announced the formation of a wholly foreign owned enterprise (WFOE) in China to better serve the Chinese and greater Asia-Pacific markets.
The new limited liability company reinforces Phoseon’s commitment to the region and allows it to make investments and facilitate local sales and service transactions.
“This enterprise will allow us to react quickly and make direct transactions with our customers, and facilitate our customer service process, in the China market,” said Bill Cortelyou, president and CEO of Phoseon.
Another benefit of the WFOE is the autonomy and control it provides, allowing Phoseon to quickly and flexibly implement its company-wide global strategy
The WFOE is considered the optimal structure for companies that plan to have long-term business interests in China, while at the same time maintain maximum control and flexibility in the decision-making process and enabling joint ventures or local acquisitions, Cortelyou said.
“Investing in this market is proof of our commitment to a long-term presence,” he said. “It will give us greater control over our business venture in mainland China.”