Procedures for Examination and Approval

In order to provide investors with One-stop service, Wuxi Municipal People's Government established the Commission for Foreign Investment Utilization Management. Regarding investors whose investment areas are in compliance with State industrial policies, if they can provide the necessary documentation required, the commission would issue the official approval reply in seven workdays. The process may even be hastened under special circumstances. The standing organization of the Committee is in Wuxi Municipal Commission for Foreign Trade and Economic Cooperation and its members include:

Wuxi Municipal Planning Commission, Wuxi Municipal Economic Commission, Wuxi Municipal Commission for Foreign Trade and Economic Cooperation, Wuxi Municipal Construction Commission, Wuxi Municipal Science and Technology Commission, Wuxi Industrial and Commerce Administration, Wuxi Finance Bureau, Wuxi Environmental Protection Agency, Wuxi Labor Bureau, Wuxi Taiwan Affairs Office, Wuxi Overseas Chinese Affairs Office, Wuxi Commodity Inspection Bureau, Wuxi Branch of the Bank of China, Wuxi Customs.

The project examination and approval procedures are as follows: For joint or cooperative venture: Signing of the letter of intent Compiling the project proposal Submitting to Wuxi Municipal Commission for Foreign Trade and Economic Cooperation for project establishment approval Compiling feasibility study report and articles of association Submitting to Wuxi Municipal Commission for Foreign Trade and Economic Cooperation for approval Issuing of the Certificate of Approval by Wuxi Municipal Commission for Foreign Trade and Economic Cooperation Receiving the business license from the municipal Industry and Commerce Administration For wholly foreign owned enterprise: Signing the letter of entrustment by the foreign party Compiling the feasibility study report and articles of association by the entrusted party Submitting to Wuxi Municipal Commission for Foreign Trade and Economic Cooperation for approval after the investor's signature Receiving business license from the municipal Industry and Commerce Administration For all kinds of enterprises, after they receive the business licenses, they should engrave the official seals, open bank accounts, and register with the taxation and customs in 30 days.

Taxation registration

In 30 days after the enterprises receive the business licenses, they should register with the taxation authority, with the relevant documents and references. the project proposal, feasibility study report, contract, articles of association, agreement and the approval reply, notice for ratification, certificate of approval, name list of the board of directors, and the resolutions Business license issued by the Industrial and Commercial Administration Bank account certificate ID, passport or other legal identification Other relevant identification and materials required by the taxation authority 。

Opening bank account

Before the foreign investment enterprises open the bank accounts on foreign exchange, they should first of all, go to the Foreign Exchange Administration and go through the formalities for registration and approval. After they receive the Certificate of Approval for opening the bank account on foreign exchange, they can go through the procedures for opening the bank account, fill in the application form, and the specimen seal card (company seal, financial seal, etc).

Customs management

Wuxi Customs is in charge of the monitoring and duty protection on daily import and export cargo clearance, bonded factories and warehouses. It is also responsible for the work of the specially designated duty exemption or reduced payment. Exported cargoes from Wuxi can finish customs procedures all at once when they are loaded locally in Wuxi. Import cargoes to Wuxi from all over the world can carry out the practice of "Get in the cargo first and declare at the customs second". The local customs will open the containers on the site and declare the goods simultaneously. All the import and export cargoes will be examined locally. Customs registration The enterprise should apply and go through the procedures for registration at the customs with the following documentation the certificate of approval issued (entrusted to be handled by Wuxi Municipal Commission for Foreign Trade and Economic Cooperation) by the related departments of the Province or the State Council business license and notice for ratifying the registration approved and issued by the Industrial and Commercial Administration feasibility study report, articles of association, and other approval replies economic guarantee paper from the bank application paper for customs declaration and registration

Procedures for establishing permanent representative offices

If the foreign enterprises need to establish standing representative organizations in Wuxi, they can entrust the Wuxi Consulting Service Company for Foreign Trade and Economic Cooperation to apply to the Wuxi Municipal Commission for Foreign Trade and Economic Cooperation. After the examination and approval from the local Moftec, the application will be delivered to the Provincial Commission for Foreign Trade and Economic Cooperation for examination and approval. Once approved, they must apply for going through the formalities of registration at Jiangsu Provincial Industry and Commerce Administration with the Certificate and Approval and the related materials in 30 days.

Foreign investment enterprises are subject to the following major taxes:

1. VAT 2. Business tax 3. Consumption tax (23 items) 4. Corporate income tax 5. Agreement tax 6. Stamp tax 7. Vehicle and boat license tax 8. Real estate tax 9. Land VAT 10. Individual income tax