06 · ChinaMNC
Banking, Tax and Visa Practicalities
After the business licence, the practical work begins. Chinese banks apply enhanced due diligence to foreign-invested companies, and Xinyu's branch network is smaller than a major city's, so account opening can take time and may require the legal representative or authorised signatory to attend in person. Prepare a clear explanation of your business, expected transaction flows and counterparties, plus your group structure documents. A foreign currency capital account is normally needed if capital will come from abroad.
On tax, a new company registers with the tax authority, chooses its accounting treatment and sets up invoicing. VAT, corporate income tax and withholding obligations apply; bookkeeping is mandatory from day one, and many small foreign-invested firms outsource to a local accounting firm. Jiangxi has offered preferential policies in some industrial parks, but terms vary and should be confirmed in writing with the park or local authority before you rely on them.
For visas, foreign staff typically need a work permit and residence permit; the company must first be set up and able to sponsor them. Business visitors can use short-stay visas for meetings while registration is in progress. Plan the founder's relocation timeline around bank and tax setup, not just the licence.