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The Role of Trading Companies |
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The concept of trading companies has been around for centuries. In the 16th and 17th centuries, Western European countries made a fortune with such businesses which handled importing and exporting with other countries in order to get new markets for existing goods. Today, this strategy is also proving effective in China, particularly as an option for foreign companies.
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Entering China through a WOFE |
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If you are establishing a presence in China, you have several options to choose from. The one you choose will be determined by a number of factors, including the amount of capital investment you wish to make in the country and the type of operation you plan to run in the country. For manufacturing or processing facilities, for example, opening a full-fledged Chinese subsidiary, also known as a WOFE (Wholly Owned Foreign Enterprise), is going to be your best option.
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Establishing a Presence in China: Entry-Mode Strategies |
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A common mistake for foreign companies attempting to enter the Chinese market (or most markets for that matter) is not establishing a presence in China. Without a local office, the success of the company in the new market will be much more difficult to obtain. Three strategies are available to “setting up shop” in the country.
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Setting Up a Representative Office in China |
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One of the methods for establishing a presence in China is setting up a representative office. Although there are some drawbacks to this approach, it provides foreign companies with entry into the Chinese market for conducting research and allows the company to begin establishing its reputation in the country which will make expansion much easier and more successful at a later time. Companies interested in putting together a rep office in the country may be interested in the following steps.
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