Several approvals in respect of foreign invested companies revoked or delegated in the new round of administrative reforms
On July 4, the State Council issued its No. 21 order of 2010, entitled “Decision on the Fifth List of Administrative Approval Items to be Revoked and Delegated to Lower Governments” in a bid to further streamline and simplify administrative approval systems and to reduce bureaucracy in economic and social life. We select those items relating to foreign investment that may interest you.
I. The following approvals have been revoked
1. Approval by ministry of civil affairs on the construction of funeral and interment facilities utilizing foreign funds;
2. Approval by ministry of civil affairs on the formation of Sino-foreign equity or contractual joint ventures in social welfare industry;
3. Approval by ministry of commerce on the setup of branch by foreign invested enterprises to which there are no other special rules;
4. Approval by ministry of commerce on the list of imported equipments or machinery to be used as capital contribution into foreign invested enterprises;
5. Approval by ministry of commerce on the change of name of foreign invested enterprises;
6. Approval by ministry of commerce on the change of name of the foreign investors of foreign invested enterprises;
7. Approval by ministry of commerce on the change of legal address of foreign invested enterprises;
8. Approval by ministry of taxation on the exemption of making up for taxes for foreign invested enterprises that are dissolved earlier in the preferential tax treatment period due to force majeure causes;
9. Approval by ministry of tourism on the set up of representative office by foreign travel agencies in China;
10. Approval by China banking regulatory commission on the setup, change or termination of representative office of non-banking financial institutions in China;
11. Approval by China securities regulatory commission on change of address of representative office of foreign securities institutions in China.
II. Approvals that are delegated to lower governments
1. Approval on the setup and changes of FIEs investing in encouraged industries category with a total investment above the limitation amount (at the moment, USD 300 millions) that don’t need “state comprehensive balancing”, delegated to provincial or deputy-provincial departments of commerce.
2. Approval on setup of representative office of foreign non-enterprise organizations in China delegated to provincial department of commerce (including Guangzhou and Shenyang cities);
3. Approval on setup and change of foreign invested leasing companies (other than financial leasing) delegated to provincial department of commerce;
4. Approval on changes to foreign invested enterprises initially approved by ministries of central government delegated to provincial department of commerce;
5. Approval on changes of items not appearing on the Certificate of Approval of the FIEs delegated to provincial department of commerce;
6. Approval on addition to the registered capital of FIEs (whose total investment are above limitation amounts and to which there are no applicable special rules) which addition is below the limitation amounts, delegated to provincial department of commerce;
7. Approval on setup and changes of foreign invested stock companies whose total investment is below limitation amount, delegated to provincial department of commerce;
8. Approval on setup and changes of foreign invested financial leasing companies whose total investment is below limitation amount, delegated to provincial department of commerce;
9. Approval on major changes of FIEs (to which there are no applicable special rules) except for capital increase above limitation amount and the control transfer to foreign parties.
There are some other approvals delegated to local governments. If you want to know more, please contact us.
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田杰——上海律师，专业从事外商投资、房地产和劳动等业务；
Jason Tian, a Chinese lawyer based in Shanghai, your
business partner in China;
Tel: +86-13816548421, Email: doroto@163.com
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