2022年1月1日，《区域全面经济伙伴关系协定》（Regional Comprehensive Economic Partnership，“RCEP”）生效施行，标记着当宿世界上参与生齿最多、经贸规模更大、成员构造最多元、更具开展潜力的自在商业区正式启航。RCEP的施行不只为我国进一步扩展全方位开放协做迎来新契机，同时也为中国企业境外投资供给有力的法令保障。本文为RCEP列国外商投资及并购法令指引的系列文章，选举阅读以便各人领会RCEP各成员国本地关于投资并购的相关法令规定。
中国适用于外商间接投资的次要法令律例有哪些？对特定的外国投资者（如国有企业）能否有特殊规定？
《外商投资法》及《外商投资法施行条例》确立了中国外商投资法令轨制的根本框架，明白对外商投资实行“准进前国民待遇加负面清单”的治理轨制，进一步强化投资促进和投资庇护。
外商投资企业组织形式、组织机构及其活动原则，同内资企业一样，均适用《中华人民共和国公司法（2018）》，《中华人民共和国合伙企业法（2006）》等法令的规定。
中国针对外商投资施行鼓舞和引导政策。外商投资《鼓舞外商投资财产目次（2020）》中的范畴，契合前提的，能够享受税收、用地等优惠政策。
中国适用外商投资的法令律例并没有针对属于国有企业(SOE)的外国投资者的特殊规定。
外商间接投资能否需要获得政府和监管部分的批准？如需要，请简要介绍（例如触发前提、主管机关及时限要求）？
目前，中国外商间接投资的监管架构为：商务部分和发改委部分负责外商投资企业的存案或核准（如适用）；市场监管治理部分负责外商投资企业的注销和变动，以及外商投资合伙企业的设立；反垄断委员会（从属商务部）负责并购项目标运营者集中审查（如适用）；外商投资特殊行业（例如金融机构、航空等）还需得到有关主管部分的批准。
（1）负面清单审查：
外商投资除需遵守一般企业准进负面清单限造外，还需遵守《外商投资准进特殊治理办法（负面清单）》规定。
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（2）国度平安审查：
根据《外商投资平安审查办法》规定，投资涉及国度平安范畴应当在施行投资前主意向发改委的工做机造办公室申报。
（3）信息陈述轨制：
根据《外商投资信息陈述办法》、《关于外商投资信息陈述有关事项的通知布告》规定，外国投资者或者外商投资企业应当根据要求，通过企业注销系统以及国度企业信誉信息公示系统，向商务主管部分报送初始、变动、登记和年度陈述。
对特定行业范畴能否有外商投资限造？
外商投资行业限造次要包罗两个层面。起首，中国施行市场准进负面清单轨制，所有的企业都应当遵守该轨制。其次，外商投资还应当遵守《外商投资准进负面清单》的规定。
（1）市场准进负面清单：
根据国度发改委和商务部发布的《市场准进负面清单（2022年版）》，制止准进事项6项，答应准进事项111项，共计117项。
（2）外商投资负面清单：
国度开展和变革委员会和商务部发布《外商投资准进特殊治理办法（负面清单）》，自2022年1月1日起起头施行。负面清单次要涉及12大项的31小项，包罗摘矿业，造造业，电力、热力、燃气及水消费和赐与业等。限造体例包罗制止投资、容许投资制止运营、容许投资但需连结中方控股比例等。自在商业试验区具有单列的负面清单，剔除了“造造业”大项，使得各类投资范畴愈加宽松。
对特定行业范畴能否有政府干股要求？
无政府干股要求。但根据《外商投资准进特殊治理办法（负面清单）》，部门限造类行业的外商投资关于中方持股或控股有比例要求。
对外商间接投资能否有任何当地化要求（例如当地雇员、当地摘购的更低比例）?
没有针对外商投资企业的当地化比例要求。
根据《外商投资准进特殊治理办法（负面清单）》，特定行业法定代表人等重要人员要求具有中国国籍，例如公共航空运输公司和通用航空公司法定代表人需由中国籍公民担任。
在汇出资金、利润和股息方面能否遭到任何外汇管束限造？
中国目前仍然施行严厉的外汇管束办法，人民币无法完全自在兑换。但是，契合有关外汇治理规定的外商投资企业的利润和股息，在缴纳企业所得税款和提取有关企业法定盈余公积外，能够兑换成外币及汇出境外。
一般而言，外商投资企业的经常项面前目今相对可自在兑换，本钱项面前目今仍然遭到严厉掌握。
经常项目，指本国与外国停止经济交易而经常发作的项目，包罗对外商业出入、非商业往来和无偿让渡三个项目。本钱项目，是指国际出入中因本钱输出和输进而产生的资产欠债的增减项目，次要包罗间接投资、证券投资及跨境借贷三大类。
外商间接投资设立的常见的法人实体类型有哪些？其内部治理构造若何？
外国投资者可在中国境内设立有限责任公司和股份有限公司。
（1）有限责任公司是指由五十个以下的股东出资设立，每个股东以其所认缴的出资额为限对公司承担有限责任，公司以其全数资产对公司债务承担有限责任的经济组织。内部治理构造 ：股东会 、董事会（或施行董事） 、监事会（或监事） 、司理（非必需）。
（2）股份有限公司是指公司的全数注册本钱由等额股份构成、并通过发行股票（或股权证）筹集本钱，每个股东以其认购的股份为限对公司承担责任，公司以其全数资产对公司债务承担有限责任的经济组织。内部治理构造：股东大会、董事会、监事会、司理、高级治理人员。
外资公司的注销和设立法式是什么？
打点部分：外商投资企业的注销注册，由国务院市场监视治理部分或者其受权的处所人民政府市场监视治理部分依法打点。
第一步：揣度能否需要获得前置审批法式。
如需要：
1.能否涉及项目核准、存案，如是，则需国务院、开展变革委核准或存案。
2.能否涉及负面清单，如是，揣度其类别——制止类：不得投资；限造类：商务部或市场监管部分核准。
3.能否涉及前置性行业准进答应，则需行业主管部分批准。
4.其他审批法式包罗国度平安审查及反垄断审查。
如不涉及前置审批法式，根据第二步要求提交下述素材。
第二步：提交素材、打点执照。打点完前置法式获得审批文件后，到市场监视治理局（窗口或网上）企业注销系统提交素材（详细素材见下问）申请注册注销，打点获得营业执照。
第三步：信息同步。获得营业执照后，根据申请书、营业执照、相关人员证件、其他开户证明文件可开立账户；根据申请表、营业执照副本、批准文件可打点外汇注销；与此同时，还需到公安部分刻造公章、到税务部分申领发票、向商务部分陈述信息以及打点社保注销。
外国投资者需要预备哪些文件和素材？能否需要公证或认证？
如涉及前置审批法式，需根据差别的类型（能否涉及项目核准、存案；能否涉及负面清单；能否涉及前置性行业准进答应）到有关部分停止核准或存案。
到市场监视治理局企业注销系统打点执照所需的素材凡是包罗：
1.设立注销申请书；
2.指定或拜托代办署理人证明；
3.公司章程；
4.股东主体资格证明或天然人身份证明；
5.高管任职证明；
6.法定代表人任职文件和身份证明；
7.公司住所证明；
8.法令文件送达受权拜托书；
9.初始陈述；
10.其他文件。
因为中国尚未加进《海牙关于取缔外国公函书认证的公约》（“海牙公约”），因而根据国际老例，外国文书送往中国利用，除有双边协议或多边协议或一国双方免去认证外，均需打点领事/使馆认证。
完成整个注销和设立流程一般需要多长时间？
详细情状视各企业及各地工商局而定。针对无需审批的外商间接投资，按中国公司法设立一般公司的流程停止，最快只需7个工做日。针对需要核准的外商间接投资，申报及核如期在32个工做日以上。
FDI and MA Overview – Foreign Direct Investment in China
1. What are the principal laws and regulations applicable to FDI in China? Are there special rules for certain foreign investors, including state-owned enterprises (SOEs)?
The Foreign Investment Law of the People's Republic of China and the Regulation for Implementing the Foreign Investment Law of the People's Republic of China establish the basic framework of China's foreign investment legal system. It clarifies the management system of pre-establishment national treatment and the foreign investment negative list.
The organization form, organization structure, and activities of foreign-invested enterprises are subject to Company Law of the People's Republic of China (2018), Partnership Enterprise Law of the People's Republic of China (2006) and other laws; the same as those of domestic enterprises.
China implements policies to encourage and guide foreign investment. Foreign investment in industries under the Catalogue of Industries for Encouraging Foreign Investment (2020) can enjoy preferential policies in taxation and land utilization.
China's current laws and regulations applicable to foreign investment do not have special provisions for foreign investors that are SOEs.
2. Are there any governmental and regulatory approvals required for FDI? If so, please give brief details (such as trigger threshold, relevant authority, and timing requirements)?
The Ministry of Commerce and the National Development and Reform Commission (NDRC) are responsible for the filing or approval of foreign-invested enterprises (if applicable); the Administration for Market Regulation is responsible for the registration and change of foreign-invested enterprises and the establishment of foreign-invested partnerships; the Anti-Monopoly Bureau (under the Ministry of Commerce) is responsible for the review of concentration among business operators in MA transactions (if applicable); foreign investment in special industries (e.g., financial institutions, aviation, etc.) also requires the approval of the relevant authorities.
Negative list review: In addition to the market access negative list prohibiting investment in certain industries, foreign investment is required to comply with the Special Administrative Measures (Negative List) for the Access of Foreign Investment .
National Security Review: According to the Security Review Measures for Foreign Investment, an investment affecting national security should be actively declared to the Office of the Working Mechanism of the NDRC before implementing the investment.
Information reporting system: According to Measures for the Reporting of Foreign Investment Information and Notice on Foreign Investment Information Reporting, foreign investors or foreign invested enterprises must submit annual reports to the competent commerce departments through the enterprise registration system and national enterprise credit information publicity system.
3. Are there any industry sector controls on foreign investment?
Restrictions on foreign investment in industries mainly fall into two negative lists. First, China has implemented a market access negative list that all enterprises are required to follow. Second, foreign investment should also comply with the regulation of Negative List for Foreign Investment Access.
According to the Market Access Negative List (2022) issued by the National Development and Reform Commission and the Ministry of Commerce, there are 6 prohibited items and 111 items requiring permission for access.
The Special Administrative Measures (Negative List) for the Access of Foreign Investment (2021), issued by the NDRC and the Ministry of Commerce, took effect from January 1, 2022. The negative list covers 31 sub-items under 12 major categories, including mining, manufacturing, electric power, heat, gas, and water generation and supply. The restrictions include prohibiting investment, permitting investment but restricting operation of the business, permitting investment with shareholding limits, etc. The Pilot Free Trade Zones have a single negative list, excluding "manufacturing" items and allowing for a more relaxed range of investment.
4. Are there any government free carry interest requirements for special industry sectors?
None. However, according to the Special Administrative Measures (Negative List) for the Access of Foreign Investment (2021), foreign investment in certain restricted industries has a proportional requirement for Chinese parties to hold shares.
5. Are there any localization requirements (e.g., minimum ratio of local employees, minimum ratio of local procurement) for FDI in China?
There is no local ratio requirement for foreign-invested enterprises.
According to Special Administrative Measures (Negative List) for the Access of Foreign Investment (2021), key personnel like the legal representatives in specific industries are required to be Chinese citizens (e.g., legal representatives of public air transport companies and general aviation companies).
6. Are there any exchange control restrictions in terms of remittance of capital, profits and dividends?
China implements strict foreign exchange control measures, and the RMB is not freely convertible. However, profits and dividends of foreign-invested enterprises that comply with the relevant foreign exchange management regulations can be converted into foreign currency and remitted out of China after paying corporate income tax and social security.
In general, foreign-invested enterprises are relatively free of restrictions in conducting transactions under the current account while still subject to strict control under the capital account.
The current account refers to domestic and foreign economic transactions including foreign trade balance, non-trade exchanges, and transfers. Capital account refers to the increase or decrease of assets and liabilities arising from the export and import of capital in the balance of payments, mainly in the categories of direct investment, securities investment, and cross-border lending.
7. What are the most common types of corporate legal entities established for FDI? For each type of corporate legal entity, please introduce the internal corporate governance structure. What types of corporate legal entities are recommended for partially or wholly foreign-owned corporate legal entities?
Foreign investors can set up limited liability companies and joint stock companies in China.
A limited liability company refers to an economic organization established with the capital of not more than 50 shareholders, each of whom bears limited liability to the company within the limit of individually subscribed capital contribution, and the company bears limited liability to the debts of the company with all its assets. The internal governance structure includes shareholders' meeting, the board of directors (or executive director), the board of supervisors (or supervisors), and the manager (not required).
A joint stock limited company refers to an economic organization whose entire registered capital consists of equal shares raised by the issue of shares (or equity warrants). Each shareholder is liable for the company to the extent of their subscribed shares and the company bears limited liability to the debts of the company with all its assets. The internal governance structure includes shareholders' meeting, board of directors, board of supervisors, managers, and senior managers.
8. What is the procedure of registration and incorporation of foreign-owned companies?
The registration of foreign-invested enterprises is handled by the Administration for Market Regulation, or the market regulatory departments of the local people's government authorized by the State Council.
Step 1: Determine whether a pre-approval process is required.
For the following different types of pre-approvals the corresponding authority is as follows:
Project approval and record. Approval or record by the State Council and the National Development and Reform Commission.
Negative list. If it belongs to a prohibited category, the investment is not allowed in China; if it belongs to the restricted list, then it should be approved by the Ministry of Commerce or Administration for Market Regulation.
Industry pre-approval item. Approval by industry competent authorities.
Other approval procedures include National Security Review and Anti-Monopoly Review.
Project approval and record. Approval or record by the State Council and the National Development and Reform Commission.
Negative list. If it belongs to a prohibited category, the investment is not allowed in China; if it belongs to the restricted list, then it should be approved by the Ministry of Commerce or Administration for Market Regulation.
Industry pre-approval item. Approval by industry competent authorities.
Other approval procedures include National Security Review and Anti-Monopoly Review.
If no pre-approval procedure is involved, the following materials are submitted as required in Step 2.
Step 2: After completing the pre-process and obtaining the approval documents, the company shall submit the materials (please refer to 1.9) to the Enterprise Registration System of the Administration for Market Regulation (onsite or online) to apply for registration and obtain the business license.
Step 3: After obtaining the business license, an account may be opened according to the application form, the business license, the certificates of relevant personnel, and other documents certifying the opening of an account. Foreign exchange registration can be carried out after submitting the application form, copy of the business license, and approval documents. At the same time, sundry tasks include visiting the Public Security Bureau to carve the official seal, applying for invoices at the Tax Bureau, reporting information to the Ministry of Commerce and registering for social insurance.
9. What are the documents and materials that the foreign investors need to prepare for that purpose? Is notarization or certification required?
Required pre-approval procedures to relevant departments for approval or filing (project approval and filing; negative list; and pre-approval industry items).
The materials required to apply for a license in the Enterprise Registration System of the Administration for Market Regulation usually include:
Application for establishment registration;
Certificate of appointing or entrusting agent;
Articles of Association;
Qualification certificate of shareholder or identity certificate of the natural person;
Employment certificate of senior executives;
Legal representative's employment document and identity certificate;
Residence certificate of the company;
Power of attorney for service of legal documents;
Initial report;
Other documents.
Since China has not acceded to the Hague Convention Abolishing the Requirement of Legalization for Foreign Public Documents (the Hague Convention), consular/embassy certification is required for foreign documents sent to China for use in accordance with international practice, unless there is a bilateral or multilateral agreement or a unilateral waiver of certification by a jurisdiction.
10. How long does it normally take to complete the entire registration and incorporation process?
The duration of the process depends on the type of enterprises and the requirements of the local Administration for Industry and Commerce.
For foreign direct investment without approval requirements, the process of setting up a general company can be carried out according to the Company Law, and the fastest time period is 7 working days.
For a foreign direct investment that needs to be approved, the application and approval period could be more than 32 working days.
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【文章做者】佘威，德恒北京办公室合伙人；张伟民，德恒北京办公室争议处理委员会参谋；薛宁莹，德恒北京办公室律师助理；刘晓彤，德恒北京办公室律师助理。
【文章批示】陈巍，德恒律师事务所治理合伙人
【材料来源】德恒律师事务所