|
Welcome Guest
|
|
You are using Guest Account
|
|
||||||||||||||||||||||||||||||||||
|
TABLE OF CONTENTS CHAPTER I GENERAL PROVISIONS CHAPTER II TIME, CONTENTS AND PROCEDURES OF ANNUAL INSPECTIONS CHAPTER III EXAMINATION OF ANNUAL INSPECTIONS CHAPTER IV RESULTS OF ANNUAL INSPECTIONS CHAPTER V PUNISHMENT PROVISIONS CHAPTER VI SUPPLEMENTARY PROVISIONS CHAPTER I GENERAL PROVISIONS Article 1. The present Measures have been formulated for the purpose of intensifying the macroscopic regulation of overseas investments, grasping the vicissitudes of overseas investment and promoting the healthy development of overseas investment. Article 2. The joint annual inspection system shall apply to overseas investment. The Ministry of Foreign Trade and Economic Cooperation (hereafter "MOFTEC") and the State Administration of Foreign Exchange (hereafter "SAFE") shall be responsible for formulating the measures for annual inspections, and shall organize, coordinate and supervise annual inspections. Article 3. Enterprises shall participate in annual inspections according to the present Measures through the subjects of investment thereof. Article 4. The term "overseas enterprises" mentioned in the present Measures refers to the enterprises established overseas upon the investment of Chinese legal person enterprises (hereafter "subjects of investment") with the exception of financial enterprises. CHAPTER II TIME, CONTENTS AND PROCEDURES OF ANNUAL INSPECTIONS Article 5. The department (or commission or bureau) of and the branches of the SAFE in all provinces, autonomous regions, municipalities directly under the Central Government and cities under separate State Planning take charge of the annual inspection of overseas investment of the enterprises within their respective jurisdictions. The enterprises directly under the Central Government take charge of the annual inspection of the overseas investment of their respective enterprises, while the aspect of foreign exchange shall be under the charge of the foreign exchange administration (or department of foreign exchange) of the local place. (hereafter "annual inspection departments") Article 6. The time for annual inspections each year is between April 1 and June 15 each year. Article 7. The annual inspections shall include the following elements: (1) The situation of overseas investment; (2) The appraisals of overseas enterprises made by the Chinese commercial institutions stationed abroad; and (3) The compliance of the subjects of investment and the enterprises established overseas thereby with the provisions concerning overseas investment. Article 8. Procedures of annual inspections are: (1) The MOFTEC and the SAFE are responsible for formulating reports of annual inspections and publish them on the webpages of the MOFTEC and the SAFE (for sample of annual report, see Annex I) so that domestic subjects of investment may download; (2) The subjects of investment shall download the annual reports within the prescribed time period and carefully fill in the relevant information about the overseas enterprise. The contents filled in shall be real and valid; and (3) The subjects of investment shall submit a copy of the annual inspections that they have filled in prior to May 15 to the department (or commission or bureau) of foreign trade and economic cooperation and the foreign exchange administration (or department of foreign exchange). CHAPTER III EXAMINATION OF ANNUAL INSPECTIONS Article 9. The annual inspection departments shall make the annual inspections according to the grading criteria determined in the present Measures, and classify the results of annual inspections into Grade I, II, and III. (for the criteria of grading, see Annex II) Article 10. Having determined the grades, the annual inspections departments shall affix the annual inspection seal to the certificates of annual inspection uniformly printed by the state to be kept by the subjects of investment. (for a sample of the certificate of annual inspection, see Annex III) Article 11. The annual inspection departments shall submit the annual inspection reports (photocopy) and the results of annual inspections to the MOFTEC prior to June 15. The work report of annual inspection shall be submitted to the MOFTEC and SAFE prior to June 30. Article 12. The MOFTEC shall be responsible for informing the departments of public finance, foreign exchange, customs, taxation, foreign affairs, banking and insurance.(hereafter "relevant departments") of the results of annual inspections. Article 13. The annual inspections shall be made at a regular time each year, and no other form of centralized inspections may be made to the overseas investment. Article 14. No department may charge any fees against any subject of investment under any pretext. CHAPTER IV RESULTS OF ANNUAL INSPECTIONS Article 15. The annual inspection results shall be valid for one year starting from the day when the special seal of annual inspection is affixed. Article 16. After an overseas enterprise has participated in the annual inspections and obtained a certificate of annual inspections, the subject of investment thereof shall, when going through the relevant procedures of overseas investment, show its annual inspection certificate to the MOFTEC and other relevant departments. Article 17. If the annual inspection result of an overseas enterprise is Grade I, the enterprise may enjoy the relevant preferential policy treatments of the state concerning overseas investment, and the relevant departments shall give priority in handling formalities such as foreign exchange, customs, taxation, exit and entry of personnel, etc. Article 18. If the annual inspection result is Grade II, the enterprise may not enjoy the relevant preferential policies. Article 19. If the annual inspection result is Grade III, the enterprise may not enjoy the relevant preferential policies, and the subject of investment thereof shall be given a period of rectifications up to one year. If the annual inspection result remains to be Grade III during the subsequent year, the subject of investment may not engage in any new investment abroad during the year. CHAPTER V PUNISHMENT PROVISIONS Article 20. In case any overseas enterprise fails to file for annual inspections, the MOFTEC and other relevant departments may take the following measures against it: (1) Refusing to accept for the time being the applications of the subject of investment for purchasing or paying foreign exchanges or making foreign-related warranties in overseas investment; (2) Refusing to accept the applications of the subject of investment for establishing any new overseas enterprises; (3) Refusing to accept the applications for sending any persons abroad. Article 21. After the annual inspections have been completed, the MOFTEC shall, jointly with other relevant department, check the results of annual inspections on the basis of random samples. If any of the annual inspection results is found to be not true to the fact, the MOFTEC shall order the entities concerned to get right within a specified period of time. if serious consequences have resulted, it shall be dealt with according to Article 20 of the present Measures. CHAPTER VI SUPPLEMENTARY PROVISIONS Article 22. The present Measures shall be enforced by reference in the annual inspection of the enterprises established in Hong Kong, Macao, and Taiwan by the mainland investment enterprises. Article 23. The overseas enterprises of processing and assembling with exported materials handle the annual inspection formalities by presenting their Approval Certificate of Overseas Enterprises of Processing and Assembling with Exported Materials. Article 24. The power to interpret the present Measures shall remain with the MOFTEC. Article 25. The present Measures shall take effect as of January 1, 2003. |
||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||
|
Copyright 2002 NovexCn.com
|