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Costa Crociere Establishes the First Cruise-Based Wholly Owned Foreign Enterprise in ChinaNovember 21, 2011 By: Elliott Mest Travel Agent
Costa Crociere has established the cruise industry’s first wholly owned foreign enterprise in China. The new company will be located in Shanghai, Costa’s home port city in China, offering commercial and financial services such as marketing, ticketing and collection to local travel partners and passengers.
By October 2011, more than 170,000 Chinese passengers had traveled on Costa’s Italian-style cruises. In 2011 the China Ministry of Transport revised the Approval of Foreign-owned Shipping Company Interim Measures and granted permission to foreign cruise companies operating in China to establish wholly owned institutions. Costa was the first foreign company to receive approval under the new regulation. Costa’s new WOFE status will have permission to solicit passengers, issue tickets, process proceeds and accept payment in renminbi, China’s currency.