I had an informal meeting with Dr. Hong Hai (Dean of NTU Business School). Got some very interesting ideas and advice. He strongly adviced us to go in as a WOFE (wholly owned Foreign Enterprise) taking avantage of the relaxing of the rules on foreign ownership. Protection on IP was a major issue as well.
Anyway I went to look up the proceedures for starting a WOFE in China, details are here. The captial requirements are 100,000.00 CNY (China Yuan Renminbi) = 20,158.14 SGD (Singapore Dollars) and it varies depending on the nature of the business (lower for IT vs. manufacturing) and the city you want to start in (Shenzhen lower than Shanghai).
Another issue he asked us to consider are the size of the Singaporean community over there, hence Suzhou would be a good place with more Singaporeans.
He also had some other advice but I'll brief the board in our next board meeting.
1 comment:
The minimum capital requirements set forth in the statute should be ignored as the government authorities generally require an amount sufficient to get the business off the ground. We will be running a post on this very topic tomorrow.
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