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Foreign company is in accordance with China's laws in China to set up all the capital is invested by foreign investors run business, is Chinese legal person, in the form of foreign joint ventures and wholly foreign-owned two.
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Preferential Tax Policies for Foreign-funded Airfreight Forwarding Enterprises Incorporated in Shanghai
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1. Foreign-funded airfreight forwarding enterprises incorporated in urban areas of Shanghai
As from 2009, the neighborhood offices of urban areas of Shanghai successively cancelled the preferential tax policy – tax refund. Therefore, foreign-funded companies incorporated in urban areas of Shanghai may not enjoy the preferential tax policy as before. Only large-sized foreign-funded companies or big-taxpayer foreign-funded companies may apply to the government for tax preference. To incorporate a foreign-funded airfreight forwarding enterprise in an urban area of Shanghai, the foreign investor shall lease a formal office as the registered address of the company.
2. Preferential tax policies for foreign-funded airfreight forwarding enterprises incorporated in development zones of Shanghai
The largest advantage of incorporation of a foreign-funded airfreight forwarding enterprise in a development zone of Shanghai is enjoyment of high tax refund, i.e., part of the taxes paid by the foreign-funded company will be refunded to that company later.
The preferential policies in the suburban development zones (economic towns) of Shanghai vary greatly: the tax refund rate is higher in some districts while lower in others, or varies with different development zones in the same district.
Foreign-funded airfreight forwarding enterprises may enjoy the most preferential tax policies in development zones of Chongming District, followed by development zones of Jinshan District and Fengxian District, and then development zones of Minhang District, Jiading District and other suburbs.
3. Preferential tax policies for foreign-funded airfreight forwarding enterprises incorporated in Waigaoqiao Free Trade Zone
(1) 15% income tax: actual 8% for the first two years, 12.5% for the next three years, 15% from the sixth year.
(2) VAT preference: 17% VAT; 3% of the 17% VAT will be refunded later. VAT invoices must be issued through the market.
4. Income tax policies for foreign-funded enterprises and foreign enterprises
(1) Foreign-funded enterprises mean Sino-foreign equity joint ventures, contractual joint ventures and wholly foreign-owned enterprises, as well as foreign enterprises that establish offices and sites in China for production and operation, to which a corporate income tax rate of 30% is applicable. In addition, another 3% local income tax will be levied on them.
(2) Productive foreign-funded enterprises set up in urban areas of Shanghai will be levied at a reduced corporate income tax rate of 24%, while those set up in economic and technological development zones and Pudong New Area will be levied at a reduced corporate income tax rate of 15%.
(3) If a foreign enterprise sets up no office or site in China but obtains dividends, interests, rents, royalties and other incomes from China, it shall pay 20% income tax on them. The said income tax will be levied at a reduced rate of 10% in Shanghai (which is usually referred to as withholding tax in the world and shall be withheld by the taxpayer). If any funds or equipment is provided on favorable terms or any advanced technology is transferred, the income tax may be exempted with the approval of the Municipal People's Government.
(4) If any foreign investor of a Sino-foreign equity joint venture remits its profits distributed from the company out of China, the income tax on the remittance will be exempted.
(5) If any foreign investor reinvests its profits distributed from the joint venture in that company or any other foreign-funded enterprise, or use the profits to set up a new foreign-funded enterprise, with an operation period of not less than 5 years, 40% of the corporate income tax paid on its reinvestment will be refunded with the approval of the tax authority upon application. If any foreign investor reinvests its profits distributed from the joint venture in setting up or expanding a product export-oriented enterprise or hi-tech enterprise, with an operation period of not less than 5 years, 100% of the corporate income tax paid on its reinvestment will be refunded.
(6) Any annual loss incurred by the enterprise in its initial operation period may be made up for by the income of the next tax year, and if the income of the next tax year is not enough to make up for the loss, the loss may be made up for by the tax year(s) after the next year, but the years shall not be more than 5 years.
5. Tax reduction for two types of enterprises
(1) After expiration of the period of corporate income tax concession for product export-oriented enterprises under state regulations, if the output value of the products exported by the enterprise reach 70% or above of its total output value in that year, the corporate income tax will be levied at a reduced rate of 10%.
(2) After expiration of the period of corporate income tax concession for hi-tech enterprises under state regulations, the corporate income tax will be levied at a reduced rate of 10% for another 3 years.
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