06 · ChinaMNC
Banking, Tax and Visas
Once the licence is issued, the operational side begins. Plan for these three areas together, because they depend on each other.
Banking. Open the RMB basic account at a bank branch in Cangzhou, and a foreign-currency capital account if you will receive overseas investment or trade in foreign currency. Banks apply their own due diligence: expect questions about the parent company, the source of funds, your business plan and your customers. Bring the full corporate file, including legalised parent documents and translated leases. Account opening can take longer than founders expect, so do not schedule payments against it.
Tax. Register with the local tax authority, confirm your taxpayer status (small-scale or general taxpayer), and set up invoicing. China's tax system includes VAT, corporate income tax and withholding on outbound payments; the treatment of your specific transactions depends on what you actually do. Engage a local accountant early — monthly filing obligations begin quickly, and penalties for missed filings are administrative rather than negotiable.
Visas and work permits. Foreign staff need a work permit and a residence permit, usually initiated after the company is registered and able to sponsor employees. The legal representative and expatriate managers should budget time for the medical check, the permit application and the residence permit conversion. Family members can apply for dependent visas once the main permit is in place.