Ministry of Commerce Concerning released the Provisional Measures for Filing Administration of Establishment and Changes of Foreign-invested Enterprises (Exposure Draft) for soliciting opinions from the public on September 3, 2016.
According to the Exposure Draft, the establishment and changes of foreigninvested enterprises (“FIEs”) other than those that are subject to the special administrative measures (i.e. negative list) as stipulated by the State can be completed by filing without approval. The investors of FIEs or their designated agents shall, within 30 days after the issuance of license or the occurrence of change, fill out and submit the filing application and the relevant documents through the filing system to go through establishment or change filing formalities.
Meanwhile, Exposure Draft provides comprehensive provisions of supervision and inspection and legal liabilities. For any violation of the filing obligations, carrying out business in in the field of restriction or prohibition without approval or failure to cooperate in supervision and inspection with authorities, FIEs or their investors shall bear legal liabilities.
Moreover, Exposure Draft further indicates that for the purpose of sharing information, filing administrations will closely coordinate with relevant administrative departments of public security, state-owned assets, customs, tax, industry and commerce, securities, foreign exchange and etc.