MOC Delegates Authority to Approve Investment Companies with Foreign Capital
MOC issued The Notice on Delegation of the Authority to Approve the Establishment of Foreign-Invested Investment Companies (hereafter referred to as “Notice”) on March 6, 2009. The Notice intends to simplify the approval procedures make the approval process more efficient.
The Notice stipulates the establishment of a foreign-invested investment company whose registered capital is below USD 100 million and its alteration issues (except for any capital increase exceeding USD100 million at one time) shall be approved by commerce authorities of provinces, autonomous regions, municipals, the cities especially listed in the state plan, Xinjiang Production and Construction Corps and sub-province cities which including Ha’erbin, Changchun, Shenyang, Jinan, Nanjing, Hangzhou, Guangzhou, Wuhan, Chengdu and Xi’an.
The subsequent alteration issues (except for any capital increase exceeding USD 100 million or investors alteration) of foreign-invested investment company whose establishment is approved by MOC shall be approved by commerce authorities of provincial level.