2009-7-3 14:41:55Ministry of Commerce: Notice on Issues Concerning Examination and Verification of Foreign-Invested Startup Investment Enterprises or Foreign-Invested Startup Investment Management Enterprises

For the purpose of standardizing and simplifying the examination and approval of foreign-invested startup investment enterprises and foreign-invested startup investment management enterprises, the Ministry of Commerce issued Letter No. 9 [2009] of Notice on Issues Concerning Examination and Verification of Foreign-Invested Startup Investment Enterprises or Foreign-Invested Startup Investment Management Enterprises (“the Notice”) on March 5, 2009.

According to the Notice, the commerce authorities at provincial level and national economic and technological development zones (“the competent authorities”) are responsible for examination, verification and administration of the establishment or alteration of foreign-invested startup investment enterprises or foreign-invested startup investment management enterprises with total capital below USD 100 million (inclusive). Such authorities shall issue a written decision within 30 days as of receiving the submitted materials.

The competent authorities shall not delegate their power to other commerce authorities at lower levels. Any problems found during the process of their examination, verification or administration work, shall be reported to the Ministry of Commerce without delay. Should any work against the applicable laws and regulations be found, the Ministry of Commerce may give circulated criticisms and even withdraw the power of examination, verification and administration delegated to the authorities as provided in this Notice.

As for the existing foreign-invested startup investment enterprises or foreign-invested startup investment management enterprises, the competent authorities shall require them to fill in “the Form of Foreign-Invested Startup Investment Enterprise” every March, and report the relevant information to the Ministry of Commerce in May.