To denominate China, the Chinese use the name Zhong Guo, which translates to Country of the Center. From ancient civilization, China and Chinese people have curved a unique culture that attracts global admiration. This impressive culture and diverse attractions have made China one of the most preferred travel destinations.
As an entrepreneur, China offers awesome opportunities that you can utilize after incorporating a company in the country. This post will look at the main facts about Chinese tourism and demonstrate how you should go about opening a company in China.
Important Facts about Tourism in China
The tourism industry is growing rapidly and becoming a crucial pillar of the Chinese economy. By 2015, China was the fourth most visited country, coming after France, United States, and Spain. In the same year, the county received 56.9 million international tourists.
In 2017 the tourism industry generated US$1.45 trillion and contributed about 11.04% of the Chinese GDP. This was a huge growth from 2014 when the industry only generated $943.1 billion. The industry also employed about 28.25 million people directly and indirectly in 2017.
Some of the most visited cities and other urban areas include Nanjing, Anyang, Chongqin, Tongli, and Tianjin. Visitors coming to china also want to check into famous sites, including the following:
- Great Wall of China.
- Temple of Heaven.
- Silk Road.
- Changbai Mountains
- Forbidden City
- Munt Tai.
- Yabuli Ski Resort.
- Confucius Mansion
- Mount Emei.
- Potala Palace.
The list of attractions in China is endless, and companies are assured of one thing, more people will want to visit in the coming years. So, you better get conversant with the attractions and get ready to help your guests enjoy every moment of their stay.
What You Need to Start Running a Tourism Business
Now that you know the facts about the Chinese tourism industry, the next question is, “How do you start your business there?” Well, only three things are required here; decide to open the business, register your tourism company, and commence operations:
- The Decision to Take Your Business to China
This is perhaps the most important of the three items because without it you cannot move ahead. The decision to expand your business to China should include a number of things, such as sourcing enough funds, identifying potential shareholders, and market research. For example, you might want to run a travel agency, Tour Company, or a resort
- Company incorporation
This step is also very important because you get to decide the formation of the tourism company under consideration. For example, do you want to form a joint venture or a wholly foreign-owned enterprise WFOE? Note the activities you can undertake and share of profits/losses depends on the business formation.
Because of the complexities involved in company incorporation in China, one of the best ways to navigate through is using an agency of experts. The firm can help you to prepare the documents for incorporation and work through the multiple departments involved in company registration.
- Commence Operations
Registering your company in China only marks the beginning of the long journey ahead. Before you can proceed, the business will require appropriate infrastructure and staff. For example, you will need to have tour vehicles, cameras, and tour guides with knowledge about different attractions in China.
The Chinese tourism industry is one of the high-potential areas, and you can take advantage of it to grow your business in the Far East. Remember that there are other players already working in the tourism industry, and it is crucial to crafting a good strategy for growth. Therefore, you should consider working with experts from an early stage of the company establishment.