For more than 40 years, China has made huge economic strides that transformed it into a global financial and investment hub. Today, the country is one of the biggest manufacturers, with the bulk of consumer and industrial products used on the globe coming from there.
With consistent economic growth of more than 6% since 1967, the GDP of China increased to US$16.6 trillion (2021 estimate). This means that it is the second-largest economy after the US, but hold on: it is expected to rise to the top by 2028. So, if you are looking for an offshore jurisdiction to expand your company to, China can be a great place.
Considering company expansion in China will be an excellent idea because you can easily ride on the current rapid economic growth. However, first things first: you need to register your company in China. The main challenge with company formation in China is that it can be pretty complex. For example, you have to prepare a lot of documents and deal with multiple offices during company registration.
The good news is that you can simplify the process of company formation in China by working with an agency of professionals. Keep reading as we demonstrate why you should work with experts when expanding to China.
What You Need to Know about China
Before looking at the benefits that come with doing business in China, let’s understand the jurisdiction more. So, here are some useful facts:
- The country has a population of more than 1.4 billion.
- The country’s GDP (PPP) is US$26.6 trillion (2021 estimate).
- Service industry contributes 51.6% of the country’s GDP in China.
- Starting in 2013, China became the world’s largest trading jurisdiction based on the sum of exports or imports.
- China is the largest trading partner of all the countries in ASEAN.
These facts show a country that is on an uptrend, and you should strategically position your firm to grow together. So, are you ready for company formation in China to ride on this exponential growth?
Special Benefits of Expanding Business to China
The main benefit of expanding your company to China is the large market of more than 1.4 billion people. This means that you are sure of getting a ready market for your company. Here are other benefits that come with expanding your company to China.
- A supportive administration.
- Low taxes for companies, especially those based in free trade areas.
- The country is strategically located in the heart of ASIA, making it pretty easy to reach even the neighboring markets.
- You can take advantage of bilateral trade agreements to expand even further into the global market.
Simplify Company Registration by Working with Experts
As we mentioned earlier, opening a company in China is never easy when trying to do it alone. Instead, you should identify and work with an agency of experts. They specialize in company formation and they will hold your hand all along, simplifying the process and making it professional. Here are other reasons why you should work with experts:
- The agency will assist you to prepare all the documents for company registration in China and business structure.
- They liaise with all the relevant company registration departments in China to ensure the process proceeds smoothly.
- You can complete the process of company registration in China fast.
- The agency will come in handy in helping with bank account opening.
- The experts can assist you to craft strategies for company growth in both China and the Far East.
Company registration in China can be a complex process, but all you need is to work with an agency of experts. The professionals understand every step of company incorporation and will hold your hand to overcome every challenge along the way. Furthermore, they will be there to assist with other executive services, from payroll management to accounting.