Blogs

WeChat: What is it and Why is it so Popular in China?

WeChat. It allows Chinese people to make payments, install other apps, and even write micro-blogs. Despite its popularity in the Chinese mainland, it is not often used in other countries for privacy issues. However, let’s get started with the fundamental question:

What is WeChat?

WeChat (微信) is a Chinese multi-purpose app developed by Tencent. First released in 2011, it has become the most popular app in China due to its numerous functions, despite it initially only sending instant messages. Why did WeChat grow so rapidly in popularity? The answer is simple: as an all-inclusive app which has no competition in mainland China, WeChat is the dream of every developer. WeChat’s ubiquity in Chinese society makes it a necessity for anyone even visiting for a short time, so make sure to download the app once you’re in China, otherwise you might not even be able to pay a taxi driver.

Read More

, , , , , , ,

How To Open a Bank Account in China

Planning to operate a wholly foreign-owned enterprise business in China, whether it be a small business, a global company, or even a Fortune 500 company, can be fairly effortful. It is essential to take all the precautions needed to for your business to be successfully established. Once you acquire a business license, there are more steps to be taken further, such as, opening a bank account in China, to assist your business affairs. Although this step is necessary and can sound simple, opening an account in China can be challenging, especially recently, as the regulations became more stringent.

As of April 2020, the People’s Bank of China (PBOC) have made it obligatory to follow high level of analysis during the Know Your Customer (KYC) process. Because of this, the PBOC have ordered that all banks not only to oversee business activities, including financial transactions, but also to induct a few other conditions such as investigating your other bank accounts in addition to dormant accounts, seek capital transitions, examine times of transactions as well as suspicious or abnormal activities, restrict pay outs and limit online banking transactions.

Read More

, , , , , , , , , , , , , , ,

China’s Digital Market: How it Combats the Economic Consequences of the Coronavirus

Even before the surge of Coronavirus cases and the world going into lock down, the digital market in China has been on the rise, and more dynamically than most nations around the world. Such systematic progression is rooted in the country’s core business model as well as the business environment created by China’s rapid growth.

Read More

, , , , , ,

China Rebounds After Two Month Fight Against Coronavirus

China Rebounds Following Two Month Fight with Coronavirus, incorpchina, incorp china

Just recently on March 19th Wuhan reported the first day of receiving no new cases. While there are still strict measures in place to prevent further spread of the Covid-19, the Coronavirus, the country has already begun shifting back into the regular flow of business. Companies are opening up, people are going to work, and life is beginning to go back to normal.

With this upturn and people going back to work, we’ve opened our offices again and have started consulting our clients in handling the economic strain caused by the Coronavirus in China. Getting back into the usual way of business after the outbreak has had its ups and downs. Especially for our company, consulting our clients on how to best deal with it has been quite a challenge but we’ve enjoyed it none the less. We’ve had a meeting already with the tax bureau and many reopening businesses.

Read More

Asia Business Conference Speaking Opportunity

robert fisch at the asia business conference

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.

Read More

Setting up a WOFE in China

Guan xi, guanxi, business 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:

Read More

Guan Xi, the key to business success in China

While the Chinese business market is constantly modernizing, adapting, and growing; there is still a concept of immense cultural importance that has governed Chinese business practices for many years. The notion of 关系 (Guan Xi) is essential for any company to understand if they intend on doing business in China.

At its core, guan xi is about building relationships. Trust is crucial to business success in China, and it is something that does not come quickly. While it may seem counterintuitive in the current fast-paced business environment of the United States, a great deal of relationship building in China exists outside of conference calls and boardroom meetings. In China, face to face interaction helps build a kind of trust that simply cannot be acquired through only communicating through a phone speaker halfway across the world. Because of the integral part that guanxi plays in Chinese business; it is essential for an American company hoping to do business in China to make sure that they have a strong understanding of Chinese culture in order to build a strong relationship with Chinese businesses.

ICP Licensing: How to Start Your Chinese Business off Strong

Promising untapped markets are emerging all over China. As companies race to break into the new business climate, ICP Licensing is in growing demand. With rules and regulations constantly changing, and an overwhelming amount of Chinese paperwork, the registration process can get confusing. Nevertheless, completing this step is a fundamental part of your successful game plan, and we’re here to help.

In this article, we’ve created an all-you-need-to-know-guide on how to properly establish a competitive web presence in any mainland region.

Beware: This is a fragile and crucial part of your company’s success. The process is not to be taken lightly, although there are certain service providers out there who treat it so in order to make a quick buck or yuan. Pay attention to the points provided and we will teach you how to do it right.

, ,

The Transformational Trend: Why China is the place to be and how to start your business there

business registration in china

Why bring your business to China?

The future of China’s economy has never looked this bright. With a thriving middle class, a new wide-spread consumerist approach to spending, and increasing liberalization, China is now home to a wide variety of promising untapped markets.

Since the late 1980s and 1990s, China’s economy has been executing significant reform to the state-owned industry. Upon the passage of The Company Law in 1993, limited liability companies were approved, and firms were able to retain a share of their profits. As a result, private ownership increased rapidly. By 2005 it accounted for about 70% of China’s gross domestic product.

Read More