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Beijing to promote foreign investments with 17 measures |
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The Beijing Administration for Industry and Commerce recently released a report containing practical measures to support and encourage the development of foreign-funded enterprises in Beijing in terms of market accessions, annual inspections, oversight and management. In terms of the market accession for foreign-funded enterprises, the new measures will help the investors of foreign-funded enterprises to convert their creditors' rights to the enterprises into registered capital. It will also lower requirements for company name registration allowing certain foreign companies' wholly-owned subsidiaries to use "China" in their company names. This measure only will apply to subsidiaries engaged in high-tech or service industries that have at least 30 million yuan in registered capital. Beijing will move to attract multinational companies to establish functional institutions and service outsourcing enterprises. In terms of annual inspections of foreign-funded enterprises, Beijing will further improve the online annual inspection system to reduce business costs and establish special annual inspection channels for those who have regional headquarters or many subsidiaries in Beijing. Beijing will also offer support to foreign-funded enterprises with temporary operating difficulties and help those that have not started operations or have suspended operations to pass the annual inspections after declaring the suspension of business. In terms of optimizing the investment environment, Beijing will first provide foreign-funded enterprises with high-quality market accession services in major localization as well as mergers and acquisitions projects of large and major enterprises. Second, Beijing will firmly execute national policies in the introduction of foreign investments. Third, it will help foreign-funded enterprises to ease the difficulties in investment contributions, allowing those whose first-phase investments have reached the minimum amount of statutory registered capital to prolong their investment contributions until the time limit. Fourth, for qualified foreign-funded enterprises that cannot make investment contributions as pledged because of financial distress, relevant authorities may prolong the period of their investments until the statutory time limit or help them to reduce their registered capital, transfer shares to other companies or cancel the registration. Fifth, to expand their financial channels, Beijing will continue to provide them with a variety of service measures, such as equity pledges, pledges of movables as well as pledges of the exclusive rights to trademarks. Furthermore, Beijing will continue to strengthen trademark protection. It will actively guide foreign-funded enterprises to enhance their trademark registration, usage, protection and management abilities, and also further strengthen the protection of foreign-funded enterprises' exclusive rights to trademarks. |
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