Techfast Starts China Operations

Jason Sandefur

Malaysia-based Techfast Holdings has invested $2.1 million to establish a subsidiary in China that will manufacture self clinching fasteners. According to Asia Pulse, the subsidiary was incorporated Aug. 2, 2005, in China”s Jiangsu Province.
The new subsidiary will reportedly spearhead Techfast”s expansion into the China market. The operation is expected to begin commercial production by the end of 2005.
Under local investment guidelines, Techfast”s subsidiary will enjoy corporate income tax concessions for 5 years with tax exemption on income for the first two years and income tax rate of 7.5% for the next 3 years half the prevailing tax rate of 15%. \ �2005 FastenerNews.com