Whole Own Foreign Enterprise (WOFE or WFOE)

The documents you need to establish a WFOE in China. Following are the required documents to open a Wholly Foreign Owned Enterprise (WFOE) in China: 1. Company Investor: 2x Certified Copies of Certificate of Incorporation. They should be certified by the Chinese Embassy or Consulate abroad. Individual Investor: 2x Certified passport copies of the investor(s). Copies should be certified by the Chinese Embassy or Consulate abroad 2. Company investor: 2x Bank Reference Letters showing a good standing 3. Company Investor: Passport copy of:
a) Parent company's director
b) China company's Legal Representative (future director of your Chinese company) and
c) China company's supervisor (future supervisor of your Chinese company) 4. Legal Representative (Future director of your Chinese company) will need to provide 6 photos (2 inches size), and a brief resume. 5. Registered capital (We can discuss the amount depending on your business type) Business Scope (what business activities you want to engage in with your Chinese company?
Remember, there are several types of WFOEs. Check our videos for more info); 6. 8 proposed names for your Chinese company. You can give us English names, and we will help you translate them into Chinese and check the government database if those names are available or not. 7. Office address in China - this one is included in the package. We will register your company in an office building. All WFOEs need to have a physical office, as required by the government, and we can help you get one. After we've register your company, you can rent an office from the location of the city you want to operate your business from, for eg, we can register your company in Songjiang in of our office buildings, and this will be your registered address. But you don't have to operate your business from Songjiang. You can go ahead and rent an office from the center of Shanghai or any other city, and operate your business from there. 8. 4x Letter of Authorization - it's signed between you and us. Meaning that our company will act on behalf of you to register a company for you. 9. For company investor: A Copy of the latest annual audit report from the parent company: provided by a Certified Public Accountant (CPA) and Customs HS Code of proposed Import/Export products in China(we will help you to obtain the latter) These documents are the basic ones you need to establish a Trading, Service and Consulting WFOEs. For Manufacturing, Freight Forwarding, Food and Beverage, documents vary depending on the location.

source: https://www.youtube.com/watch?v=mBTPBVVnwIY

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Bank Negara Malaysia 2015 Report

Highlights of Bank Negara Malaysia's Annual Report 2015

23 March 2016 | Source: Bernama

KUALA LUMPUR, March 23 (Bernama) -- Following are the highlights of the 2015 Bank Negara Malaysia Annual Report:

* Economy to expand by 4 per cent and 4.5 per cent in 2016 driven mainly by domestic demand (2015: 5 pct)

* Bank Negara Malaysia declares dividend payout of RM3 billion to the government for the year 2015

* The services and manufacturing sector expected to grow at a moderate rate of 4.4 per cent and 4.1 per cent, respectively, in 2016 (2015 : 5.1 pct and 4.9 pct, respectively)

* Mining and quarrying and construction to see an expansion of 3.5 per cent and 7.9 per cent, respectively, in 2016 (2015 : 4.7 pct and 8.2 pct, respectively)

* Agriculture sector to contract marginally by -0.3 per cent in 2016, largely due to lower palm oil yields following the hot and dry weather conditions brought about by the strong El-Nino weather phenomenon (2015: 1 pct)

* Gross exports are forecast to expand by 2.4 per cent in 2016, sustained by a modest improvement in demand from advanced economies and continued growth in regional economies (2015: 1.9 per cent)

* Gross import growth is projected to increase to 4.9 per cent in 2016 (2015: 0.4 per cent)

* Private consumption to growth is projected to moderate to 5.1 per cent in 2016 (2015: 6 pct)

* Private investment growth is projected to trend below its long-term average and grow by 5.5 per cent in 2016

* Headline inflation is projected to be higher at 2.5 per cent to 3.5 per cent in 2016 (2015: 2.1 pct)

* Public consumption growth is expected to moderate to 2 per cent in 2016, reflecting mainly the lower spending on supplies and services given the government's commitment to more prudent spending under the current uncertain environment

* Public investment is projected to turn around to register a positive growth of 1.1 per cent

* Consumer spending to be affected by an environment of higher prices and greater uncertainty but remain supported by continued income and employment growth

* Private investment to trend below long-term average in 2016, however, growth remains supported by on-going and new investments, particularly in the manufacturing sector

* While ringgit has strengthened in recent months, volatility is likely to persist going forward

* Total assets of Bank Negara Malaysia amounted to RM440.6 billion with international reserves of RM409.1 billion (US$95.3 billion)

* International reserves are adequate to provide a buffer against external shocks and facilitate international transactions

* Banking system surplus liquidity remained high at RM178.3 billion as at January 2016

* Malaysia's external debt stood at RM833.7 billion, equivalent to US$192.2 billion or 72.1 per cent of GDP as at end of 2015 (2014: RM747.1 per cent of GDP)

* The current account surplus may be lower at RM19.1 billion or 1-2 per cent of Gross National Income in 2016, on account of lower goods surplus and wider income deficits

* The unemployment rate may increase slightly but is expected to remain low at around 3.3 per cent and 3.5 per cent (2015: 5.7 pct)

* Malaysia's population to increase to 31.4 million in 2016 (2015 : 31 million)

Source: 
http://www.mltic.my/general/news/highlights-of-bank-negara-malaysias-annual-report-2015-MY15463.html

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OBU - ACCA related

The following question posted by Jahnvi 

Hi, 

I request you that if you could please try and help me out, It will be of great help if you can contribute any relevant information you have regarding my queries as below;

Firstly, I want to go to Canada during september, 2016 for further studies after I am done with the 9 ACCA papers, that is in June, 2016 and I shall as well apply for the OBU degree, which hopefully if I pass, I shall be awarded with it on 21st September, 2016. (Period 31)

Since there are no universities or institutions that teach ACCA in Canada, therefore, I will need to opt in for a bachelor’s degree, but I will if all goes fine, I will have a OBU degree in September, but it will be late because I will need to have applied before If I wish to join for September intake to give time for student visa procedures as well.

Therefore, my question is, should I wait for January, 2017, & apply for masters after this degree or should I try and get admissions in another degree and try to claim transfer credits/ exemptions because bachelor’s are 4 years. Regarding masters, I am unaware if I will be eligible for masters after this degree because their system is totally different, as their requirements are very many, they need 4 years bachelor’s, 150 credit hours!! Which I don’t know if the OBU is equivalent to or not! Plus most even need 2 year work experience which unfortunately I lack. As well I am sure they won’t give me a direct entry, because I will have to study some courses like their tax and law papers before masters And the list just goes on!

Hence, please suggest me what should I consider doing? Another bachelor’s or I wait until 2017 and apply for masters, I dont even know if OBU degree is of any value in Canada or not, anyones in canada who’s really got knowledge about this, please share any information or advice because I am really confused. Or should I apply in another country if not Canada?! Any ideas or advises on what I can do will be of great help.

Thank you

Answered by trephena

@Jahnvi – well done for thinking ahead.

You have highlighted a problem area – the OBU degree is not recognised everywhere and neither is ACCA in the USA and most of Canada. Obviously you don’t really want to spend time and have to re-study the same subjects to just get the North American equivalent of what you already have. So this may call for an ‘out of the box’ solution.

I think you really need to stand back and ask yourself where realistically do you see yourself career-wise in 5 or 6 years time? What do you really want to do with your life and career? I don’t want to be a scaremongerer but I found the attached quite interesting

http://www.bbc.co.uk/news/technology-34066941

The inevitable fact is that many who are currently training as accountants will find themselves in the Western world at best struggling to find work and at worst replaced by artificial intelligence. The real survivors will be those with specialisms that artificial intelligence will find hard to replicate.

So my advice is to develop new skills and qualifications rather than mere alternatives that are basically the same as what you have or hope to have in a year’s time. The other thing to remember is that just because you intend to live in Canada doesn’ t mean you have to physically study there unless your mind is firmly set on being a CPA. Personally I think an MBA or other appropriate masters degree would advance your long term career prospects and this could be done distance learning. Choosing a distance learning Masters from a UK University solves the recognition problem. Another recommendation is going for the CFE (Certified Fraud Examiner) qualification. ACCA is recognised by ACFE and if you wanted to do a Masters subsequently you could choose one that include aspects of criminology such as forensic accounting, fraud management or financial investigations. These types of specialist investigative roles are likely to increase going forward and unlikely ever (at least in the foreseeable future) to be replaced by machines

Source:Canada Visa
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