Exclusively Foreign-owned Enterprises

                    Credit certificates of investors

                    Subject qualification of investors

                    House renting agreement

                    Articles of association

                    Written application for incorporation

                    45-55 working days

                    Sino-foreign Joint Ventures

                    Credit certificates and subject qualification of foreign investors

                    Credit certificates and copy of business license of Chinese investors

                    Contract for Sino-foreign joint venture

                    House renting agreement

                    Articles of association

                    50-55 working days

                    Foreign Company’s Representative Office

                    1. Credit certificates of investors

                    2. Subject qualification of investors

                    3. Passport of representatives

                    4. Application form for establishment of representative office

                    5. House renting agreement

                    20-30 working days

                    Foreign Company’s Branch

                     Copy of approval from head office

                     Business license of head office

                     Articles of association of head office

                     Application form for establishment of branch

                    House renting agreement of branch

                     20-25 working days without network planning

                     45-50 working days with network planning