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China Introduces Record Filing for Administration of FIEs

The Ministry of Commerce recently issued the Interim Measures on Filing Administration of the Establishment and Change of Foreign-Invested Enterprises (FIEs), which clearly defines the scope of the negative list for the whole nation. Based on these Measures, the scope of the special administrative measures for the access of foreign investment will be drawn in accordance with the equity and senior management requirements for the restricted, prohibited and encouraged categories in the Catalogue for Guidance of Foreign Investment Industries (2015).

This implies that China will enter the age of ex-post record filing for the establishment and change of FIEs outside the scope mentioned above.

Under these Measures, record filing for FIE establishment may be carried out within 30 days of the issuance of the business licence, and record filing for FIE changes may be carried out within 30 days of the occurrence of the change. Record filing for both establishment and change shall be completed and the necessary application materials shall be submitted online through the record filing system. Organs handling the record filing shall only verify the completeness and accuracy of the filed information and documents and shall conduct screening on whether or not the information filed falls within the scope of record filing. Filing shall be completed in three days for matters that fall within this scope.

Newly established and merged enterprises within the scope of the negative list will continue to be subject to examination and approval irrespective of the registered capital or form of investment. FIEs that merge and take over non-FIEs within China will continue to be subject to the previous provisions and will not be eligible for record filing management.

For details of the Measures in Chinese, please see:

http://tfs.mofcom.gov.cn/article/bc/201610/20161001404965.shtml

Content provided by Picture: HKTDC Research
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