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UB & Co. Attorneys and Counselors

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Shanghai 200120
China

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Articles Published by UB & Co. Attorneys and Counselors

 Significant Changes to Several Requirements on Registration of Foreign Invested Enterprises in China

On June 17, 2014, the Ministry of Commerce of China issued a notice regarding the improvement of review & approval and statistical rules of foreign investment in China (the “Notice”) and the Notice shall take effect as of its promulgation date. The Notice revised several important issues regarding the review and approval of registration of foreign-invested enterprises (the “FIE”) in China.

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 New Environmental Protection Law will lead China into a Cleaner Future

On April 24, 2014, the Standing Committee of China's National People's Congress (“NPC”) approved to adopt the amendment to the Environmental Protection Law (the new “EPL”), the first amendment since the original EPL was enacted 25 years ago. It will take into effect on January 1, 2015.

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 Pilot Programme for Mutual Connection of Transactions in Shanghai and Hong Kong Stock Markets Approved

The China Securities Regulatory Commission (“CSRC”) and the Securities and Futures Commission (“SFC”) have approved, in principle, the development of a pilot programme for establishing mutual stock market access between Mainland China and Hong Kong in order to promote the common development of the capital market.

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 Adjustment to the Standards of Certain Livelihood-related Security and Treatment

Shanghai has raised a series of livelihood-related security and treatment standards since April 1st, 2014, including the standards of minimum salary, unemployment insurance benefits, employment subsidies and employment injury insurance as well as disbursement ceiling of the overall fund of basic medical insurance for urban employees.

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 New Amendment of Company Law of PRC Simplifies the Establishment of A Company in China

On December 28, 2013, the Standing Committee of National People's Congress made a decision to amend the Company Law of PRC and the new amendment (the “Amendment”) will take effect on March 1, 2014.

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 Adjustment of Administrative Approval in China (Shanghai) Free Trade Trial Zone

On August 30, 2013, the Standing Committee of the National People's Congress (“Standing Committee”) issued a decision in which the State Council is authorized to temporarily adjust certain rules on administrative approval in relevant laws within China (Shanghai) Free Trade Trial Zone (hereinafter the “Decision”), which will enter into effect on October 1, 2013.

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 Key Issues Regarding the Third amendment to PRC Trademark Law

On August 30, 2013, the Standing Committee of the National People’s Congress issued the Third Amendment to PRC Trademark Law (the "Amendment"). The new Trademark Law based on this Amendment will enter into force on May 1, 2014. In general, the Amendment improves the legal framework regarding critical issues such as trademark application, review and opposition, trademark use, assignment and extension, trademark infringement and punishment, etc.

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 New Regulations on Exit and Entry of Foreigners - China

On July 12, the State Council issued the PRC Administrative Regulation of Entry and Exit of Aliens (the “Administrative Regulation”) which took effect on September 1, 2013. The promulgation of the Administrative Regulation aims to specify the exit and entry rules in the PRC Exit-Entry Administrative Law (the “Exit-Entry Administrative Law”) which came into force on July 1, 2013, and facilitate the management of the exit and entry of foreigners in the practical areas.

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 China Simplifies Rules on Foreign Exchange Administration of Foreign Direct Investment

On May 10, 2013, State Administration of Foreign Exchange (“SAFE”) released the “Regulations on the Foreign Exchange Administration of Domestic Foreign Direct Investment” (hereinafter the “Regulations”), which came into effect on May 13, 2013.

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 Adjustment of the Standard of Social Security Payment - China

Shanghai Human Resources and Social Security Bureau issued the New Standard of Social Security Payment in Shanghai (the “New Standard”) on April 3rd, 2013. The New Standard has come into effect on April 1st, 2013 and will expire on March 31st, 2014.

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 The People’s Supreme Court Issued Interpretation IV on Applicable Laws in Labor Dispute Cases - China

The People’s Supreme Court (“Supreme Court”) released the Interpretation IV on Certain Issues regarding Applicable Laws in Labor Dispute Cases (hereinafter the “Interpretation”) on December 31, 2012, which came into effect on February 1, 2013.

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 Labor Contract Law Revision: Stricter Regulation over Labor Dispatch - China

On December 28th,2012, Standing Committee of the National People's Congress (NPC) approved a Decision on the Revision to the Labor Contract Law of the People's Republic of China (hereinafter referred to as the “Decision”) which shall come into force on July 1st, 2013. The Decision focused on the provisions related to labor dispatch and was designed to strengthen the administration of labor dispatch agencies and protect the rights and interests of the dispatched employees.

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 Beijing and Shanghai Allow 72-hour Transit without Visa for Citizens from 45 Countries

Beijing and Shanghai will allow 72-hour transit without visa for Citizens from 45 Countries from Januanry 1st, 2013.

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 Further Improvement and Revision of Foreign Exchange Regulatory Policies concerning Foreign Direct Investment

On November 19th, 2012, State Administration of Foreign Exchange (SAFE) issued a Notice on Further Improvement and Revision of Foreign Exchange Regulatory Policies concerning Foreign Direct Investment (hereinafter referred to as the Notice) which shall be implemented since December 17th, 2012.

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 Interim Regulations on Capital Contribution by Equities in Foreign Invested Enterprises

Minister of Commerce (“MOFCOM”) released the Interim Regulations on Capital Contribution by Equities in Foreign Invested Enterprises (“FIE”) (hereinafter the “Interim”) on September 21, 2012, which came into effect on October 22, 2012.

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 China’s New Exit-Entry Administration Law

On June 30th, 2012, the National People’s Congress Standing Committee of People’s Republic of China issued the new Exit-Entry Administration Law (hereinafter referred to as the “New Law”) which is applicable to exit-entry of both Chinese nationals and foreign nationals and shall come into effect on July 1st, 2013.

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 China-Chile Investment Agreement

September 9, 2012. On September 9th, 2012, China and Chile signed the Supplementary Agreement on Investment to the Free Trade Agreement between the Government of the People’s Republic of China and the Government of the Republic of Chile (China-Chile Investment Agreement).

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 Hong Kong and Chile Sign Free Trade Agreement

September 7, 2012. On September 7th, 2012, Hong Kong and Chile signed a bilateral Free Trade Agreement (the Agreement), marking a new milestone in the furtherance of trade and investment co-operation between the two economies. The Agreement will enter into force on a date to be mutually determined by Hong Kong and Chile after completing necessary domestic procedures.

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 Dispute between CIETAC and its Shanghai and South China Sub-commissions

CIETAC has recently announced that CIETAC’s authorisation to the CIETAC Shanghai and South China Sub-Commissions for accepting and administering arbitration cases is suspended. However, CIETAC Shanghai and South China Sub-Commissions made a Joint Statement, claiming that they are independent arbitration institutions which are not subject to the admnistration of CIETAC.

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 VAT Reform in China Extended to 11 Provinces/Cities

July 25th, 2012. - On July 25th, 2012, the State Council of China held its standing meeting and approved to extend the Value Added Tax (“VAT”) reform. From August 1st to December 31st, 2012, the transformation from Business Tax (“BT”) to VAT in transportation industries and certain modern service industries will be launched in 8 provinces and 2 cities as follows:

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 China Officially Approved the Policies for Developing and Opening Qianhai Zone

July 4th, 2012. On June 27th, 2012, the State Council of the People's Republic of China (“PRC”) issued a written Reply concerning the Policies for Developing and Opening the Shenzhen-Hong Kong Modern Service Sector Cooperation Zone in Qianhai, Shenzhen (hereinafter referred to as the “Reply”). The policies provided in the Reply are more special than those that apply to Shenzhen Special Economic Zone (“SEZ”).

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 China - New Measures on Administration of the Credit Guarantee Funds for Small and Medium-sized Enterprises

June 18th, 2012. On May 25th, 2012, the Ministry of Finance (“MOF”) and the Ministry of Industry and Information Technology (“MIIT”) of the People's Republic of China (“PRC”) jointly issued the Measures on Administration of Funds for Credit Guarantee of Small and Medium-sized Enterprises (hereinafter referred to as the “New Measures”) which shall enter into force as of the date of its promulgation.

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 New Measures on Administration of Special Funds for the Development of Small and Medium-sized Enterprises in China

On May 25th, 2012, the Ministry of Finance (“MOF”) and the Ministry of Industry and Information Technology (“MIIT”) of the People's Republic of China (“PRC”) jointly issued the Measures on Administration of Special Funds for Development of Small and Medium-sized Enterprises (hereinafter referred to as the “New Measures”) which shall enter into force as of the date of its promulgation. June 13rd, 2012.

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 Notice on Individual Income Tax on the Work Related Injury Insurance - China

The State Administration of Taxation has issued the Notice regarding the Policy of the Individual Income Tax on the Work-related Injury Insurance Treatment (the “Notice”) on May 3rd, 2012, which has retroactively become effective as of January 1st, 2011. May 13rd, 2012.

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 Notice on the Matters regarding Double Taxation in Mainland China for Hong Kong (and Macao) Tax Residents

The State Administration of Taxation (“SAT”) of the People's Republic of China (“PRC”) issued Notice on the Matters regarding Individual Income Tax with respect to the Implementation of the Tax Arrangements between the Mainland China and Hong Kong (and Macao) (hereinafter referred to as the "Notice") on April 26th, 2012, which addresses the double taxation problems in favor of the Hong Kong (and Macao) tax residents.

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 Adjustment of the Standard of Social Security Payment - China

Shanghai Human Resources and Social Security Bureau issued the New Standard of Social Security Payment in Shanghai (the “New Standard”) on March 31st, 2012. The New Standard has come into effect on April 1st, 2012 and will expire on March 31, 2013.

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 Clarification on the Implementation of the EIT Preferential Policies for China's Western Region

The State Administration of Taxation (“SAT”) issued Notice on the Matters regarding Enterprise Income Tax under the Development Strategy for Western Region (hereinafter referred to as “Notice”) which provided certain important clarifications for the implementation of Enterprise Income Tax (“EIT”) preferential policies and set out the relevant applications and approval procedures. The Notice takes retrospective effect from January 1st 2011.

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 Tax Transformation from Business Tax to Value-Added Tax in China

The State Administration of Taxation has issued the Provisional Measures of Applying the Exempt, Credit and Refund Method to Zero-rated Value-added Tax Services in Their Transformation from Business Tax to Value-added Tax under the Pilot Program (the “Provisional Measures”) on April 5th, 2012, which has retrospectively become into effective since January 1st, 2012.

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 New Edition of Catalog for the Guidance of Foreign Investment Industries

The Catalog for the Guidance of Foreign Investment Industries (Amended in 2011) (the “Catalog”), which shall come into force as of January 30th, 2012 and replace the old version of the Catalog promulgated on October 31, 2007. The new Catalog includes 473 items in total - 354 encouraged items, 80 restricted items and 39 prohibited items.

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 New Detailed Rules Regulating Value-added Tax and Business Tax of China

The new Detailed Rules of the Provisional Regulations on Value-added Tax of the People’s Republic of China (the “VAT Rules”) and the new Detailed Rules of the Provisional Regulations on Business Tax of the People’s Republic of China (the “Business Tax Rules”) were issued by the Ministry of Finance and the State Administration of Taxation on October 28, 2011 and will become effective as of November 1, 2011.

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 Administrative Measures of Shanghai Municipality on Pharmaceutical Prices (Trial Implementation)

Administrative Measures of Shanghai Municipality on Pharmaceutical Prices (Trial Implementation, the “Measures”) were issued by Shanghai Development and Reform Commission on July 29, 2011. The Measures will be effective as of September 1, 2011. The main contents of the Measures are as follows:

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 New Policy on Social Insurance for Foreign Employees in China

The Ministry of Human Resources and Social Security issued the Tentative Measures for Social Insurance Enrollment of Foreign Employees in China (Draft for Comments) (the "Tentative Measures") on June 10, 2011. The main contents of the Tentative Measures are as follows:

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 Capital Contributions by Equity: Available to Foreign Invested Enterprises in China Soon

On May 4th 2011, the Ministry of Commerce (“MOFCOM”) issued a Draft of the Management Measures regarding Capital Contribution by Equity to Foreign Invested Enterprises (“FIEs”) for public comments ("Draft Measures"). The deadline for the submission of comments was May 20th, 2011.

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 Adjustment of the Standard of Social Security Payment - China

Shanghai Human Resources and Social Security Bureau issued the New Standard of Social Security Payment in Shanghai (the “New Standard”) on March 31, 2011. The New Standard has come into effect on April 1, 2011 and will expire on March 31, 2012.

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 Interim Rules on Implementation of a Security Review System Regarding M&A Transactions - China

On March 4th 2011, Ministry of Commerce (“MOFCOM”) issued the Interim Rules on Implementation of a Security Review System regarding M&A Transactions Executed by Foreign Investors over Domestic Enterprises (the “Interim Rules”), which will come into effect on March 5th, the same day the Notice on the establishment of a security review system regarding merger and acquisition (“M&A”) transactions over domestic enterprises executed by foreign investors (“the Notice”) comes into effect.

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 Security Review System Regarding M&A Transactions Executed by Foreign Investors over Domestic Enterprises - China

Notice on the establishment of a security review system regarding merger and acquisition (“M&A”) transactions over domestic enterprises executed by foreign investors (“the Notice”) was issued by China's State Council on February 3, 2011, which will come into effect on March 5, 2011.

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 Measures for the Launching of a Pilot Foreign-Invested Equity Investment Enterprise Project in Shanghai

Implementing Measures for the Launching of a Pilot Program for Foreign-Invested Equity Investment Enterprises in Shanghai (the "Measures") were issued jointly by the Shanghai Municipal Financial Services Office, Shanghai Municipal Commission of Commerce and Shanghai Municipal Administration of Industry and Commerce on January 12th, 2011. The Measures will be effective on February 1st, 2011.

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 Tianfu Group Wins Lawsuit against Pepsi Cola Regarding Intellectual Property Right Disputes - China

On December 30, 2010, Chongqing No.5 Municipal Intermediate People's Court issued a decision on the Pepsi Cola – Tianfu Cola case, establishing that Pepsi shall cease to use Tianfu group’s technology secrets and know-how (including Tianfu Cola’s component, formula and business secrets with respect to the production), return the formula, as well as all the documents with respect to Tianfu group’s technology secrets and know-how.

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 New Regulations on Foreign Representative Office in China

The State Council of PRC issued the Regulations on Administration of Registration of Resident Representative Offices of Foreign Enterprises(the "New Regulations") on November 19th, 2010 and the New Regulations will take effect on March 1st, 2011.

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 Unification of the Taxation of Foreign Enterprises, Foreign Invested Enterprises and Domestic Enterprises - China

The State Council issued the Notice on Unifying the City Construction Tax and Educational Surcharge of the Foreign Invested Enterprises, Foreign Enterprises, Foreign Individuals and Domestic Enterprises (the "Notice") on October 18th, 2010.

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 Third Interpretation Regarding the Applicable Law of Labor Dispute Cases - China

The 3rd Interpretation regarding the Applicable Law of Labor Dispute Cases (the “Interpretation”) was issued by the Supreme Court on 13rd September, 2010 and was effective since 14th September, 2010.

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 China Supreme People's Court Issued Provisions on Foreign Investment Disputes

The PRC Supreme People's Court issued the Provisions on Several Matters Concerning the Hearing of Disputes Involving Foreign-Invested Enterprises (I) (the "Provisions") on August 16, 2010, which entered into force on the same day. The Provisions provide guidance for certain disputes arising from the establishment and changes in the registration of the foreign-invested enterprise (the "FIE").

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 Measures on the Management of Trademark Agency - China

State Administration of Industry and Commerce (hereinafter "SAIC") issued the Measures on the Management of Trademark Agency (the "Measures") on July 12, 2010, according to the Trademark Law and the Implementation Measures of the Trademark Law.

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 China's Ministry of Commence Broadens the Approval Authorization of Foreign Investment

Ministry of Commence of PRC issued the Notice on the Transfer of Approval Authorization of Foreign Investment (hereinafter the "Notice") on June 10, 2010.

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 China's State Council Issues New Policies to Boost Foreign Investment in China

Several Opinions on Further Improving the Work of Utilizing Foreign Investment (the "Opinions") were issued by the State Council of China (the "State Council") on April 6th, 2010.

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 Tax Administration on Foreign Enterprise Representative Offices

The Provisional Measures for Tax Administration of Foreign Enterprise Representative Office ("Provisional Measures") was issued by the State Administration of Taxation on February 20th, 2010 and became effective since January 1st, 2010.

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 China Strengthens the Registration Management of Foreign Companies' Representative Offices

The Notice on Further Administration of Registration of Foreign Companies' Resident Representative Offices (the "Notice") was issued by China's State Administration for Industry and Commerce ("SAIC") and the Ministry of Public Security jointly on 4th January, 2010.

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 PRC Renewable Energy Law (Amendment of 2009)

The amendment of the PRC Renewable Energy Law (the “Amendment”) has been adopted on December 26th, 2009, and shall come into effect as of April 1st, 2010.

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 A New Corporate Structure in Partnerships: A New Form of Investment for Foreign Enterprises and Individuals

Measures for the Administration on the Establishment of Partnership Business by Foreign Enterprises or Individuals in China (the “Measures”) shall come into effect as of March 1, 2010.

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 China Adopts Tax Measures and Disclosure Rule Relating to Share Transfers by Non-Resident Enterprises

The PRC State Administration of Taxation issued the Notice on “Strengthening the Management of Enterprise Income Tax Collection of Income from Share Transfers by Non-resident Enterprises”, on December 10, 2009 (the "Notice").

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 The Promulgation of New Merger-Control Regulations

The Ministry of Commerce (“MOFCOM”) issued the Measures for the Reporting of Concentrations of Business Operators (“Reporting Measures”) on November 21, 2009 and Measures for the Review of Concentrations of Business Operators (“Review Measures”) on November 24, 2009. Both of the regulations related to Anti-Monopoly Law will take effect on January 1, 2010.

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 Notice on Interpretation and Determination of Concept of "Beneficial Owner" for Application of Tax Treaties

The State Administration of Taxation issued the “Notice on Interpretation and Determination of Beneficial Owner under Tax Treaties” (the "Notice"). The Notice intends to regulate the acts of foreign companies preventing them from taking advantage of the “double taxation arrangements” signed by China.

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 Establishment of Tianjin Climate Exchange

On September 25 2008, Tianjin Climate Exchange (TCX) was set up in the Tianjin Binhai New Area, which is a joint venture between Chicago Climate Exchange (CCX), the municipal government of Tianjin and the asset management unit of Petro China.

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 Measures on Enhancing the Supervision of Construction Industries in China

In order to regulate the development of the construction industries and remedy the problems during the implementation of the recent RMB4 trillion government stimulus package, the general office of the Central Committee of the Communist Party of China and the State Council jointly issued "Zhong Banfa" Document No. 27 on July 9th, 2009, which stated the harms and specific measures to settle the problems mentioned.

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 Foreign Exchange Administrative Measures Governing Overseas Direct Investment by Domestic Institutions

In order to encourage and regulate the overseas investment by domestic institutions, the State Administration of Foreign Exchange (SAFE) has issued the provisions, which will be effective on August 1st, 2009.

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 CBRC New Rules on Fixed Assets Loan & Project Finance

1) Guidelines for Project Finance Business, [2009] No.71 2) Provisional Measures on the Administration of Fixed Assets Loans, CBRC Order [2009] No.2

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 Measures for the Administration of Pilot RMB Settlement in Cross-border Trade

The “Measures” and the “Implementation” stipulate for the first time that some designated and qualified enterprises are allowed to implement the RMB settlement in cross-border trade in the pilot areas.

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 Provisions on M&A of a Domestic Enterprise by Foreign Investors

No.6 Decree of the Ministry of Commerce PRC on Promulgation of the Provisions on M&A of a Domestic Enterprise by Foreign Investors “Provisions”.

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 Benefits and Costs of Setting up a Wholly Foreign Owned Enterprise (WFOE) - China

The author makes a comparison with the setting up of a representative office.

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 The New Enterprise Income Tax Law of China

The new PRC Enterprise Income Tax Law (the “New Law”) , which took effect on January 1st 2008, levels the playing field between foreign invested enterprises (“FIEs”) and domestic enterprises. The New Law sets an enterprise income tax (“EIT”) rate of 25% applicable to both FIEs and domestic enterprises.

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 Establishment of a Joint Venture - China

In order to establish a Joint Venture in China, the first step shall be to find a qualified and agreeable Chinese partner. In this regard, it should be borne in mind that Chinese laws often (expressly or by implication) provide for qualification requirements on the Chinese partner to a joint venture.

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 Contracts: The Chinese Perspective - China

The Chinese have a reputation for “not abiding by the contract" or for changing contractual terms after they have been agreed.

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 The New M&A Regulations of the People’s Republic of China

The new "Regulations Concerning the Merger and Acquisition of Domestic Enterprises by Foreign Investors" (the "New M&A Regulations") were promulgated on 8 August 2006.

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