Oct 11, 2013 02:07 PM EDT
Below is a detailed summary of the bureaucratic and legal hurdles an entrepreneur must overcome in order to incorporate and register a new firm, along with their associated time and set-up costs.
It examines the procedures, time and cost involved in launching a commercial or industrial firm with up to 50 employees and start-up capital of 10 times the economy's per-capita gross national income.
No. | Procedure | Time to Complete | Associated Costs |
---|---|---|---|
1 | Obtain notice of Pre-Approval of the Company Name | 1 day | RMB 80.00 |
2 | Open a preliminary bank account, deposit funds in the account and obtain the certificate of deposit | 1 day | No cost |
3 | Obtain capital verification report from an auditing firm | 5 days | RMB 500.00 |
4 | Obtain registration certification "Business License of Enterprise Legal Person" from local Administration of Industry and Commerce (AIC) | 5 days | RMB 429.02 (Registration fee: 0.08% of registered capital; copy of Business License: RMB10) |
5 | Obtain approval from the police department to make a company seal | 1 day | No cost |
6 | Make a company seal | 1 day | RMB 300.00 |
7 | Obtain the Organization Code Certificate issued by the Quality and Technology Supervision Bureau | 2 days | RMB 148.00 |
8 | Register with the local statistics bureau | 1 day | RMB 50.00 |
9 | Register for national and local tax | 7 days | RMB 100.00 |
10 | Open a bank account for the company and transfer registered capital to the account | 5 days | No cost |
11 | Apply for the authorization to print or purchase financial invoices | 3 days | No cost |
12 | Purchase invoices | 1 day | RMB 17.50 (RMB0.7-1.1 per set of invoices) |
*13 | File for recruitment registration with local Career Service Center | 1 day (simultaneous with procedure 11) | No cost |
*14 | Register with Social Welfare Insurance Center | 1 day (simultaneous with procedure 11) | No cost |
* Takes place simultaneously with another procedure.
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