Import trading company registration process and precautions
For companies interested in getting involved in import trade, it is crucial to understand how to safely establish cooperative relationships with overseas companies. The following are the basic steps to understand the credit standing of overseas companies during the import trade process.
Steps to understand the credit standing of overseas companies
Step one: Verify registration information
Request the partner to provide its official website link and local official registration certificate, confirm the authenticity of its registered address, and verify the validity of the registration certificate through official channels. In addition, information such as the company’s historical background, size, and main business areas can be obtained through the official website.
Step 2: Bank qualification investigation
Ask the other party to provide detailed bank information, and entrust a domestic bank to assist in checking the credit status of the other party’s bank.
The third step: on-site inspection
If conditions permit, it is recommended to inspect the location of the other company in person, focusing on whether its production capacity is consistent with the contract amount, and try to obtain samples to evaluate product quality.
Step 4: Make use of embassy resources
The company’s operating conditions and corporate information can be obtained through the Economic and Commercial Counselor’s Office of the Chinese Embassy in the host country.
Step 5: Negotiation and Evaluation
Invite the other party to the country for face-to-face communication, observe their professionalism and integrity, and try to understand their past transaction records with Chinese companies.
Step 6: Details determine success or failure
During the entire communication process, pay attention to judging the other party’s sincerity and reliability from the subtleties.
Basic conditions for registering an import trading company
To establish an import trading company, the following requirements must be met:
- Company name: You must apply for name registration with the local market supervision department in advance to ensure that it complies with the prescribed format (administrative division + font size + industry characteristics + organizational form).
- Shareholders and legal representatives: At least one qualified natural person or legal person is required as a shareholder.
- Registered capital: Adopting a subscription system, there is no need to pay the full capital immediately.
- Articles of Association: Develop articles of association that comply with legal requirements.
- Business address: Provide a legal business address.
- Business scope: Clearly list all business items and indicate “import and export of goods, import and export of technology, import and export of agents”.
Procedure for applying for a business license
Business license applications can be made at the local market supervision bureau or through the online government service platform. Taking Beijing as an example, applicants need to log in to the Beijing Municipal Government Service Network, select “Legal Person Services – Business Start-up – Business Establishment, Change, and Cancellation Registration” and submit relevant information online.
Key points for online application
- Business options: You can apply for business license, official seal engraving, invoice collection and other services at the same time.
- Real-name authentication: Investors and legal representatives need to complete identity verification.
- Approval progress tracking: Check the progress through the system and collect relevant documents as instructed.
Open a basic account and register with the Foreign Exchange Bureau
After completing the customs registration, the enterprise must also register with the foreign exchange bureau. In addition, you need to apply to the bank to open a basic settlement account and a foreign currency account, and prepare a number of documents including a business license and legal representative’s identity certificate.
Foreign Exchange Bureau Filing Process
- Digital foreign exchange management platform registration: Complete legal person user registration through the “State Administration of Foreign Exchange” WeChat official account or official website.
- Follow-up management: Newly registered enterprises are required to report detailed transaction status to the Foreign Exchange Administration within 90 days after completing the first transaction.
Through the above steps, the import trading company can successfully start operations and establish stable cooperative relationships with overseas partners.
Reference materials:
- How to understand the credit standing of overseas companies in import trade?
- Basic composition conditions of an import trading company
- How to apply for a business license for an import trading company
- Introduction to opening a basic account for an import trading company + filing with the Foreign Exchange Bureau
- Introduction to the import trading company’s registration of the foreign exchange payment list of importing units