Temporary Residency Permit

Hi there, I'm interested in knowing how I should go about in applying for a foreign residency permit in Guangzhou, China. I have a Chinese "M" Visa and I will be completing an internship at a marketing firm for the next few months. I currently live in the Tianhe District, but my company told me that I should apply for foreign residence permit at the local police station here. Is it true that I need this? I hope you can answer!