Going back to basics — the establishment of a foreign-invested enterprise in mainland China
Establishing a foreign-invested enterprise (FIE) requires prior approval from the Ministry of Commerce (MOFCOM) and its local branches and registration with the Administration of Industry and Commerce (AIC). This is before meeting any licensing requirements for foreign direct investment (FDI) in special industries. Once the initial business licence has been obtained, an FIE also has to register with various other authorities including tax, customs, foreign exchange, finance, statistics and organisational code. Preparation for all of this is time consuming and the whole process usually takes two to three months, but sometimes longer. This has frustrated many foreign investors.
Since 1 March 2013, Shenzhen and Zhuhai in Guangdong Province have started a pilot reform scheme on the AIC registration system, easing the situation for reluctant investors. On 10 March 2013, the General Office of the State Council issued the Circular on the Division of Responsibilities for Implementing the Plan on Reform of the State Council Organs and Changes to the Functions thereof (State Council Scheme), stressing implementing measures on administration reform, including a special section on nationwide reform of the AIC registration mechanism. The State Council Scheme requires that the State Administration for Industry and Commerce (SAIC) formulate detailed rules by the end of June 2013…
If you are registered and logged in to the site, click on the link below to read the rest of the Taylor Wessing briefing. If not, please register or sign in with your details below.
News from Taylor Wessing
News from The Lawyer
Briefings from Taylor Wessing
If two or more creditor meetings are needed to approve an IVA, the IVA will bind any creditor whose claim against the debtor arose after the first meeting.
The Preparatory Committee for the Unified Patent Court (UPC) has now published the 16th draft of the Rules of Procedure intended for the UPC.
Analysis from The Lawyer
The city-state is working hard to become a global wealth management hub, and law firms are gearing up for a prosperous new world
Financial disputes are starting to dominate the English courts as the long-awaited fallout from the downturn finally comes to town