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Establishing a
Company in the Shanghai FTZ
At a bi-monthly meeting on December 28, the Standing
Committee of the National People’s Congress mapped out the specific locations
of the three new Free Trade Zones (FTZ) announced earlier. The meeting also
announced the expansion of the Shanghai FTZ, as well as the simplification of a
number of investment procedures in these zones.
The expansion will increases the area of the Shanghai zone
to 120.27 square kilometers, making it larger than any of the new FTZs. This
reform will allow Shanghai to give full play to the advantages of the Pudong
New Area and to test foreign investment reform on a larger scale, officials
commented.
Additionally, the State Council plans to remove 12
administrative approvals for foreign companies, Sino-foreign joint ventures
(JV) and Taiwanese investors in the country’s FTZs. Foreign companies seeking
to set up a company in one of the zones will only need to report to the
relevant authorities for record-filing, rather than obtain pre-approval from
the AIC, as previous.
Administrative
approval will also be repealed for foreign companies wishing to close up or
merge, or change their operating period. Joint ventures in the zones will be
exempt from administrative approval for establishment, extension of their
cooperating period and major changes of contracts or Articles of Association.
These preferential policies shall take effect on March 1, 2015 with a
three-year trial period.
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