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In order to implement the development strategy of "going global" and the relevant guidance of the Decision of State Council on Canceling the First Group of Items of Administrative Examination and Approval (No.24 [2002] of the State Council), and to take good care of the following-up regulation of two administrative examination and approval items, namely the examination of the foreign exchange risks, and the examination of the deposit for profits remitted back for overseas investment, SAFE has decided to streamline the formalities for examination of the foreign exchange fund sources for overseas investment. The relevant issues are hereby notified as follows: I. Where an investment subject makes overseas investment and needs to purchase or remit out from China foreign exchange, that subject shall report to the local foreign exchange branch/foreign exchange department for the examination of foreign exchange fund sources. Such examination shall be exempted for the projects wholly invested with materials, projects of foreign aid and the strategic investment projects approved by the State Council. II. An investment subject shall provide the following materials when reporting for examination of foreign exchange fund sources: (1) Application Form for Examination of the Foreign Exchange Fund Sources of Overseas Investment (see Appendix 1 for the format for reference); (2) Feasibility study report of the overseas investment project; (3) Business license that has passed the annual examination conducted by the department of industry and commerce administration (photocopy); (4) Balance sheet and statements of profits and losses of the previous year audited by registered accountant; (5) Certifications of the foreign exchange fund sources, including: in the case of using self-owned foreign exchange fund, the subject shall provide the document of approval for opening the relevant foreign exchange account and the latest bank statements on balance; in the case of using domestic commercial foreign exchange loan, the subject shall provide the letter of intent for the loan signed between the subject and the lending bank; in the case of using domestic policy-oriented foreign exchange loan, such as foreign exchange loan from foreign aid equity joint or contractual joint foundation, or from foreign trade development foundation, the subject shall provide the document of approval of the relevant authority for using the said policy-oriented fund; and (6) Other materials required regarding the circumstances. The local branch (foreign exchange department) shall accept the application and make an official reply where the materials are complete (see Appendix 2 for the format for reference), and if the application goes beyond its examination authority, it shall submit that application to SAFE for examination. III. The branches (foreign exchange departments) shall lay stress on the examination of the foreign exchange registration of overseas investment and the purchase and payment of foreign exchange, strengthen the statistical monitoring of overseas investment, and strictly carry out the Interim Measures for the Joint Annual Examination of Overseas Investment jointly promulgated by the Ministry of Foreign Trade and Economic Cooperation and SAFE. Appendix: 1. Application Form for Examination of the Foreign Exchange Fund Sources for Overseas Investment (format for reference) (omitted) 2. Official Reply of the _____ Branch (Foreign Exchange Department) of SAFE on Making Examination of the Foreign Exchange Fund Source for Establishment of ___ Company (format for reference) (omitted) |
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