NDRC Issues Administrative Measures for Approval and Record-filing of Overseas Investment Projects
2014-May-6 Source: Newsgd.com
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For the convenience of oversea investments, on 8th Apr, the National Development and Reform Commission ("NDRC") issued the Administrative Measures for the Approval and Record-filing of Overseas Investment Projects (the "Measures"), with effect as of May 1, 2014. Compared with published in 2004, the Measures have several developments. Firstly, the approving authority in respect of oversea investment project has been significantly enhanced, and at the meantime, the scope of approval has been narrowed by executing the institution of filing records in respect of general project. According to the Measures, overseas investment projects where the Chinese party's investment amount is 1 billion dollars or more shall be subject to the approval system and all projects where the Chinese party's investment amount is less than 1 billion dollars shall be subject to the record-filing system. Among others, with respect to overseas investment projects where the Chinese party's investment amount is 2 billion dollars or more and involves sensitive counties, areas or industries, the NDRC shall put forward the examination and approval opinions to the State Council for approval. Secondly, the procedure is simplified, and the period of approval has been confirmed. The Measures confirm that for the project that needs the approval from the NDRC or from the State Council, the local enterprise may summit the application report to the Development and Reform Commission in the Province it located in, and the authority will then transfer its comments to the NDRC for approval. The procedure of the project falls within the category of filing records is the same as the aforesaid procedure. For the period of approval, it is shortened greatly. For example, the general period for approval is 20 working days (excluding the time for assigned valuation), and the period for the project that needs assigned valuation is less than 40 working days. For the project that needs to file record, the period is 7 working days.

(This information is provided by Lawyer Kelly Xie from Guangdong KaiTong Law Firm in friendship. It is not any legal opinion or legal grounds addressed to any organization or individual. For inquiry, please contact Kelly via email at Kelly_xie@ktlf.com.cn or by phone on 13926185641.)

 

Editor: Olivia
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