Doing business in China
China’s rapid economic growth is well recognized. Since China joined the WTO in December 2001, UK companies have been taking up the opportunity to export raw materials or parts or knowhow to China. There are also vast opportunities to make use of the manufacturing strength in China to assemble, process and then re-export the finished products. The nation is also now emerging as a huge market of its own with ever increasing consumer spending power, providing more business prospects for UK companies. However it is important to remember that the economy is still largely state controlled: an understanding of the rules and regulations is a requisite of minimising the risks of trading with Chinese partners.
We can advise clients on the rules and regulations and taxes that govern foreign traders in China. It is important to understand the process of obtaining approval from the government, and our lawyers can give a step by step explanation of import and export procedures that apply to UK exporters. Different business vehicles are available for different trade sectors, dependent on the size and resources of the company and its aims and objectives.
As “partners for growth” the UK and China have mutual interests in encouraging bilateral trade. We also recognise this two-way process and the advantages of encouraging Chinese business and investments here in the UK, whether this is with individuals or companies. We assist with different types of visa applications, the process of coming to the UK to study or work, purchasing properties, and buying shares in UK companies, right up to becoming a shareholder and forming your own company. We also provide expert advice for fully formed companies on regulations relating to investment and M&A, employment, commercial property and IP matters which are essential to setting up business in the UK. As an advisory member of UKTI we have a wide range of experience in UK import and export policy and procedures that apply to Chinese firms and individuals.