Three FTZ Laws to be Eased
The National People’s Congress Standing Committee has authorized the Cabinet to suspend administrative approvals for foreign-funded enterprises, Chinese-foreign equity joint ventures and Chinese-foreign contractual joint ventures in the planned free trade zone, the Xinhua news agency reported.China’s top legislature yesterday gave its approval to the State Council to suspend three laws pertaining to the planned free trade zone FTZ LAWS in Shanghai.
China has been trying to speed up the transformation of government functions and to innovate the mode of opening up.
The suspension will last for three years starting from October 1. WFOE Company Registration Process The laws will be amended and improved if the suspension of administrative approvals during the trial period prove successful,Xinhua reported.
If they do not help,the laws will be back in force.Investment Consulting: Shanghai Business Registry,Consulting on foreign investment laws, regulations and policies, Perennial Consultant;kingyee Shanghai company registration agency firm is belong to Kingyee Shanghai foreign investment consulting service center.It is one of few conprehensive foreign investment service organizations in which have 《Units registration agency》qualification in Shanghai.Main business including:Registration of Shanghai foreign investment company,approval of units name,manage business license, taxation registration,and finacial consulting as agents.
“The suspension of the laws reflected the authorities’ determination to deepen reforms by decentralizing executive power and would provide an impetus for Shanghai’s development,” said Chen Li, a strategic analyst with the UBS Investment Research.
The State Council said earlier this week that a negative-list management method and a registration mechanism will be introduced in the pilot free trade zone to replace the current approval system in order to cut bureaucracy for foreign investors.
The State Council has also proposed to suspend the law on the protection of cultural relics in the zone to allow foreign participation in the antique auction business,but the Xinhua report made no mention of any decision on the proposal.
China last week officially gave the nod to Shanghai to run a trial free trade zone,the first of its kind in the country.
Encompassing an area of 28.78 square kilometers,the pilot zone will cover Waigaoqiao Free Trade Zone,Waigaoqiao Bonded Logistic Zone,Yangshan Free Trade Port Area and Pudong Airport Comprehensive Free Trade Zone.
Shares of Shanghai Waigaoqiao Free Trade Zone Development Co, WFOE Registration operator of two of the four bonded zones, surged by the daily limit of 10 percent yesterday after it announced a refinancing plan.
Waigaoqiao plans to raise up to 2.7 billion yuan (US$443 million) at 13.2 yuan per share through a private offering,the company said in a filing to the Shanghai Stock Exchange yesterday.Shares of Waigaoqiao closed at 14.85 yuan yesterday.
The company said it will use 2.1 billion yuan of the proceeds to build five projects,including a regional headquarters center for multinational companies,a distribution center for Asia-Pacific region and platforms for logistics, trading and modern services.
The company will use the remaining 600 million yuan to replenish cash flow.
Waigaoqiao said it is the only listed company among the operators in the zones and it will undertake the financing task for the development of the zone.The company said its net profit soared 400.8 percent year on year to 526 million yuan in the first half of this year.Revenue rose 37.2 percent to 3.98 billion yuan.
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<China’s Congress discusses Shanghai FTZ>.
Shanghai Free Trade Zone Company Registration Policies
Introduction of Shanghai Free Trade Zone Company Registration Policies
The preferential policies and simplified tax&custom approval of company registration in FTZ of Shanghai has brought worldwide investors to this 28 Square KM land.The approval of FTZ will mainly have influences on company registration,taxation,import&export and other legal issues.The vigorously promotion of FTZ have expedited the construction of Shanghai’s global trade center,financial center and shipping center.
According to the policy summarizing of FTZ by KingYee China business legal team,following is the elaboration of main policy,company registration,virtual address of registration,warehouse and etc.
1.Geographical advantages of FTZ,Located in port area,near the exit of Yangtz River and Pu Dong international airport.This advantages have decided this area’s got a very strong logistics transportation systems.
2.Bonded policy have brought advantages like products entry without customs duties or import linkage tax,Company Law China.tax lagging,inconformity settlement of foreign exchange capital and product flow which can not be taken in other areas.
3.Associated industries,Basic highways,wharf,airports are the best choice for 15,649 foreign enterprises from 120 countries.
4.Applicable industries,Trading,import&export,wine,foods and all Chinese labeled industries.Export manufacture,logistics and domestic trading.
5.Custom clearance,Offsite custom clearance,no time limits for cancellation,trade settlement with US dollars,cargo transshipment,logistics,domestic trading.
6.Financial and foreign exchange,Global offshore financial business,trans boundary CNY business and loosen regulation policy of foreign exchange.
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