China Law Online Database : novexcn.com

You are using Guest Account

Subscribe To This Law Only

Subscribe To All Law Contents

Print This Page

Back




	SUPPLEMENTARY PROVISIONS FOR THE MEASURES OF THE ESTABLISHMENT OF CHINESE-FOREIGN JOINT VENTURE FOREIGN TRADE COMPANIES (TRIAL)

	(Order of the Ministry of Commerce of the People's Republic of China (No. 10 in 2003), December 7, 2003: In order to promote Hong Kong and Macao to establish a closer economic and trade relationship with the Mainland, the Supplementary Provisions on the " Measures for the Establishment of Chinese-foreign Joint Venture Foreign Trade Companies (Trail)", which were adopted at the 8th executive meeting of the Ministry of Commerce on December 7, 2003, are hereby promulgated, and shall come into force on January 1, 2004)


SUBJECT : FOREIGN INVESTMENT; JOINT VENTURE FOREIGN TRADE COMPANIES
ISSUING DEPARTMENT : MINISTRY OF COMMERCE OF THE PEOPLE'S REPUBLIC OF CHINA
ISSUE DATE : 12/07/2003
IMPLEMENT DATE : 01/01/2004
LENGTH : 402 words
TEXT :

In order to promote Hong Kong and Macao to establish a closer economic and trade relationship with the Mainland, encourage service providers from Hong Kong and Macao to establish within the Mainland enterprises engaging in foreign trade business, we have hereby made the following special provisions on the "Interim Measures for the Establishment of Chinese-foreign Joint Venture Foreign Trade Companies" (Order No. 1 [2003] of the Ministry of Foreign Trade and Economic Cooperation) in accordance with the "Mainland and Hong Kong Closer Economic Partnership Arrangement" and the "Mainland and Macao Closer Economic Partnership Arrangement" approved by the State Council:

I. Since January 1, 2004, service providers from Hong Kong and Macao are permitted to establish foreign trade companies within the Mainland by means of joint venture, cooperation or wholly-owned enterprise.

II. For the establishment of a foreign trade company, the average trade amount with the Mainland achieved by a service provider from Hong Kong or Macao during the three years prior to the application shall be no less than 10 million USD. For the establishment of a foreign trade company in the central and western regions of the Mainland, the average trade amount with the Mainland achieved by a service provider from Hong Kong or Macao during the three years prior to the application shall be no less than 5 million USD.

III. Where a service provider from Hong Kong or Macao applies to establish a foreign trade company, the registered capital of the foreign trade company shall be no less than RMB 20 million Yuan; if the service provider establishes a foreign trade company in the central and western regions, such registered capital shall be no less than RMB 10 million Yuan.

IV. In respect of other matters for service providers from Hong Kong and Macao to invest in the Mainland to establish foreign trade companies, the "Interim Measures on Establishing Chinese-foreign Joint Venture Foreign Trade Companies" shall still apply.

V. The service providers from Hong Kong and Macao mentioned in the present Supplementary Provisions shall separately meet the requirements in the "Mainland and Hong Kong Closer Economic Partnership Arrangement" and the "Mainland and Macao Closer Economic Partnership Arrangement" on the definition of "service provider", and in other relevant provisions, as well.

VI. The responsibility to interpret the present Supplementary Provisions shall remain with the Ministry of Commerce.

VII. The present Supplementary Provisions shall come into force on January 1, 2004.