Translated by Sun Jin(Marlow), Partner and China attorney at Law, Zhejiang Xinmu Law Firm
 
     
 

Recently, we learnt from Yiwu Municipal Industry and Commerce Bureau("Yiwu MICB"), that now foreign-capital-invested WFOE and JV could be registered(formated) in Yiwu city locally. To offer better service to foreign capital enterprises and administrate foreign capital enterprises conveniently, Yiwu Municipal Industry and Commerce Bureau will establish a department to administrate the registering of foreign capital enterprises, under authorization of the State Administration of Industry and Commerce of China.

In before, foreign investors could only register their companies and offices in Municipal Industry and Commerce Bureau ("MICB") in area-level cities like Ningbo, Hangzhou, and Jinhua. Yiwu MICB is the first county level MICB that is authorized to administrate and accept registration applications in Zhejiang Province, China.

BACKGROUND INTRODUCTION:

Yiwu City: China Small Commodity City

Yiwu is located in the central area of Zhejiang province with a total land area of 1,105 square kilometers. The whole city governs 8 towns and 5 sub-districts, has a population of 670,000 registered as local domiciliary and 600,000 as external temporary.

The commodity wholesale industry has been a leading industry in the regional economy. Currently, the Yiwu commodity market possesses an area of 1.5 million sq.m. and has 40,000 stores, collects 28 categories and about 200,000 varieties of daily goods. Throughput is nearly 10,000 tons, market business volume is on top of the nationwide large special markets for 12 successive years. Furthermore, the Yiwu market has been an international commodity distribution center and the important base for foreign merchants to purchase Chinese small commodity. The industrial economy is rapidly aggregating and strengthening, and currently has developed and is exploiting industrial park areas of 64 square kilometers, with more than 1300 enterprises. It has also cultivated a group of predominant industries, scale enterprises and famous products of socks, ornaments, zippers, cosmetics, shirts, cultural articles, pen-making, toys, etc, formed industrial developing structure of small commodity, large industry, small enterprise, and large colonization.

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If you would like to register your WFOE(wholly foreign owned enterprise) or JV (joint venture) or representative office in Yiwu city, please feel free to contact our lawyer.

 

 
     

 

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