According to the Xinhua News Agency’s Ministry of Commerce issued a notice on the relevant issues concerning foreign investment management on the 9th, the notice pointed out that for the list of domestic branch companies that have no specific requirements for the establishment and import of imported equipment as a contribution, the competent commerce department no longer approves and approves foreign-funded enterprises. You can go directly to the relevant department to complete the formalities.
According to the notice, the foreign-invested share company's approval certificate for domestic listing should record the foreign investor and its shares. If the foreign investor's shareholding reduction exceeds 5% of the total share capital, it must apply to the competent commerce department for a change in the approval certificate.
In addition, foreign-funded mergers and acquisitions below the transaction limit are reviewed by the provincial-level commerce authorities, but the matters stipulated in the Regulations on M&As of Domestic Enterprises by Foreign Investors are subject to examination and approval by the Ministry of Commerce, and are not subject to the above quota. All are subject to the Ministry of Commerce. Responsible for audit management.
The notice also pointed out that according to the principle of adjustment of the approval authority of foreign-invested enterprises, the project confirmation letter for foreign-funded enterprises with investment amount below USD 300 million shall be handled by provincial-level commerce authorities in accordance with relevant laws and regulations.
The circular emphasized that all localities must issue a confirmation letter in strict accordance with the "Notice on Issues Concerning Foreign-invested Enterprises' Confirmation of Domestic and Foreign-funded Projects Encouraged by the State" and related laws and regulations. The Ministry of Commerce will strengthen supervision and inspection, and order departments that have failed to timely submit records or issue confirmations in violation of regulations, and order them to rectify or cancel them; if the circumstances are serious, they suspend their confirmation.
According to the notice, for prudent supervision, the Bank of China Merchants Bank and the State Administration of Foreign Exchange will apply to overseas investors to invest in China through the use of RMB obtained through cross-border trade settlements and foreign currency legally earned in Renminbi (including newly established enterprises, capital increase of existing enterprises, and mergers and acquisitions within China). Enterprises and providing loans, etc.) The provincial-level commerce authorities should first report to the Ministry of Commerce (Foreign Investment Department). After the Ministry of Commerce (Foreign Investment Department) acknowledges the reply, they can go through the relevant formalities and make a clear contribution in the approval form. And amount.
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