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 serves as the economic center for the southern Yangtze River Delta and has been ranked among the most competitive cities in China. The municipal government of Ningbo encourages foreign investment and various multinational corporations (MNCs) have established operations in and around Ningbo. In 2013, Ningbo’s GDP reached US $108.3 billion (RMB 712.89 billion), up 8.1 percent year on year with an annual growth rate of 9.26 percent. Ningbo’s exports totaled US $65.7 billion while imports amounted to US $34.6 billion. The city ranked second in economic performance for Zhejiang province in 2014, trailing only Hangzhou
Ningbo has a sister city relationship with four cities in the U.S. – Wilmington, Delaware (1988), Houston, Texas (2000), Milwaukee, Wisconsin (2006) and Norfolk, Virginia (2013).
Traditional Industries
Textiles
Textiles are one of the traditional industries of Ningbo. With a complete range of industries and reasonable structures, its production value accounts for about 12 percent of the city’s total industry output.
Garments
Ningbo is the birthplace of the famous “Hong Bang” style tailors, with a profound culture background. There are more than 2,000 garment manufacturers in Ningbo, producing 1.3 billion pieces of clothes every year, accounting for about 12 percent of all garments in China. Brands such as Younger, Firs, Romon and Progen are all famous Chinese garment brands.
Home Electric Appliance
Ningbo is one of three major home electric appliance production bases in China. It is home to over 3,000 home electric appliance manufacturers and about 10,000 coordinative factories producing electric appliance parts and accessories. The turnover accounts for about 30 percent of entire industry in China, with renowned brands including Aux, Bird, Fotile and Shuaikang.
Plastic Machine
Known as the “Home of Plastic Machine”, Ningbo has over 130 plastic machine manufacturers, with approximately half of the world’s plastic machines produced in Ningbo. World-renowned plastic machine enterprises, such as Demag from German, Sumitomo from Japan and Woojin Selex from South Korea, have all established branches in Ningbo.
Auto Parts
Ningbo is one of the leading auto parts production centers in China. It clusters with 2,300 auto parts manufacturers, the production value accounting for about 3.2 percent in China. Famous companies include Huaxiang Group and Shenglong Group .
Stationary
Ningbo has the honor of being the “Capital of Stationary in China”. There are more than 800 stationary producers in this city producing 1/3 of the exported stationary products in China. The largest office stationary producer, the largest art appliance producer and the largest auxiliary education appliance producer are all located in Ningbo.
Mold
Ningbo is one of three major mold production bases in China, with more than 3,000 mold manufacturers gathering in the city. The production of foundry molds account for 60 percent of the industry in China, while die-casting molds and power metallurgy molds account for 40 percent and 25 percent of its kind in China, respectively.
Harbor-based Industry
Petrochemical Industry
Ningbo is one of the major petrochemical industry bases in China. Now it hosts 179 petrochemical enterprises, including LG Yongxing Chemical Co and Zhenhai Refinery Chemical Co, which has the largest crude oil refinery capacity in China.
Paper Making
Paper making is an important part of Ningbo’s light industry, with over 20 producers in this region, including Ningbo Zhonghua Paper Co, which is the largest industrial paper production base in China.
Steel Industry
With the support of the advantageous port and the city’s industrial policies, Ningbo Steel Production Base has seen rapid development. Ningbo Baoxin Stainless Steel now achieved an annual capacity of producing 600,000 tons of thin stainless steel plate. The Ningbo Steel Company has the capacity of producing 4 million tons of wide steel plate each year.
Rising Industries
Electronic and IT Industry
There are more than 2,000 manufacturers producing electronic and IT products in Ningbo now. The famous companies here include Bird, Yunshen and Gigabyte, and the output value of the industry has reached 10.5 percent of the total GDP in Ningbo.
New Materials
New materials and new energy resource industries are Ningbo’s key industries. From 2002, the industry kept an annual growth rate of 30 percent, and the output value accounted for 34.95 percent among all the high technology industries in Ningbo.
Semi-conductor and photo-electronic industry
The semi-conductor and photo-electronic industry in Ningbo had rapid development during recent years. Based on convenient transportation, unique policies and location advantages, a great number of semi-conductor and photo-electronic manufacturers have established their companies in Ningbo. Famous companies include Chi Mei Optoelectronics, Lili Electronics, SinoMos Semiconductor and Prodisc.
To facilitate people who want to invest and set up business in Ningbo,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 now.
No comments:
Post a Comment