Legal & Regulatory

How Beijing is Making Doing Business Easier

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By I-Ting Shelly Lin

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In March, the Beijing Municipal Administration of Industry and Commerce, the Tax Bureau, the Commission of Development and Reform, and other relevant bureaus issued a series of policies and measures designed to improve the ease of doing business in the capital city. Beijing businesses now enjoy simplified establishment procedures, reduced costs, and greater transparency on the government’s actions.

The reforms should be familiar to anyone who has read a World Bank Doing Business report: manual transactions are now online; procedures have been streamlines and shortened; costs have been reduced. Every little counts. The initiative will undoubtedly help businesspeople in the capital.

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Shanghai’s Minimum Wage to Rise April 1

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The authorities in Shanghai announced that they plan to increase the statutory minimum wage in the commercial capital from April 1, 2018.

Following the increase on April 1, wages for full time workers will be raised from RMB 2,300 (US$363.70) to RMB 2,420 (US$382.67) per month, while wages for part time workers will be raised from RMB 20 (US$3.16) to RMB 21 (US$3.32) per hour.

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China Announces Sweeping Overhaul of Government Institutions

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By Alexander Chipman Koty

China announced a sweeping restructuring of its government institutions at the ongoing Two Sessions meetings in Beijing.

The government overhaul is China’s most significant institutional reform in years, with various entities either newly created, merged, restructured, or dissolved.

Overall, the restructuring will affect over two dozen government bodies. It will cut the total number of ministerial-level entities by eight and vice-ministerial-level entities by seven, while creating seven new ministries and a number of new agencies.

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China’s ‘One Window, One Form’ to Streamline Foreign Business Registration

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China will implement a “One Window, One Form” policy for registering foreign-funded enterprises, according to a recently released circular.

The circular, which was issued jointly by the Ministry of Commerce (MOFCOM) and State Administration for Industry and Commerce (SAIC), will be implemented nationally from June 30, 2018.

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Beijing’s Service Sector: Market Opening Measures

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By I-Ting Shelly Lin

In late 2017, the Beijing Municipal Commission of Commerce announced several new temporary regulation adjustments aimed at loosening restrictions on foreign investment in the city. The adjustments, which are effective from December 22, 2017 to May 5, 2018, are designed to further open Beijing’s service sector to international investment.

The adjustments lower qualification standards for foreign investors and broaden the scope of permitted business activities in several service industries, including culture and education, business and tourism, science and technology, healthcare, and finance. After the May 5 deadline, authorities will study the pilot program and determine whether to keep or amend the measures.

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China’s Cybersecurity Law: An Introduction for Foreign Businesspeople

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By Leo Zhao and Lulu Xia at Grapevine Asia Partners

 

The Cybersecurity Law of the People’s Republic of China (“the Cybersecurity Law” or “the Law”) officially came into force on June 1, 2017. The Law and its rules and regulations attracted heated discussion since adoption. This article provides a structured summary on key aspects of the Law.

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Hong Kong’s Companies Ordinance (Amendment), 2018: Register Significant Controllers

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By Dezan Shira & Associates
Editor: Alexander Chipman Koty

Hong Kong’s Companies Ordinance (Amendment), 2018 (the “Ordinance”), which introduces new requirements for registering significant controllers, will come into effect on March 1, 2018.

The Hong Kong Companies Registry has sent official letters and guidelines to Hong Kong companies by post explaining the contents of the Ordinance. However, while the Ordinance is set to come into effect shortly, some companies have yet to receive these documents.

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Pre-investment Capital Planning for China’s Foreign Exchange Control

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By Dezan Shira & Associates
Editor: Zolzaya Erdenebileg

In China, companies, banks, and individuals must comply with a “closed” capital account policy. This means that money cannot be freely moved into or out of the country unless it abides by strict foreign exchange rules.

China made promises to liberalize its foreign exchange market when acceding to the World Trade Organization (WTO), but changes are being introduced gradually. Currently, the government is using the China (Shanghai) Pilot Free Trade Zone to test full currency convertibility and further liberalizations for foreign investors. If successful, regulators will likely expand liberalizations nationally.

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Dezan Shira & Associates

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