Circular of the Ministry of Commerce on Issues Concerning Examination and Verification of Foreign-Invested Venture Investment Enterprises or Foreign-Invested Venture Investment Management Enterprises

2010-7-6 12:14:09  

    The competent commerce authorities of provinces, autonomous regions, municipalities directly under the Central Government, separately planning cities, Harbin, Changchun, Shenyang, Jinan, Nanjing, Hangzhou, Guangzhou, Wuhan, Chengdu, Xi'an, and Xinjiang Production and Construction Corps. and national economic and technological development zones,
For the purpose of further transforming governmental functions, regulating the examination and verification of foreign investment and improving the efficiency of work, the issues concerning the examination and verification of the areas of foreign-invested venture investment are hereby notified as follows:

Article 1 The competent commerce authorities of provinces, autonomous regions, municipalities directly under the Central Government, separately planning cities, Harbin, Changchun, Shenyang, Jinan, Nanjing, Hangzhou, Guangzhou, Wuhan, Chengdu, Xi'an, and Xinjiang Production and Construction Corps. (hereinafter referred to as the competent commerce authorities at provincial level) and national economic and technological development zones shall be responsible for examination and verification and administration of the establishment or alteration of foreign-invested venture investment enterprises or foreign-invested venture investment management enterprises with total capital below USD100m (inclusive) according to law.
Article 2 The competent commerce authorities at provincial level and national economic and technological development zones shall conduct examination and verification in strict accordance with the Provisions on Administration of Foreign-Invested Venture Investment Enterprises and the requirements of the relevant state laws and regulations and related policies, and make a written decision on whether or not to approve within 30 days upon receipt of all the submitted materials. For the application for establishment of foreign-invested venture investment enterprises, opinions shall be solicited from the administrations of science and technology of the same level. If agreeing to approve, the competent commerce authorities at provincial level and national economic and technological development zones shall grant the approval certificates to the foreign-invested enterprises, fill in the Filing Form of Foreign-Invested Venture Investment Enterprise (see annex) and concurrently report to the Ministry of Commerce for filing immediately via the system of administration on examination and verification for foreign-invested enterprises.
Article 3 The competent commerce authorities at provincial level and national economic and technological development zones shall examine and approve the follow-up alterations (except for the increase of capital of foreign-invested venture investment enterprises over USD100m a time and the change of necessary investors) of foreign-invested venture investment enterprises or foreign-invested venture investment management enterprises approved by the Ministry of Commerce for establishment.
Article 4 The competent commerce authorities at provincial level and national economic and technological development zones shall not further delegate the examinations and approvals to other local departments, and should timely submit the problems arising in the process of examination and verification administration to the Ministry of Commerce, and in case of examinations and approvals in violation of regulations, the Ministry of Commerce will give circulated criticisms and even withdraw the authorities for examination and verification and administration.
Article 5 Venture investment enterprises shall fill in the Filing Form of Foreign-Invested Venture Investment Enterprise every March, and report the situations including the previous year's fund raising and use of fund to the competent commerce authorities at provincial level and national economic and technological development zones. The competent commerce authorities at provincial level and national economic and technological development zones shall produce the filing certification as one of the examination and verification materials of venture investment enterprises participating in joint annual inspection, and report the summarized information to the Ministry of Commerce in May.
Article 6 The Circular shall be implemented as of the day of its promulgation.
Annex: Filing Form of Foreign-Invested Venture Investment Enterprises (Omitted) 

The Ministry of Commerce of the People's Republic of China

March 5, 2009

Tags: Foreign-Invested Venture Investment Management Enterprises