Ningbo is a harbor city in Zhejiang province and one of China’s most prominent ports. The Ningbo-Zhoushan port is the fifth-largest in the world and the third-busiest in China after Shanghai, Shenzhen and Hong Kong. It is bound by the East China Sea and Zhoushan Archipelago in the east, by Hangzhou Bay in the north, by Shaoxing in the west, and by Taizhou in the south. In 2007, the Hangzhou bay bridge was built, connecting Ningbo with its neighbors. Ningbo has established intermodal rail services that connect it to 13 inland ports. It also has the largest specialized dock for storing liquefied chemical products in China.
The Cixi Export Processing Zone (CEPZ) was established in June, 2005, with the approval from the State Council.
The administrative region where it is located--Cixi--has a unique location and industrial advantages. Lying in the center of the Golden Economic Shanghai-Hangzhou-Ningbo Triangle in the Yangtze River Delta, Cixi is close to the major cities in the area: 60 kilometers from Beilun Port, Ningbo to its east, 148 kilometers from Shanghai to its north and 138 kilometers from Hangzhou to its west.
Ever since the Hangzhou Bay Bridge went into operation in 2008, Cixi's integration with the Yangtze River Delta has been accelerating. Its location at the south end of the bridge has become more advantaged.
The solid foundation of Cixi's manufacturing and processing industries has made the city the world's largest production base of electric irons, plastic lighters, playing cards and health-care products. It is also the largest production base of curtain cloth in Asia and the largest production base of European style sockets, sealing members, miniature ball bearings, electronic copper strips, drinking water equipment and yarn feeders in China.
The manufacturing of small household appliances in Cixi has developed rapidly since the beginning of 2006. To date, the city has over 1,800 manufacturers of complete machines and almost 10,000 manufacturers of accessories. As a key region in the Hangzhou Bay Industrial Zone planned by Zhejiang province and the Ningbo government, Cixi is becoming a hot spot for the next round of foreign investment. In 2005, the disbursement of the foreign capital in Cixi ranked 4th in Zhejiang province.
CEPZ is located in the Cixi Economic Development Zone (CEDZ), which provides infrastructure for large-scale industrial projects. A high-grade road network, consisting of five latitudinal and seven longitudinal roads, has been built in CEDZ. Two transformer substations of 35,000 and 110,000 volts each, a thermal power station, and a sewage disposal plant have been put into operation. A combined police and fire station and a post and telecommunications office have been set up. Public transportation, sanitation services, gas storage and transportation facilities have all been put in place.
The major functions of the export processing zone can be summed up as follows: "the three focuses" (processing, the electromechanical industry and direct export of final products); attracting investment from transnational corporations; maximizing its advantages in strong industrial linkage; and promoting the transformation and upgrading of the processing trade while extending its industrial chain.
To facilitate people who want to invest and set up business in Ningbo Cixi Export Processing Zone,here is an introduction of Types of business presence in China:
Before starting up a business in China, you have to know what are the options. Foreign Investors generally establish a business presence in China in one of five modes: Wholly Foreign Owned Enterprise (WFOE); Representative Office; Foreign Invested Partnership Enterprises (FIPE); Joint Venture and Hong Kong Holding Company.
Wholly Foreign Owned Enterprise (WFOE) is a Limited liability company wholly owned by the foreign investor. WFOE requires no registered capital and it's liability of equity , can generate income, pay tax in China and it's profit could be repatriate back to investor's home country. Any enterprise in China which is 100 percent owned by a foreign company or companies can be called as WFOE.
Representative Office(RO) is a Liaison Office of it's parent company. It requires no registered capital. It's activities would be: product or service promotion, market research of it's parent company's business, Quality Control liaison office etc in China. RO generally is prohibited to generate any revenue nor generating contracts with local businesses in China.
Joint Venture (JV) is a Limited liability company formed between Chinese investor and Foreign investor. The parties agree to create a entity by both contributing equity, and they then share in the revenues, expenses, and control of the enterprise. JV usually been used by foreign investor to engage the so called restricted in areas such like: Education, Mining, Hospital etc.
Since March 1, 2010: Measures of Establishmentof Foreign Invested Partnership Enterprises (FIPE) in China is taking effect. The regulation, which take effect since March 1, 2010, are known as the Administrative Measures for the Establishment of Partnership Enterprise in China by Foreign Enterprises or Individuals. There's no required minimum registered capital for a Foreign Invested Partnership Enterprise (FIPE) in Ningbo , Beijing, Ningbo , Shenzhen, Hangzhou and rest cities of China
Hong Kong Company usually been used as a Special Purpose vehicle (SPV) to invest Mainland China. Hong Kong is one of the quickest locations to Incorporate a business. Although a HK company is not a legal entity in Mainland China (Mainland China and Hong Kong, See Wiki 1 country, 2 systems), lots foreign investors, especially investors from Europe and North America still chose to setting up a Hong Kong company as SPV to invest China.
After China's entry to WTO, most industries in China welcome foreign investment, WFOE setting up in China becomes the first option of foreign investment's entity structures instead of Rep.Office setting up in China. At the mean time, for tax purpose, effective licensing system etc more and more investors use Hong Kong as the holding company to invest China mainland, using this offshore company to hold their operations in China.
Business set-up in Ningbo is a big project by itself, which requires financial and time commitments, business management knowledge and China expertise. Identifying a competent agent to manage the complex process will be a cost and time effective way to avoid potential pitfalls . Tommy China Business Consulting has direct connections in the local government
Since 2006, TCBC has been focusing on consulting services for our clients to invest in Ningbo China. We are specialized in establishment of wholly foreign owned enterprises (WFOEs), setting up of offshore companies, trading services, tax minimization, Assist in obtaining government approvals and certificates for running business,negotiate and draft various legal documents provide legal advice, negotiate government officer for Land acquisition. Advising on formation of WOFE and business structures, managing and controlling WOFE in Ningbo China, drafting privacy policies and structuring commercial transactions
TCBC will manage all aspects of incorporation to get you a business license in Ningbo China. We offer a range of company formation services including helping you to set up:
-Wholly Foreign Owned Enterprises (WFOE )
-Joint Ventures (Equity/Co-operative)
-Foreign Invested Partnership Enterprises (FIPE)
Contact Tom Lee for business registration in Ningbo Cixi Export Processing Zone now.
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