WFOE Cancellation Procedures

Procedures for Cancellation

1. The board of directors of the enterprise shall file an application and submit it to the government
2. Submit to Foreign Trade & Economic Cooperation Bureau
3. Cancellation of Letter of approval and Certificate of approval
4. The date of approving the application shall be date of terminating the enterprise.
5. Within a period of 15 days counted from the date of termination, the enterprise shall make a public announcement and notify all of its creditors that the enterprise has entered the period of liquidating its assets.
6. Within a period of 15 days counted from the date of making the public announcement, the enterprise shall produce a procedure and principles for the liquidation of assets and nominate candidates for the liquidation panel before submitting them to the reviewing and approving authorities for approval. Only when they are approved by the government can the process of liquidation start.
7. Clear the tax and submit Tax Clearance Declaration Report (an audit report prepared by CPA firm)
8. The tax bureau will issue a "notice of cancellation of tax registration".
9. The parties concerned shall contact competent administrative authorities for industry and commerce to go through the formalities for canceling the registration and return the business license of the enterprise for revocation.
10. Cancellation of Alien Employment Permit
11. Dissolution registration with customs (applicable to trading, manufacturing WFOE only)
12. Cancellation of Foreign Registration Card
13. Bank accounts closure and capital repatriation
14. Cancellation of Company stamps
15. After all these procedures are finished, Guangzhou Administration for Industry and Commerce will send a "notice of the approval of cancellation for WFOE."

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