Review/approval Power Limits

 Review/approval Power Limits

In accordance with the “Notification of the Ministry of Commerce on Delegating Power for Review/approval Foreign Investments” (SZF [2010] No. 209), the review/approval powers of the competent business departments at the provincial-level are as follows: 
1. Establishment and modification of foreign-funded enterprises in the category of encouragement specified in the “Catalog for Guidance of Foreign Investments”, the category of total investment below US$ 300 million quota and the category of US$ 50 million quota (hereinafter referred to as the quota). The quota of any foreign-funded Co., Ltd. shall be calculated based on its registered capital; the quota of any foreign-funded Co., Ltd. through system transformation shall be calculated based on the net assets value upon appraisal; the quota of any foreign-funded enterprise by means of foreign investors acquiring domestic enterprise shall be calculated based on the acquisition transaction amount;
2. Single capital increase with amount under the quota;
3. Establishment and modification of any foreign-funded enterprise above the quota with no need for the state comprehensive balancing;
4. Any foreign-funded enterprise with registered capital being less than US$ 300 million and any foreign-funded entrepreneurship enterprise with total capital being less than US$ 300 million; establishment and modification of foreign-funded entrepreneurship investment management enterprise;
5. Except for the review/approval by the Ministry of Commerce explicitly stipulated by laws and regulations, the establishment and modification (including over-quota and capital increase) of any foreign-funded enterprise in the service sector shall be reviewed and managed by the local review/approval institutions in accordance with relevant laws and regulations of the state. In case there is need for prepositive approval from competent departments of the state in the industry or for their opinions according to relevant regulations, written documents or agreements shall be obtained from them. The establishment and modification of any foreign-funded enterprise in financial and telecom sectors shall be subject to the current laws and regulations;
6. Modification of any foreign-funded enterprise established upon approval by the Ministry of Commerce, the former Ministry of Foreign Economy and Trade, and relevant departments of the State Council (except for the situations where a single capital increase reaches or exceeds the quota, and regulations of such special sectors as finance, telecom, etc.).
 
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