06 · ChinaMNC
Banking, Tax and Visas After Registration
Once the business licence is issued, the operational work begins. A CNY basic deposit account is needed for payroll, tax and daily operations, and a foreign currency capital account is needed to receive registered capital from abroad. Chinese banks apply enhanced due diligence to foreign-invested companies, so expect questions on beneficial ownership, source of funds and the nature of your business. Preparing a clear explanation and supporting documents shortens onboarding.
On tax, a new company must complete tax registration, choose a taxpayer status (small-scale or general VAT taxpayer), and set up invoicing. Corporate income tax, VAT and payroll-related contributions apply according to national rules; local practice on filing and inspections is administered through the Sanming tax authorities. Engage a local accountant early — bookkeeping in Chinese accounting standards is not something to defer.
For people, the legal representative and foreign staff typically need a work permit and a residence permit, applied for after the company and its social credit code exist. The process involves an employment licence, a work permit notification and a residence permit conversion. Accompanying family members have separate dependent visa routes. Plan several months for the full immigration sequence, and note that the legal representative's presence in China is usually required at key points.