06 · ChinaMNC
Banking, Tax and Visas
After incorporation, the operational setup determines how smoothly you can trade.
Banking. Open a corporate RMB account and, if you will receive foreign capital or trade internationally, a foreign currency account. Banks apply their own onboarding and due diligence, so expect questions on ownership, business model, counterparties and expected transaction flows. Prepare a clear explanation of your business and supporting contracts.
Tax. Register with the tax authority, confirm your taxpayer status and invoicing needs, and set up bookkeeping from day one. Corporate income tax, VAT and withholding obligations depend on your activities; a local accountant familiar with foreign-invested enterprises is essential. Keep capital contribution records and foreign exchange documentation tidy.
Visas and work permits. Foreign employees need a work permit and a residence permit. The process typically involves a work permit notification, an entry visa, then the permit and residence permit after arrival. The legal representative and senior staff should plan accordingly.
Payroll and compliance. Register for social insurance and the housing fund where required, and maintain proper employment contracts. These administrative steps are easy to underestimate but affect hiring and renewals.