Approval procedures loosened for establishment of foreign enterprises

    | BY

    clpstaff &clp articles

    MOFCOM delegates approval authority to local governments

    The Ministry of Commerce (MOFCOM) has issued new rules that would grant the provincial commerce authorities power to approve establishment of foreign-invested commerce enterprises (FICEs).

    Broad & Bright partner Lawrence Guo said that the Circular on Delegating Matters Concerning the Examination and Approval of Foreign-invested Commercial Enterprises indicates Mofcom's decision to lower the barrier of approval procedures for FICEs. Approval authority was previously retained by Mofcom, and any FICEs involved in distribution of industrial raw materials such as fuel oil, cotton, and iron ore were subject to approval from the Ministry.

    This premium content is reserved for
    China Law & Practice Subscribers.

    • A database of over 3,000 essential documents including key PRC legislation translated into English
    • A choice of newsletters to alert you to changes affecting your business including sector specific updates
    • Premium access to the mobile optimized site for timely analysis that guides you through China's ever-changing business environment
    For enterprise-wide or corporate enquiries, please contact our experienced Sales Professionals at +44 (0)203 868 7546 or [email protected]