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.
Ningbo National Hi-Tech Industrial Development Zone (Ningbo Hi-Tech Park) is located east of downtown Ningbo and has easy access to deep-water ports, highways and the Hangzhou Bay Bridge. It is a new scientific and technological zone with convenient transportation, an integrated infrastructure, beautiful environment and concentration of talented people. As a scientific research base in the south Yangtze River Delta, Ningbo Hi-Tech Park plays important roles in establishing Ningbo as a city of innovation.
In a pioneering effort to acquire new talent, Ningbo Hi-Tech Park has founded Ningbo Incubation Park for returned students, and a national innovation and incubation center for high-level overseas talent, which has become a hub for highly qualified personnel offering effective support to the innovative reputation of Ningbo. At present, among 50,000 talented people work in the Park, 1,000 are returned overseas students, 200 are foreign experts and 63 are experts selected from national and provincial talent resource projects. Another 92 experts have been chosen from local talent resource projects.
So far, there have been about 400 new institutions opened in the Park, including IBM Lab, TCL R&D Center, Ningbo Public Technical Service Platform, National Test & Authentication Group Ningbo Center, China Safety Science and Technology Institute Ningbo Branch, as well as five academician studios. The Park has provided open technical services for the restructuring and upgrading of local enterprises.
Dependent on a number of domestic leading and emerging companies, Ningbo Hi-Tech Park focuses on the development of new material industries and produces obvious competitive advantages in such niches as magnetic materials, synthetic materials and high-performance metals.
With leading companies and professional institutes inside the Park, Ningbo Scientific and Technological City of New Material was established in August 2013. The Park aspires to become a world class R&D center, establishing itself as an innovative base for the application of new materials through the integration of technology, industry and finance.
The Park has founded "Ningbo Innovation Harbor" in its R&D Center as a venue for local scientific and technological events and achievements in publishing. The Innovation Harbor sponsors around 100 activities every year, including academic reports, scientific result releases, agreement signings, technical training and scientific workshops. In addition, through the Innovation Competition, Creation and Design Competition and Entrepreneurship Competition, it has introduced talented personnel and innovative teams from the Park to a global stage promoting the industrialization of scientific and technological achievements.
Moreover, Ningbo Investment Place, a platform between capital and technology, has been established. It brings together approximately 100 private equity, venture capital and intermediary agencies. An investor's club, a financial service alliance, an ST financial service platform and other service agencies have been established. ST Bank of Ningbo has provided assistance to SMEs of science and technology throughout their development.
To facilitate people who want to invest and set up business in Ningbo National Hi-Tech Industrial Development 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 National Hi-Tech Industrial Development Zone now.
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