Hainan Province lies at the southernmost tip of China, facing Guangdong Province in the north across the Qiongzhou Strait; the Democratic Republic of Vietnam in the west across the Beibu Gulf (Gulf of Tonkin), and Taiwan Province in the east across the South China Sea. To the south and southeast it is bounded in the South China Sea by the Philippines, Brunei and Malaysia. Encompassing Hainan Island, Xisha Archipelago, Zhongsha Archipelago and Nansha Archipelago as well as their dependent waters, Hainan Province covers a land area of 35,000 square kilometers and a sea area of approximately 2 million square kilometers. Hainan Island is China's second largest island after Taiwan, with an area of 33,900 square kilometers (not including its satellite islets). Zengmu Shoal of Nansha Archipelago is the southernmost part of Chinese territory.
Haikou sits at the northern tip of Hainan Island. As the capital city
new mk purses of Hainan, Haikou is the provincial administrative, economic, cultural and transportation hub of the province, as well as the largest city within the area. Situated along a stretch of long coastline, the province is rich in natural resources and is also known as the ?Coconut City'
Located at the southern tip of Hainan Island, Sanya is the nation's southernmost city. It is one of only two prefecture-level cities in the Hainan Province (the other being Haikou). As a renowned tourist city in China, tourism is the most important industry in Sanya's service sector. Dubbed the "Oriental Hawaii", Sanya has the most beautiful coastal scenery in Hainan. A state level holiday resort was set up in Yalong Bay. Four of the biggest bays in Sanya are Dadonghai, Sanya, Haitang, and Yazhou. Other attractions include Cape Tian-Ya-Hai-Jiao, the "Lu Hui Tou", Wuzhizhou Island and the Tiger & Crocodile Centre
Hainan's pillar industries encompass agriculture, tourism, petrochemical industry, electronics and information, and marine bio-pharmaceutical industry.
There are three principal business models for foreign companies seeking to establish themselves in China : Joint Ventures, Wholly Foreign-Owned Companies, and Representative Offices (ROs)
A Joint Venture is a business arrangement in which the participants create a new business entity or official contractual relationship and share investment and operation expenses, management responsibilities, and profits and losses. There are two type of joint venture company in china, Equity joint ventures and Cooperative Venture (also known as Contractual Joint Venture).
Foreign investors can now determine an organizational structure according to the operations of their enterprises at their own discretion. Such potential investors should
micghael kors jet set black tote approach the appropriate government departments for a better understanding of the legal procedures involved in setting up a business in China.
The procedure to Setting up Joint Venture Company
Step 1: Approval of Project Application Reports
Upon reaching agreement by the parties to an
brown mk bag equity or contractual JV after negotiation, the Chinese party should submit the project application report to the local foreign trade and economic cooperation department. For projects under the encouraged and permitted categories with an investment exceeding US$100 million and projects under the restricted category with an investment exceeding US$50 million, the report is examined by
Mikol Kors Outtlet the provincial development and reform committee before
michael kors jet set chain shoulder tote submitting to the National Development and Reform Commission for approval. For projects requiring the opinions of the relevant industry department, the approval organ must send a letter of request for opinions to the industry department concerned together with the necessary documents.
The project application report should include: Basic facts about the project, technology and technical processes, demand on
michael kors handbags outlet stores energy and other resources, environmental impact assessment, prices of public goods or services involved, means of capital contribution and financing plans, equipment to be imported and amounts involved.
Documents required: Enterprise registration certificates of the Chinese and foreign investors, credit certificates, letter of investment intent, and environmental impact assessment report issued by the environmental protection administration.
Step 2: Approval of Contract and Articles of Association
The contract, articles of association and other relevant legal documents for establishing the JV signed by the parties are submitted by the Chinese party to the local foreign trade and economic cooperation department for approval.
Documents required: Application documents to the competent Chinese authorities; feasibility study report and approval documents for the project; application for registration of the name of the enterprise approved by the provincial or municipal administration for industry and commerce; written comments on the project by various government departments such as environmental protection, fire services, health and land administration; business licenses of the parties concerned and certificates of their legal representatives; contract and articles of association duly signed by the legal representatives of the JV parties; and list of board of directors.
Step 3: Application for Approval Certificate
After the contract and articles of association are approved, the Chinese party should apply to the provincial or municipal foreign trade and economic cooperation department for an approval certificate.
Documents required: The project application, feasibility study report, and contract, articles of association and list of directors approved by the respective approving authorities.
Step 4: Registration
Upon collection of the approval certificate, an application for business license should be filed with the provincial or municipal administration for industry and commerce within 30 days. Subsequently, the JV should complete such procedures as applying for official seal and enterprise code, opening bank account, and registering for tax payment and customs declaration with the local public security, technical supervision, taxation, Customs, finance, foreign exchange administration, banking, insurance and commodity inspection departments.
setting up a business in China involves a lot of paperwork. This tedious process can be tided over by approaching one of the many firms that provide the relevant services. Nevertheless, before making any investment decisions, investors should be well acquainted with the related regulatory issues. While investors may choose to let the agencies or consulting firms take care of the decision-making processes, it is advisable for them to understand the procedures themselves.
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