Published by ChinaMNC · Wuzhong
What China's Long March 90th Anniversary Means for Foreign Founders
A government ceremony highlights unity, resilience, and long-term planning—values that foreign entrepreneurs can apply when establishing and running a company in China.
What China's Long March 90th Anniversary Means for Foreign Founders
On October 22, a grand gathering commemorating the 90th anniversary of the victory of the Chinese Workers' and Peasants' Red Army's Long March was held at the Great Hall of the People in Beijing. President Xi Jinping delivered an important speech emphasizing that remembering history is essential to creating a better future. While the event is political in nature, its themes—perseverance, strategic planning, and unity—offer useful lessons for foreign entrepreneurs navigating China's business environment.
Key Points from the Anniversary Event
The ceremony was attended by senior leaders including Li Qiang, Zhao Leji, Wang Huning, Cai Qi, Ding Xuexiang, Li Xi, and Han Zheng. In his speech, Xi Jinping reviewed the Long March (October 1934 to October 1936), during which the Red Army's First, Second, Fourth Front Armies and the 25th Army traveled across more than ten provinces, covering 25,000 li, and overcame numerous challenges. He stressed that the victory was achieved through correct Party leadership, firm revolutionary will, independent and realistic decision-making, and support from the people.
Xi also outlined a "new Long March" for the current era, calling for high-quality development, self-reliance in science and technology, and continued reform and opening-up. He emphasized the importance of balancing development and security, and advancing the building of a modern socialist country in all respects.
Why This Matters for Foreign Founders
Foreign founders registering a company in China can draw several practical insights from these themes:
- Long-term commitment: Just as the Long March required endurance, establishing a successful business in China often demands patience and a long-term perspective. Understanding local regulations, building relationships, and adapting to market conditions take time.
- Strategic planning: The emphasis on independent and realistic decision-making mirrors the need for foreign founders to conduct thorough market research and tailor their business strategies to China's specific context.
- Unity and collaboration: The speech highlighted the importance of unity and people's support. For foreign founders, this translates into building strong local partnerships, engaging with local communities, and fostering a collaborative team culture.
- Resilience: The Long March spirit of overcoming obstacles is relevant for startups facing challenges such as regulatory changes, cultural differences, or market volatility.
Practical Steps for Registering a Company in China
While the anniversary event does not provide specific business advice, foreign founders can follow these general steps when setting up a company in China:
- Choose the right business structure: Common options include a wholly foreign-owned enterprise (WFOE), a joint venture (JV), or a representative office. Each has different requirements and implications for control, taxation, and liability.
- Understand the negative list: China maintains a negative list that specifies industries where foreign investment is restricted or prohibited. Ensure your business scope complies with these regulations.
- Prepare documentation: Required documents typically include your passport, proof of address, business plan, and articles of association. These may need to be notarized and translated into Chinese.
- Register with authorities: The main steps involve company name pre-approval, obtaining a business license from the State Administration for Market Regulation (SAMR), and registering with tax, customs, and foreign exchange authorities.
- Open a bank account: You'll need a corporate bank account in China for capital injection and daily operations.
- Stay compliant: Ongoing obligations include annual reporting, tax filings, and compliance with labor and social security laws.
Conclusion
The 90th anniversary of the Long March serves as a reminder of the power of perseverance and strategic vision. For foreign founders, these principles can guide their journey in China's dynamic market. By understanding the local regulatory landscape and committing to long-term growth, foreign entrepreneurs can navigate challenges and seize opportunities.
This summary is based on information published by the relevant Chinese government website and is general information, not legal or tax advice.
For assistance with registering and operating a company in China, foreign founders can contact ChinaMNC on WhatsApp / WeChat at +86 153 1898 8535.