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foreign-invested insurance corporation registration

Date: 2008-10-15 12:27 | Author: Linden Co. Ltd. | From: zhuce100.com | Read Times: 23

Application requirements(conditions)

1The minimum registered capital:200 millions RMB

2have practical registered address

3 operate insurance business experience: more than 30 years

4 have set up representative office in china :more than 2 years

5 to set up the total assets of the end of one year before applying : no less than 5 billion US dollars

6 the countries or regions have a well-developed insurance regulatory system, and the foreign insurance companies has been effectively monitor ed by the competent authorities of host country or region.

7 comply with solvency standards of the host country or region .

8applications has been approved concerned authorities of the country or region

9other conditions regulates by China Insurance Regulatory Commission

Application procedure and documents:

1pre-approval of name of WFOE

Examination and Approval Department:

Administration of Industry and Commerce

Time limit:

Within 2 working days

Management fee: 0

Required documents:

Pre-approval for names of enterprise

Appointment letter

2Application for setting up WFOE

Examination and Approval Department:

China Insurance Regulatory Commission

Time limit:

Within 6 months

Management fee: 0

Required documents:

Application for setting up WFOE signed legal representative, among this, if setting up joint venture ,Application should signed by legal representatives of every party of joint venture

Copy of business license delivered by authorities of the country or legal foreign applicator located

Identification of payment capability and the written submissions of the application

Feasibility report and setting up plan

Article of association and last three years annals

Materials of the Chinese applicator if setting up joint venture

List CV and office certification of the Staff responsible for the preparation

Other documents required by China Insurance Regulatory Commission

Investors should complete construction work within one year from receiving the formal application form; can be extended by three months after the China Insurance Regulatory Commission approval if unfinished construction work Within a specified period and have warrant. In the extended period has not yet completed the preparation work for construction, acceptance decision made by the China Insurance Regulatory Commission automatically invalid.

3warrant of setting up foreign-invested insurance corporation

Examination and Approval Department:

China Insurance Regulatory Commission

Time limit:

Within 60 working days

Management fee: 0

Required documents:

Construction report

Article of association

Investors and amounts of investment

Capital Verification issued by Statutory Capital Verification agencies

Authorization document to chief principal

List CV and Office Certification

the next three years planning and reinsurance programs of the proposed company operating

insurance provisions to be offered insurance types in the China liability insurance rates and calculation of the reserve statement

The documents of proposed company's business place and business-related information on other facilities

Parent company’s warrant of responsibility to their subsidiaries commitment to the Corporation tax, debt guarantees, if establish of branch offices of foreign insurance companies,

Joint venture contract if establish joint venture insurance companies, and its The China Insurance Regulatory Commission requirement to provide other documents

Other documents required by China Insurance Regulatory Commission

4To process proposed agency code

Examination and Approval Department:

State Bureau of Technical Supervision (The Administration Center of Organization Code)

Time limit:

6 working days after acceptance

Management fee: 0

Required documents:

Approval of article of association

Application of proposed agency code

5Industry and Commerce registration of WFOE

Examination and Approval Department:

Administration of Industry and Commerce

Time limit:

7 working days

Management fee:

0.08% of amount of registered capital

Fee of making copy of the industrial and commercial registration certificate:20RMB

Required documents:

Application form of setting up WFOE

Article of association

Approval by the approving authority and the copy of

Approval letter of foreign-invested enterprise

Proof of legal qualifications of all the investors.(foreign investors should provide main body qualifications proof or the identification notarized by their domestic notary organ and also the Chinese embassy in those their home countries. Investors from Hong Kong, Macau, Taiwan must also provide documents notarized by their domestic notary organ (documents from Hong Kong should be stamped and forwarded by the China Legal Service (H.K.) Ltd, Valid Mainland Travel Permits can be personal identification for Taiwan investors and do not need to be notarized.) If countries of which the foreign investors have not established or have already ended foreign relations with China, their main body qualifications proof or the identification should be notarized by their domestic authorities and then by third country’s embassy which the country has established foreign relations with China. All the notarized documents have to be notarized by the Chinese embassy located in the third country. )

Credit certification of investor (issued by the bank)

Notice for pre-approval name of the enterprise, name list of the pre-approval investor

Letter of Authorization

Corporate secretary (contact) registration form

Letter of Authorization for legal documents service

Besides, the printed name list of the investor, member of the board of director, general manager and supervisor, one copies each.

6To record in Public Security Bureau

Examination and Approval Department:

Municipal Public Security Bureau (the administration center of embarkation and disembarkation )

Time limit:

2 working days

Management fee: 0

Required documents:

The registration application for record

The identification of legal representative

Business license, approval letter, photocopy of approval

7To engrave of chop of enterprise

Examination and Approval Department:

Engrave of chop organization proposed by police station

Time limit:

2 working days

Engrave of chop fee:

500RMB

Required document:

Application form of chop engrave

8 Apply code of enterprise

Examination and Approval Department:

State Bureau of Technical Supervision (The Administration Center of Organization Code)

Time limit:

3 working days after acceptance

Management fee: 30

Required materials:

Application form

Returning paper of proposed agency code

The identification of legal applicant

Business license, approval letter, photocopy of approval

9 Tax registration

Examination and Approval Department:

Municipal Local Taxation Bureau

Time limit:

5 working days

Management fee:

10RMB

Required document:

Identification of legal representative

Business license, approval letter, photocopy of approval

Housing contract

Registration form of tax

10 Registration of administration of foreign exchange

Examination and Approval Department:

Beijing center of foreign exchange control

Time limit for handling:

20 working days after acceptance

Management fee: 0

Required materials:

Written application (stamped by chop)

Copy of business license provided by the legal representative, non-legal representative enterprise shall provide original and photocopy of business license

Approval documents for approving the setting up of enterprise issued by the Commerce Department, the original and photocopy of the certificate.

Effective contract of foreign-invested enterprise (except for wholly-owned foreign enterprise), original article of association and its photocopy.

Original and photocopy of code of enterprise

11Opening bank account

Due to the different requirement of the bank, the required documents need to be confirmed.

12 Financial registration

Examination and Approval Department:

The financial bureau

Time limit for handling:

2 working days after acceptance

Management fee: 0

Required materials:

Business license, approval certificate, photocopy of approval

Financial registration form

13 Statistic registration

Examination and Approval Department:

The statistical bureau

Time limit for handling:

2 working days after acceptance

Management fee: 0

Required materials:

Copy of Business license, approval certificate, photocopy of approval

Statistic registration form

14Beijing Customs procedure to register WFOE

Examination and approval department:

Customs

Management fee:

50 RMB

Time limit:

Within 5 working day

Required documents:

Copy of Business license

Approval certificate, photocopy of approval

Photocopy of article of association photocopy.

Photocopy of tax registration

Photocopy of bank account certificate

Photocopy of certificate of proposed agency code

Moulage of chop of enterprisejuridical person and apply to customs

Registration form for apply customs

Registration form of management for apply customs

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