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	SUPPLEMENTARY PROVISIONS FOR THE MEASURES OF THE ADMINISTRATION OF FOREIGN-FUNDED INTERNATIONAL FREIGHT AGENCY ENTERPRISES

	(Order of the Ministry of Commerce of the People's Republic of China (No. 12 in 2003), December 7, 2003: In order to promote Hong Kong and Macao to establish closer economic and trade relationship with the Inland, the Supplementary Provisions on the "Measures for the Administration of Foreign-Funded International Freight Agency Enterprises", 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; FOREIGN-FUNDED; INTERNATIONAL FREIGHT AGENCY ENTERPRISES
ISSUING DEPARTMENT : MINISTRY OF COMMERCE OF THE PEOPLE'S REPUBLIC OF CHINA
ISSUE DATE : 12/07/2003
IMPLEMENT DATE : 01/01/2004
LENGTH : 401 words
TEXT :

In order to promote Hong Kong and Macao to establish closer economic and trade relationship with the Inland, encourage service providers from Hong Kong and Macao to establish within the Inland enterprises engaging in international freight agency, we have hereby made the following supplementary provisions on the "Measures for the Administration of Foreign-Funded International Freight Agency Enterprises" (Order No. 36 [2002] 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 international freight agency enterprises within the Inland by means of joint venture, cooperation or wholly-owned enterprise.

II. The minimum amount of the registered capital of a qualified service provider from Hong Kong or Macao that invests in the Inland to establish an international freight agency enterprise shall meet the following requirements:

(1) If he/it runs maritime international freight agency, the minimum amount of his/its registered capital shall be 5 million Yuan;

(2) If he/it runs aerial international freight agency, the minimum amount of his/its registered capital shall be 3 million Yuan; and

(3) If he/it runs overland international freight agency or international express delivery, the minimum amount of his/its registered capital shall be 2 million Yuan.

If he/it runs two or more items of business in the preceding paragraph, the minimum amount of his/its registered capital shall be the minimum amount of the higher/highest one.

An international freight agency enterprise shall add 500,000 Yuan of registered capital for each branch engaging in international freight agency it intends to establish.

III. In respect of other matters for service providers from Hong Kong and Macao to apply in the Inland for establishing international freight agency enterprises, the "Measures for the Administration of Foreign-Funded International Freight Agency Enterprises" shall still apply.

IV. 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 providers", and in other relevant provisions, as well.

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

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