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New Foreign Business License to Be Issued
Foreign-funded enterprises in China will be granted new business licenses as of January 1, 2001, says the Notice on Starting the Use of New Business License for Foreign-Funded Enterprises issued by the State Administration for Industry and Commerce.
The Notice says that the new business license includes the original copy and duplicate of the "Business License for the Legal Person of the Enterprise", the original copy and duplicate of the "Business License" and the "Registration Certificate for Administrative Bodies of Foreign-Funded Enterprises".
The "Business License for the Legal Person of the Enterprise" includes the records of the name, address, legal representative, registered capital, enterprise type, business scope and operational period, registration number, founding date and the registration organ.
The "Business License" includes the records of the name, business place, responsible member, business scope, founding date, registration number and the registration organ.
The registration organ column in the business license shall be affixed with the seal of the local administration for industry and commerce authorized by the State Administration for Industry and Commerce.
The new business license for foreign-funded enterprises will be basically the same as the current one for limited companies. The nature of the enterprise will be clearly indicated in the new business license whose functions are entirely the same as the original one.
Sources say that in the new business license some unnecessary registration items are canceled, and that the stipulation on the annual change of the copy of the license is also canceled.
The new license also changes the form of the current license which needs to be signed and affixed with the seal of the State Administration for Industry and Commerce, instead, the new license is issued to foreign-funded enterprises by the State Administration for Industry and Commerce or by local administration for industry and commerce it authorizes; a clearly indicated registered capital system shall be popularized on the basis of having been tested in selected points.
By PD Online Staff Du Minghua
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