Establishing a Company in the Shanghai FTZ
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At a bi-monthly meeting on December 28, the Standing Committee of the National People’s Congress mapped out the specific locations of the three new Free Trade Zones (FTZ) announced earlier. The meeting also announced the expansion of the Shanghai FTZ, as well as the simplification of a number of investment procedures in these zones.
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The expansion will increases the area of the Shanghai zone to 120.27 square kilometers, making it larger than any of the new FTZs. This reform will allow Shanghai to give full play to the advantages of the Pudong New Area and to test foreign investment reform on a larger scale, officials commented.
Additionally, the State Council plans to remove 12 administrative approvals for foreign companies, Sino-foreign joint ventures (JV) and Taiwanese investors in the country’s FTZs. Foreign companies seeking to set up a company in one of the zones will only need to report to the relevant authorities for record-filing, rather than obtain pre-approval from the AIC, as previous.
Administrative approval will also be repealed for foreign companies wishing to close up or merge, or change their operating period. Joint ventures in the zones will be exempt from administrative approval for establishment, extension of their cooperating period and major changes of contracts or Articles of Association. These preferential policies shall take effect on March 1, 2015 with a three-year trial period.
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