant. In the extended period has not yet completed the preparation work for construction, acceptance decision made by the China Insurance Regulatory Commission automatically invalid.

3. Warrant of Setting-up Insurance Corporation

• Examination and Approval Department: China Insurance Regulatory Commission
• Time Limit: Within 60 working days
• Required Documents:
  • Construction report
  • Article of association
  • Investors and amounts of investment
  • Capital Verification issued by Statutory Capital Verification agencies
  • Authorization document to chief principal
  • List , CV and Office Certification
  • Panning for the next three years
  • Reinsurance programs of the proposed operating insurance provisions to be offered, including insurance types, liability insurance rates and calculation of the reserve statement
  • The documents of proposed company´s business place and business-related information on other facilities
  • Parent company´s warrant of responsibility to their subsidiaries commitment to the corporation tax, debt guarantees, if establish of branch offices of foreign insurance companies
  • Other documents required by China Insurance Regulatory Commission

4. Process of Proposed Agency Code

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

5. Industry and Commerce WOFE Registration

• Examination and Approval Department: Administration of Industry and Commerce

6. Record at the Public Security Bureau

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

7. Enterprise Chop Engrave

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

8. Application for Code of Enterprise

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

9. Tax Registration

• Examination and Approval Department: Municipal Local Taxation Bureau

10. Registration of Administration of Foreign Exchange

• Examination and Approval Department: Beijing Center of Foreign Exchange Control

11. Opening Bank Account

• Examination and Approval Department: Local bank

12. Financial Registration

• Examination and Approval Department: The Financial Bureau

13. Statistic Registration

• Examination and Approval Department: The Statistical Bureau

14. Beijing Customs Procedure for WOFE Registration

• Examination and Approval Department: Customs