New trend on streamline the examination and approval formalities for Foreign Investment projects in China
To carry out the spirit of deepening reform of the administrative examination and approval system, optimizing the management and increasing the efficiency of examination and approval, on May 28th, the Ministry of Commerce issued an Announcement on the Launch of the Advancement in the examination and Approval of Foreign-Invested Projects. By this Announcement, the Ministry of Commerce will launch a pilot work to simplify the formalities of examination and approval for 3 months, which will be end on August 31st.
According to the Announcement, except for the foreign-direct sales projects, all the other examination and approval matters administrated by the commerce ministry, such as establishment foreign invested company, change the investor, the business scope, transfer company share etc. will be covered in this simplifying pilot work. The scope that will be streamlined in this pilot work will include: simplifying the application documents and reducing application formalities.
The aim of this Announcement is to provide convenient to the applicant by cutting down the time consumption for all the applications. By this announcement and the expectation of the result of this pilot work, we may expect that in the future, the examination and approval for foreign invested projects that governed by the Ministry of Commerce will be more and more simple.