Tips for Setting Up Your Firm in The New China

This week, Peter A. Neumann, who recently assisted the U.S. based firm Greenberg Traurig in setting up its new Shanghai office, provided some incite into establishing a business in China at a Georgia Tech conference. Neumann, who has been living and working in China since 1993, had both words of caution and encouragement for those hoping to expand their company to this economic powerhouse. Here are some of Neumann’s suggestions:

1. Keep abreast of China’s market regulations, which are modified frequently.

2. Take your time in deciding to enter the Chinese market. Have a developed and in-depth understanding of the risks involved. Keep in mind that procuring the proper licenses and approvals can often be a frustrating process.

3. While China has opened up drastically in the last decade, some laws do favor Chinese companies and firms over their foreign counterparts.

Overall, Neumann stressed the amazing changes he has seen during his time in China, emphasizing that “China wants to be a world player and benefit from the world economy.”

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