GoldenElms金榆 Digest #007: LifeCow’s First Customer Shipment, Business License, Bank Account, and Company Seal!
LifeCow’s First Customer Shipment, Business License, Bank Account, and Company Seal!
April 16th, 2018 – April 22nd, 2018
Another wonderful week in China! Things are progressing as we prepare for the launch of the “Kickstarter” like a campaign for May 7th. We’re sprinting to create gDiaper digital assets, packaging, and build momentum for the campaign. In the meantime, we’re building our group of core customers through WeChat and will apply for our own Taobao store as soon as the bank account is setup (see below).
I thought I’d share two short videos we put together to introduce gDiapers to the Chinese market. Let me know what you think!
Lot’s of red tape to jump through, but all is part of the fun :).
LifeCow’s first customer shipment!
Samples from the states finally arrived and we shipped out the first gDiaper to a customer – Claire. One down, one billion to go!
Samples from the States!
Order #1!! One M Gigabyte Blue Pant + 32 Inserts
Chen Haizhen throwing up the LifeCow hand sign
We’ll be following up and making sure our customer is 150% happy with our product and service and is just the beginning to one of our core competencies: customer service.
Young parents have a lot of questions, and we’re going to be here to answer their questions. If a customer wants to chat with us the entire day, go for it.
Carol (from last weeks update) is stepping up to help with this and we have someone in England helping as well, so we have 24/7 coverage. This week, we finished a manual based on customer feedback globally and will be a foundation for us to work off of.
I can’t wait to serve our first, second, and third customer.
In the past, businesses had three official documents (business license, organization code, tax registration certificate), but as of October 1, 2015 China combined them via the “Three-In-One” policy to simplify business. Stateside this would be the equivalent to registration identification number + EIN. With how frequent you need to provide these documents, simplification is a huge time saver.
Bank Account (基本账户)
Our business license in hand, I went to Shanghai to officially set up what they call a 基本账户, which essentially is your primary business checking account. We set up ours through China Construction Bank.
Afraid they couldn’t read my hand-written Mandarin, I asked for help.
The Federal Bank of China will take 10 business to approve the application. Then we will apply for our foreign capital account to receive USD from the states as registered capital, which should take another 3-4 to business days.
We’re so close to being able to accept money from customers and open our own Taobao store!
Company Seal (or Chop) > Signature(s)
What the heck is a Chinese company seal or chop? In short, the company sell legally authorizes documents, compared to signatures in the West, and is critical to operating a company in China. In fact, signatures are worthless.
A newly registered company comes with three seals: company chop, finance chop, and the legal representative chop. The company chop is a company’s “signature” so to speak, and is used on all forms of contracts. If you’d like to learn more, you can check out this link.
Left to Right: Company chop, finance chop, legal representative chop
It’s sideways, but you get the idea.
Of course, LifeCow’s first chop was on the back of my left hand :).
All is clear, we have a plan, and our team needs to execute better than anyone else. We’re thrilled to be able to serve our customers and the planet.
These updates will become more exciting once we launch. In the meantime, my hope is to be educational and invite you into this journey with us. I’m open to constructive feedback on how can write these better, or if there are specific areas you’re interested in. Feel free to reach out!
PS: I’d recommend everyone to read Amazon’s annual shareholder letter. Lots of gems of wisdom from Jeff, everything from customers divine discontent to the importance of high standards, and how to implement them. Well worth the time.