Business-starting Investment Enterprises
BIZCHINA / Company laws
Provisions Concerning the Administration of Foreign-funded
Business-starting Investment Enterprises
Updated: 2006-04-17 10:37
Article35 An FBIE shall make tax declaration in accordance with the tax
laws of the state. As to a non-legal-person organization, in accordance
with the law, it may request all the investing parties to file returns
for enterprise income taxes on their own, or file an application by
itself, after the application has been approved, it shall, in accordance
with the law, calculate and pay the enterprise income tax in a
consolidated way.
The concrete regulatory measures concerning the levy of enterprise income
tax upon the non-legal-person FBIEs shall be promulgated separately by
the State Administration of Taxation.
Article36 Where the profit or other income obtained by a foreign investor
from an FBIE is to be remitted abroad, it shall be paid from the foreign
currency account of the FBIE, or shall be remitted through an entrusted
bank with the foreign currencies purchased from the bank. Such payment or
remittance shall be made on the basis of the allocation decision made by
the joint management committee or the board of directors, the audit
report issued by an accountant office, the certification of inflow of
foreign investments and the report on the verification of capital, the
certification of tax payment and the tax return (where an enterprise
enjoys tax concession, it shall present the evidential documents of tax
concession issued by the tax authorities).
In accordance with the law, a foreign investor may request to purchase
foreign currencies to remit the investments withdrawn from the FBIE. As
to an FBIE in the form of company, the opening and access of foreign
currency account, changes of capital and other matters involving the
incomes and expenses of foreign currencies shall be handled pursuant to
the existing regulations concerning the administration of foreign
exchange. But relevant regulations on the non-legal-person FBIEs shall be
formulated separately by the State Administration of Foreign Exchange.
Article37 The investors shall stipulate the business term of the FBIE in
the contract and in the articles of association, generally speaking, the
term shall not exceeds 12 years. When the business term expires, it may
be extended upon the approval of the examination and approval organ.
Upon the approval of the examination and approval organ, an FBIE may be
dissolved, terminate the contract and the articles of association ahead
of the schedule. However, if a non-legal-person organization has sold out
all the investments or sold them off by other means, have paid off all
its debts and have allocated all the residual properties to the
investors, it may, without being subject to approval, enter into the
dissolving and terminating procedure, but it shall submit a written
explanation for archival purposes to the examination and approval organ
at least 30 days before the dissolve comes into effect.
Where an FBIE is to be dissolved, it shall liquidate in compliance with
pertinent regulations.
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