Legal & Regulatory

China Regulatory Brief: New Five Year Work Permit, Foreign Banks Allowed to Invest in Finance

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China’s new five year work permit for foreign employees

China’s Ministry of Public Security has recently unveiled a new pilot program for foreign work permits, which allows anyone who has been employed for at least two consecutive years to apply for a new five year work permit. Previously, foreign nationals were required to renew their work permit every year, even if they were on a multiple year labor contract.

In addition to this, foreign nationals who have worked in the same city or province for four consecutive years, and meet other requirements regarding salary and income tax thresholds, will be eligible to apply for a permanent residence permit.

The pilot program will be implemented in “demonstrative zones of innovative reform” in 11 free trade zones, including those in Beijing, Wuhan, Tianjin, Chongqing, Hebei province, and Henan province. This step to ease visa rules is part of an effort to attract global talent to the country, and follows recent reforms such as the unified work permit and relaxed rules for master’s degree holders.

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Hong Kong Announces Changes to Beneficial Ownership Regime

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By Dezan Shira & Associates
Editor: Weining Hu 

Hong Kong’s Financial Services and Treasury Bureau (FSTB) recently issued a consultation document on amending the Companies Ordinance law. If the amendment proposal is approved, companies incorporated in Hong Kong will need to identify their beneficial owners and register such information with the Hong Kong Companies Registrars.

This rule applies to all companies incorporated in Hong Kong, including those limited by shares, by guarantee, and unlimited companies. However, publicly listed companies will be exempted from the proposed requirements as the Securities and Futures Ordinance already have a stringent set of rules requiring listed companies to register their interests of shares.

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China’s New Cybersecurity Law to be Implemented on June 1

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By Zolzaya Erdenebileg

Although the new Cybersecurity Law of China is due to come into effect June 1, many companies are still unclear about the specific terms of the law. Given the potentially high cost of non-compliance associated with the law, and the uncertain nature of the guidelines that the government will release, managers should review draft measures and monitor related developments to ensure that their business is prepared.

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China Regulatory Brief: Forbidden Postal Items Negative List, Online Trademark Application System Broadened

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Negative list of items forbidden to be sent by post published

The State Post Bureau, the Ministry of Public Security, and the Ministry of State Security have jointly issued regulations on managing items not permitted to be mailed by post, releasing a ‘negative list’ of items forbidden from being mailed to the public, which increases the item count to 188 from 58 in the previous regulation.

It also clarifies standard requirements on the application scope and other matters concerning the items not permitted to be mailed. Prohibited items generally fall into the following categories: items that harm national security, items that disturb social order and stability, explosives, flammables, corrosives, poisons, infective material, radioactive material, or any other items specified by law. In addition, regulations for cigarettes have been imposed, as well as tightened punishment for violation of the regulations.

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China Regional Focus: Cash Incentives for High-tech Companies in Guangdong Province

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By Dezan Shira & Associates
Editor: Weining Hu

On October 14, 2016, Guangdong province’s Department of Finance and Department of Science and Technology jointly released Work Measures for Implementation of Guangdong Province High Tech Enterprises Incubation Program (Measures). The measures include financial incentives to attract investment into the province’s significant tech industry.

Starting from 2008, the Chinese central government has launched a series of tax incentives to support the growth of high and new technologies enterprises (HNTEs). Companies licensed with the HNTE Certification are eligible to take advantage of corresponding financial benefits, such that these HNTEs can enjoy a 15 percent corporate income tax reduction and obtain staff training reimbursement.

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China Regulatory Brief: Incentives for Headquarters in Shanghai, and Further Opening of Elderly Care and Education

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Multinational companies encouraged to establish headquarters in Shanghai

The Shanghai Municipal Government has released revised regulations for encouraging multinational corporations to establish regional headquarters in Shanghai. The revision mainly improves the incentives contained in the original policies, including financial support and compensation for multinational corporations’ headquarters, and that they can enjoy incentive policies for capital management. Entry and exit formalities, talent introduction, and customs clearance will also be simplified for such personnel.

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New Considerations when Establishing a China WFOE in 2017 – New Issue of China Briefing Magazine

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CB mag WFOE considerations cover 250x350The latest issue of China Briefing Magazine, titled “New Considerations when Establishing a China WFOE in 2017“, is out now and currently available to subscribers as a complimentary download in the Asia Briefing Publication Store.

Contents

  • Situating the WFOE Structure within China’s Changing Investment Landscape
  • Pre-establishment Considerations for Setting Up a WFOE in 2017
  • Setting Up a WFOE in China: A Step-by-Step Guide
  • China’s FIE Registration and the New Actual Controlling Person Requirement

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China Regulatory Brief: Plan for Promoting Employment, and Development Zone Reform and Growth

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Plan for promoting employment during the 13th Five Year Plan period

The State Council has issued a plan for promoting employment during the 13th Five Year Plan period, which clarifies the guiding ideas, basic principles, major objectives, key tasks, and guarantee measures for promoting employment. According to the plan, by 2020, the employment scale will be expanded, while employment quality will further improve. New job opportunities in cities and towns will exceed 50 million in total, and the registered unemployment rate nationwide in cities and towns will be brought down under five percent. Nine specific tasks, including building a new-type employment model under the sharing economy, implementation of an entrepreneurship and innovation talent introduction program, supporting migrant workers to return to home to carry out pilot programs of entrepreneurship, implementation of an entrepreneurship training program, a program to advance the development of human resources service industry, have been identified to meet the requirements of the plan.

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Dezan Shira & Associates

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