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Report from the Chinese government website, General Office of the State Council has published Regulations on foreign enterprises or individuals establishing partnership enterprises in China. It will be carried out from March 1st, 2010.
Regulations on foreign enterprises or individuals establishing partnership enterprises in China
I. According to the Partnership Enterprise Law of PRC (the following is The Partnership Enterprise Law), a formulated regulation to standardize the behavior of foreign enterprises or individuals establishing partnership enterprises in China. It will expand foreign economic co-operation and technical communication for the convenience of foreign enterprises and individuals investing in China in the way of establishing partnership.
II The partnership enterprises foreign enterprises or individuals setting up in China in this regulation refer to 2 or more foreign enterprises or individuals setting up partnership enterprises in China as well as foreign enterprises or individuals setting up partnership enterprises in China with a Chinese Citizen, juridical person and other organizations.
III When foreign enterprises or individuals set up partnership enterprises in China; they should obey the Partnership Enterprise Law as well as other related laws, administrative rules and regulations. They should correspond with the industry policies of foreign investment.
When foreign enterprises or individuals set up partnership enterprises in China, their legal rights are protected by the law.
The country encourages foreign enterprises or individuals with advanced techniques and management experience to set up partnership enterprises in China in order to promote the development of the modern service industry.
IV. The currency funded by foreign enterprises or individuals should be freely convertible foreign currency or RMB according to the law.
V. When foreign enterprises or individuals set up partnership enterprises in China, the delegations appointed by all partners or agents jointly commissioned should apply for a registration to the local administrative department for industry and commerce authorized by State Council administrative department for industry and commerce (the following is called enterprise registration organ)
When applying for registration enterprises should summit the files of Regulations on partnership enterprises Law of PRC and instructions corresponding with foreign investment industry policies.
If enterprise registration organs want to register, it should circulate the related registration information to the commerce department at the same level.
VI. When the registration items of foreign enterprises or individuals setting up partnership enterprises in China change (the following is called foreign merchants investing partnership enterprises), they should apply for a changing registration to the enterprising registration organ according to the law.
VII. When the partnership enterprises investing by foreign merchants dissolve, they should be liquidated according to the Partnership Enterprises Law. Liquidators should apply for cancellation of registration to the enterprise registration organ according to the law in 15 days from the end of the make-up day.
VIII. If all the foreign enterprises cancel a contract, the partnership enterprise continues to exist; it should apply for registration change to the enterprise registration organ according to the law.
IX. When registration changes or is canceled, the enterprise registration organ should circulate the information to the commercial department at the same level.
X. The registration management of foreign merchants and investing partnership enterprises is not regulated in this regulation. It should be according to the Partnership Enterprises Registration Management of PRC and the related regulations.
XI. Financial accounting, tax, exchange, customs and the arrival and departure of people should be in accordance with the related laws, administrative regulations and the related regulations of the nation.
XII. If foreign enterprises join in a partnership enterprise set up by Chinese Citizens, juridical person or other organizations in China, the partnership enterprise should be in accordance with this regulation and apply for changing registration to the enterprise registration organ.
XIII. The investment project of foreign merchants investing partnership enterprises approved by the government should handle the investment project approval process according to the related regulations.
IX. The country has other regulations on foreign enterprises or individuals setting up partnership enterprises which have investment as the main business in China, it should be in accordance with this regulation.
XV. If enterprises or individuals in Hong Kong Special Administrative Region, Macao Special Administrative Region and Taiwan set up partnership enterprises in the main land, they should be in accordance with this regulation.
XVI. This regulation will be carried out in March 1st, 2010.
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