Get ahead of your competitors by hosting your business’s website within China!
In order to host within China you’ll need to obtaining an Internet Content Provider License (ICP). Hosting your website in China has many benefits such as improved SEO ranking, faster load times and better accessibility for Chinese citizens due to bypassing the Chinese internet firewall.
Applications for an ICP license can be a long and complex process but here at Incorp China we work around the clock with our expertise team to get your application through in no time.
Things to remember before applying for an ICP license
Before beginning the application process, you must understand the difference between an ICP Filing and an ICP license.
- ICP Filing (for non-commercial websites): Companies, including JVs (Joint Ventures), 100% foreign-owned entities, and 100% Chinese-owned companies, are eligible to make an ICP Filing. This is only for websites offering informational content, and for websites that do not intend to sell products or conduct business.
- ICP license (for commercial websites): In addition to Chinese-owned business entities with a Chinese business license, JVs with a foreign investment of less than 50% can apply for an ICP license. The purpose is to exclude foreign companies that do not have Chinese joint ownership.
Chinese nationals are eligible to apply for an individual ICP filing. However, non-Chinese individuals must be physically present in China for a sufficient period to satisfy the basic registration requirements. These individuals may also need to fulfill the following criteria:
- Have a Chinese landline or mobile phone number with an SMS facility
- In many cases, having an Alipay account that connects to a Chinese bank account. Depending on the province, there could be different rules, and MIIT may call the applicant to verify the reason for the ICP license application.
- Access to a person who can accept and send your mail
- Be fluent in Mandarin
If all documents are in order, the entire ICP license application process takes between 20 days to a month. However, if you wish to apply for the ICP Commercial license, the process usually takes 60-90 days.
#ICP #china #business #chinesebusiness
Business & Personal Relations In China Podcast
SupChina recently released a podcast with host Chris Marquis featuring Robert Fisch as his guest. Robert is a master storyteller and he draws on his diverse experiences in China to illustrate some key principles that businesses can learn from, such as the importance of personal relations and the human touch when doing business in China. And he also provides some very practical advice on many topics from setting up a wholly foreign-owned entity (WFOE) to how business in China has shifted in the COVID era.
Shenzhen Qianhai Area Extends the 15% CIT Rate Until the End of 2025 – V2
Corporate income tax (CIT) is a kind of income tax levied on the income from production and operation and other income gained by companies within the territory of China.
According to the new Income Tax Law of the People’s Republic of China, published in 2008, the general corporate income tax rate is 25%. The preferential corporate income tax policy of Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone in Shenzhen will be extended for another five years, and the corporate income tax will be levied at a reduced rate of 15%. Only qualified enterprises within the area can enjoy the preferential corporate income tax policy.
Shenzhen Qianhai Area Extends the 15% CIT Rate Until the End of 2025
Corporate income tax (CIT) is a kind of income tax levied on the income from production and operation and other income gained by companies within the territory of China.
According to the new Income Tax Law of the People’s Republic of China, published in 2008, the general corporate income tax rate is 25%. The preferential corporate income tax policy of Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone in Shenzhen will be extended for another five years, and the corporate income tax will be levied at a reduced rate of 15%. Only qualified enterprises within the area can enjoy the preferential corporate income tax policy.
China’s Fapiao Invoice System
Compared to invoice in other countries, China’s invoice (发票 or fapiao in Chinese) is different as it fulfills a different role in the Chinese invoice system. For foreign companies that want to register and start a business in China, they have to get familiar with fapiao to engage in business activities in China.
What is a Fapiao(发票)?
China’s Economic Stimulus in Response to the Coronavirus Pandemic
In recent times, due to the coronavirus epidemic, it has become more valuable for businesses to open in China. They have waived fees and given credits to small businesses to stimulate the economy. While they have a wide variety of credits, they do prefer certain businesses, including those like manufacturing business or medical businesses. This is not for the short term, as the benefits could last all the way through the end of 2025. In total, all of the benefits and waived fees total up to around 85 billion dollars.
These benefits were made by Li Keqiang this year (in 2021), during the yearly meetings of the NPC and CPPC national Committee. Li Kequiang is the Premier of the State Council of the PRC and a key architect of the country’s current economic reforms. This isn’t the first time incentives have been set in place for small businesses to come to China. Due to the Coronavirus epidemic, a new volley of such efforts have been made.
Investment Provinces: a Quick Look at China’s Richest Regions
It is quite well-known that China had made stupendous economic growth in the last 30 years. Today, we compiled a list of the richest provinces where the growth most rapidly occurred.
Guangdong
The three main cities are: Jiangmen City, Kaiping City, and Foshan City. The GDP (Gross Domestic Product) is the total of 12.5% of the entire nation. This province is considered one of the most notable provinces in China, giving it dominant economic and financial strength. Being China’s most populous province with over 100 million residents, this province is also known for benefiting greatly from the “reform and opening” policies such as the Open Door Policy.
Asia Business Conference Speaking Opportunity
Recently, I was fortunate enough to be invited by The University of Michigan to join their discussion panel for their Asia Business Conference event. It was truly a wonderful experience being able to speak about the power of e-commerce and mobile technology in China.
I would like to thank everyone at the conference as well as fellow speakers Peter Sim, Lee Boyd, and Mon-Han (Hans) Chung, CFA for making the event as memorable and inspirational as it was. I also would like to extend my gratitude to Tiffany Chen, Alex Guo, and Yechunhe (Sylvia) Zhou for hosting the conference. It was wonderful to hear other professionals discuss their experiences in China’s ever-growing market.
Setting up a WOFE in China
Starting a business in China is an incredibly fascinating venture, with a bulging and aging population and greater demand for a better quality of life, there are new markets emerging in China across all sectors.
A WFOE is a Wholly Foreign Owned Enterprise. This is a limited liability company which is owned entirely by a foreign company or individual. There are many advantages of owning a Chinese WOFE, including: