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Suggestions on the Impliementation of "Provisional Regulations of Shanghai Municipality on Encouraging Transnational Companies to Establish Their Regional Headquarters" |
| SHANGHAI MUNICIPAL FOREIGN ECONOMIC RELATIONS AND TRADE COMMISSION, SHANGHAI MUNICIPAL FINANCIAL BUREAU, SHANGHAI MUNICIPAL ADMINISTRATION OF INDUSTRY AND COMMERCE, SHANGHAI MUNICIPAL BUREAU OF PUBLIC SECURITY THE PEOPLE’S BANK OF CHINA, SHANGHAI BRANCH SUGGESTIONS ON THE IMPLEMENTATION OF “PROVISIONAL REGULATIONS OF SHANGHAI MUNICIPALITY ON ENCOURAGING TRANSNATIONAL COMPANIES TO ESTABLISH THEIR REGIONAL HEADQUARTERS" In order to better implement the “Provisional Regulations of Shanghai Municipality on Encouraging Transnational Companies to Establish Their Regional Headquarters” (hereinafter referred to as “Provisional Regulations”), the following suggestions on implementation are put forward: I. Verification and examination for approval (I) Regional headquarters set up in the form of investment companies In setting up their regional headquarters in Shanghai in the form of investment companies, foreign investors, except for those conforming to the provisions in Article 5 of “Provisional Regulations”, should apply to the Municipal Foreign Economic Relations and Trade Commission and submit the materials listed in Article 7 of the “Provisional Regulations” as well as the following documents: 1. Application signed by the legal representative of the investment company; 2. Letter of authorization for basic functions of the regional headquarters signed by the legal representative of the parent company; 3. Approval certificate, business license and report of capital verification ( duplicates) of the investment company; 4. Approval certificate and business license (duplicates) of the enterprise invested by the parent company or the investment company in China; The Municipal Foreign Economic Relations and Trade Commission will complete the examination within 30 days from the date of receiving the application and other documents and issue the letter of verification on approval and submit it to the Ministry of Commerce for record. (II) Regional headquarters set up in the form of management companies Foreign transnational companies when setting up their regional headquarters in Shanghai in the form of management companies, except for those conforming or primarily conforming to all the provisions of Article 5 of the “Provisional Regulations”, should submit the following materials to the Municipal Economic Relations and Trade Commission: 1. Application for setting up management company, report of feasibility study and articles of association signed by the foreign investor; 2. Letter of authorization for basic functions of the regional headquarters signed by the foreign investor; 3. Credit certificate, document of registration (duplicates) and certificate of identification of legal representative (duplicate); 4. Balance sheets of the last 3 years of the foreign investor; 5. Approval certificate, business license and report of capital verification (duplicates) of the enterprise with foreign capitals invested and set up in China by the foreign investor; 6. Letter of authorization signed by the foreign investor for the legal representative (representative of the regional headquarters) to be appointed for the management company, the resume and corresponding identification (duplicate of the ID card) of the legal representative to be appointed; 7. Foreign investor investing in the registered capital of the management company with his profit in Renminbi should submit relevant certification and tax-paid proof as necessary documents for examination and approval and capital verification; 8. Other documents required by the Municipal Economic Relations and Trade Commission. The above documents should all be the originals, except those stated as duplicates. For documents signed by a non-legal representative, a letter of authorization by the legal representative should be submitted. When application for setting up regional headquarters is entrusted to a legally set up intermediary agent, a letter of authorization signed by the legal representative of the foreign investor should be submitted. The Municipal Economic Relations and Trade Commission should complete the examination and approval formalities within 30 days as from the date of receiving all the application materials. The Commission will issue approval certificate to the company when approved and register it according to the regulations of administration of industry and commerce. It should also issue the verification certificate to those conforming to the qualifications of regional headquarters. II. Registration of Management companies (I) Registration for Establishment The applicant enterprise should register with the Municipal Administration of Industry and Commerce within 30 days after receiving the “Approval Certificate of Enterprise with Foreign Capital” issued by the department in-charge under the Foreign Economic Relations and Trade Commission and submit the following documents and certificates: 1. “Application for Registration by Enterprise with Foreign Capital”(a form made by the Administration of Industry and Commerce); 2. Articles of Association and its approval (duplicate) and a copy of the “Approval Certificate of Enterprise with Foreign Capital”; 3. Notification of pre-approval of the name of the enterprise; 4. Appointment of post of legal representative and directors; 5. Certification of accommodations (for rented quarters, a lease agreement and certificate of property right [duplicate] are required and for privately owned house, only a certificate of property right [duplicate] is necessary); 6. Other documents and certificates. The above-mentioned documents may be exempt if they have already been submitted when the name of the enterprise is being registered. The original documents and certificates should be submitted when duplicates are not specified in the previous articles. When only duplicates are submitted, it is necessary to have them checked with the originals by the registration authorities and affixed with a seal, stating that there is no difference in contents when checked with the originals. When complete documents and certificates are submitted and proved through examination to meet the requirement for registration, a “Business License” will be issued within 5 working days. (II) Registration of regional headquarters set up Pudong New Area The management company registered in Pudong New Area and certified by the Foreign Economic Relations and Trade Commission as a regional headquarters may register with the department of industry and commerce in Pudong New Area. III. Preferential policies (I) Financial support to the training of employees When a regional headquarters provides key technical ability training for its employees and this is certified by the Municipal Labor Security Bureau and examined and verified by the tax department, it may obtain financial support according to stipulated regulations A regional headquarters receiving its certification and registered with the administration of industry and commerce and tax department in Pudong New Area will enjoy preferential policies of Pudong New Area. The Pudong New Area Government is responsible to promulgate and explain these preferential policies. (II) Personal income tax Subsidies to foreign employees of regional headquarters for their children’s education, language training, food, and relocation may be exempted from or reduced in personal income tax according to the laws and regulations after having examined and verified by the tax authorities. (III) Import and export operation rights Regional headquarters of trans-national companies are encouraged to Set up in Shanghai their purchasing centers for export. Investment companies serving as regional headquarters obtaining the operation right for import and export after approval may export domestic commodities not involving export quotas and not managed by license and may enjoy tax reimbursement for their export commodities. The investment company when approved may import from its parent company a small amount of products not managed by import quotas that are identical or similar to those produced by the enterprise it has invested for trial sale in the domestic market. It may also purchase the products from the enterprise it has invested to systematically agglomerate and sell in both the domestic and oversea markets. If the products made by the enterprise it has invested cannot meet the requirement for systematic agglomeration it may be permitted to purchase in the country and abroad the products necessary for the systematic agglomeration. (IV) Regional headquarters with research and development functions The regional headquarters set up in Shanghai with R & D functions after certified by the Municipal Commission of Science and Technology, the Municipal Planning Commission, the Municipal Economic Relations and Trade Commission and municipal financial and tax departments as an enterprise of new and high technology may enjoy the preferential policies stipulated for hi-tech enterprises. IV. Management of funds Commercial banks in Shanghai are encouraged, in line with supervisory requirements of the People’s Bank of China and the Bank Supervisory Committee, to enthusiastically provide such banking services as settlement and currency exchange necessary for trans-national companies. A regional headquarters, a stock-held enterprise and the commercial bank may sign a tripartite agreement and operate through the basic settlement account in that bank or its branches. The commercial bank should follow the “Provisional Regulations on Intermediary Business of Commercial Banks” promulgated by the People’s Bank of China to vigorously explore the intermediary business to meet the requirement by the regional headquarters for the management of funds, strengthen the management and control of the business, establish the information management system of supervision and report corresponding to the intermediary business so as to reflect the developments and risks of the business in a timely, accurate and complete manner.. V. Exit and entry (I) Temporary entry Foreign nationals in the regional headquarters of transnational companies (hereinafter referred to as “Regional Headquarters”) set up in Shanghai, who need to enter temporarily many times, may apply for multiple entry visiting visas in a year. Senior foreign managerial and hi-tech personnel may apply for multiple visiting entry visas for 2-5 years, the duration of each stay not exceeding a year. (II) Long-term residence 1. The period of validity of residence permit for the following foreign nationals may be extended: Legal representatives, general managers, deputy general managers and financial controllers of regional headquarters in Shanghai of transnational companies may apply for a residence permit for foreign nationals with a validity of 2-5 years. Other managerial staff of regional headquarters in Shanghai of transnational companies may apply for a residence permit for foreigners with a validity of 3 years. Legal representatives and general managers of enterprises affiliated to the regional headquarters in Shanghai and with a registered capital of $30 million and above may apply for a residence permit for foreigners with a validity of 2-5 years. 2. The above foreign nationals when applying for residence permits for foreigners may also apply, at the same time and in line with the actual needs, multiple working entry visas for the same period of the residence permits; 3. The spouses and children under the full age of 18 of the above foreign nationals may apply for multiple working entry visas for the same period of the residence permits for foreigners. (III) Coming to Shanghai under urgent circumstances When foreign nationals invited by regional headquarters for a temporary visit to Shanghai are not able to apply for entry visas in our embassy or consulate abroad for reasons of unexpected matters, they may apply for port visas at the port visa department of the Exit-Entry Administrative Department of Shanghai Bureau of Public Security (except the nationals of those countries not acceptable for port visas as stipulated by regulations). (IV) Going to Hong Kong and Macao Chinese employees in regional headquarters going to Hong Kong and Macao for business needs may apply for “Pass for Visits to Hong Kong and Macao”. (V) Going to Taiwan Chinese employees in regional headquarters going to Taiwan for business needs when submitting traveling documents for visiting Taiwan and approval letters from Office of Taiwan Affairs of the State Council may apply and obtain in priority the “Pass for Visiting Taiwan for residents on the Mainland”. (VI) Going abroad Of the Chinese employees in regional headquarters going abroad for business needs, Shanghai residents may apply for passports with their residence booklets and identification cards and people from other provinces or cities may apply at the Exit-Entry Department of Shanghai Bureau of Public Security with their identification cards, temporary residence permits or resident permits in Shanghai. (Aug. 21, 2003) |
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