Xiamen, as an important economic city Fujian Province, locates in the eastern coastal region of China. It enjoys natural advantages in developing its economy. It on the west coast of the Taiwan Straits, and is separated from Quemoy island only by a narrow stripe of water. Xiamen is a traditional trading port in southeast China and a famous tourist coastal city as well. Xiamen has a diverse and well-developed economy. Primary economic activities include fishing, shipbuilding, food processing, tanning, textiles, machine tool manufacturing, chemical industries, telecommunications and financial services. The city has economic and trade relations with 162 countries and regions worldwide, and benefits from foreign investment, particularly capital from Hong Kong, Macau and Taiwan.
Xiamen's GDP in 2017 totaled $435.1 billion yuan ($69.2 billion), representing an increase of 7.6 percent. The added value of the primary industry was 2.3 billion yuan, growing by 2.1 percent; that of the secondary industry was 181.6 billion yuan, increasing by 7.2 percent; that of the tertiary industry was 251.2 billion yuan, up 7.9 percent. The ratio of the primary to secondary to tertiary industry was 0.5:41.7:57.8.
The mainstream industries in Xiamen include the six pillar industries of electronics, machinery, shipping and logistics, MICE, finance and commerce and software and information services, and six emerging industries, namely information technology, biology and new medicines, new materials, energy conservation and environmental science, marine high-tech industry and cultural and creative industry.
The finance and insurance sector, profit-making sector and the wholesale and retail sector are still the main sectors for the tertiary industry. In 2017, three sectors contributed to 63.8 percent of the added value growth of the tertiary industry.
During the same period, the added value of the three sectors increased by 8.0 percent, 11.3 percent and 8.1 percent to 49.14 billion yuan, 45.29 billion yuan and 40.96 billion yuan respectively.
In 2017, the output value of the industrial establishments with annual sales income exceeding 20 million yuan reached 591.50 billion yuan.
In 2017, the output generated by the two pillar industries – machinery and electronics – rose by 11.8 percent to 403.13 billion yuan, accounting for 68.2 percent of the total output of all industrial establishments with annual sales income exceeding 20 million yuan.
Of the total added value of industrial establishments with annual sales income exceeding 20 million yuan, 61.5 percent, i.e. 88.35 bliion yuan, were contributed by foreign, Hong Kong-, Taiwan- and Macao-funded enterprises, rising by 5.7 percent.
Xiamen is the largest producer and exporter of tungsten products in the world, the largest producer of hearing aids and hearing equipment in the Asia-Pacific region and a major computer exporter and aircraft maintenance center in China.
Xiamen is one of China's biggest producers and sellers of digital audiovisual devices, capacitors, IC lead frames, relays and optoelectronic equipment.
Xiamen is home to many famous national and international brand names such as Xoceco (Prima), Amoi, XGMA, King Long, Topstar, Cheng Shin, Yinlu, Huierkang, Gulong, Yinxiang, Wish and New Wish. Xiamen has gained competitive advantages in the country in various sectors including engineering machinery, power distribution equipment, large- and medium-sized buses, tungsten product processing and aircraft maintenance.
Xiamen Business Formation also can be understood as: Xiamen company setup, Xiamen corporate formation, Xiamen business setup, Xiamen company registration, Xiamen business establishment and Xiamen business registration.
Xiamen Business Formation also can be understood as: Xiamen company setup, Xiamen corporate formation, Xiamen business setup, Xiamen company registration, Xiamen business establishment and Xiamen business registration.
To facilitate people who want to invest and set up business in Xiamen, here is an introduction of Types of business presence in China:
Before starting up a business in China, you have to know what are the options. Foreign Investors generally establish a business presence in China in one of five modes: Wholly Foreign Owned Enterprise (WFOE); Representative Office; Foreign Invested Partnership Enterprises (FIPE); Joint Venture and Hong Kong Holding Company.
Wholly Foreign Owned Enterprise (WFOE)is a Limited liability company wholly owned by the foreign investor. WFOE requires no registered capital and it's liability of equity , can generate income, pay tax in China and it's profit could be repatriate back to investor's home country. Any enterprise in China which is 100 percent owned by a foreign company or companies can be called as WFOE.
Representative Office (RO) is a LiaisonOffice of it's parent company. It requires no registered capital. It's activities would be: product or service promotion, market research of it's parent company's business, Quality Control liaison office etc in China. RO generally is prohibited to generate any revenue nor generating contracts with local businesses in China.
Joint Venture (JV) is a Limitedliability company formed between Chinese investor and Foreign investor. The parties agree to create a entity by both contributing equity, and they then share in the revenues, expenses, and control of the enterprise. JV usually been used by foreign investor to engage the so called restricted in areas such like: Education, Mining, Hospital etc.
Since March 1, 2010: Measures ofEstablishment of Foreign Invested Partnership Enterprises (FIPE) in China istaking effect. The regulation, which take effect since March 1, 2010, are known as the Administrative Measures for the Establishment of Partnership Enterprise in China by Foreign Enterprises or Individuals. There's no required minimum registered capital for a Foreign Invested Partnership Enterprise (FIPE) in Shanghai, Beijing, Shenzhen, Hangzhou and rest cities of China
Hong Kong Company usually been used as aSpecial Purpose vehicle (SPV) to invest Mainland China. Hong Kong is one of the quickest locations to Incorporate a business. Although a HK company is not a legal entity in Mainland China (Mainland China and Hong Kong, See Wiki 1 country, 2 systems), lots foreign investors, especially investors from Europe and North America still chose to setting up a Hong Kong company as SPV to invest China.
After China's entry to WTO, most industries in China welcome foreign investment, WFOE setting up in China becomes the first option of foreign investment's entity structures instead of Rep. Office setting up in China At the mean time, for tax purpose, effective licensing system etc more and more investors use Hong Kong as the holding company to invest China mainland, using this offshore company to hold their operations in China.
Business set-up in China is a big project by itself, which requires financial and time commitments, business management knowledge and China expertise. Identifying a competent agent to manage the complex process will be a cost and time effective way to avoid potential pitfalls
Since 2006, TCBC has been focusing on consulting services for our clients to invest in Xiamen China. We are specialized in establishment of wholly foreign owned enterprises (WFOEs), setting up of offshore companies, trading services, tax minimization, Assist in obtaining government approvals and certificates for running business,negotiate and draft various legal documents provide legal advice, negotiate government officer for Landacquisition. Advising on formation of WOFE and business structures, managing and controlling WOFE in Xiamen China, drafting privacy policies and structuring commercial transactions
TCBC will manage all aspects of incorporation to get you a business license in Xiamen China. We offer a range of company formation services including helping you to set up:
-Joint Ventures (Equity/Co-operative)
-Foreign Invested Partnership Enterprises (FIPE)
Contact Tom Lee for business setup consulting in Xiamen now.
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