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Permission for Outbound Investment Projects

  #Basic information

  Competent authority for accepting applications: Sichuan Development and Reform Commission

  Charge: no charge is payable

  Approval type: administrative permission

  #Required documents

  1. Approval documents issued by the local municipal (or prefectural) development and reform commissions (may be waived for enterprises directly affiliated to the provincial government or province-level key enterprises, which may submit approval documents for the project);

  2. Application reports in 5 copies. Details shall include:

  a) project name and basic information of the investors;

  b) background information and investment environment;

  c) construction size, major items to be constructed, products and target market, as well as the profitability and risks of the project;

  d) total investment, capital contribution of all parties, means of capital contribution, financing plans and the amount of foreign exchange to be used; evaluation of environmental impact;

  e) in the case of merger and acquisition or equity participation, the detailed information of the companies to be merged or acquired or whose shares are to be purchased shall be included. 

  3. Attachments to the application reports. They shall include:

  a) resolutions of the board of directors and other relevant resolutions on capital contribution;

  b) documents certifying the Chinese parties¨ and foreign parties¨ assets, business performance and creditworthiness;

  c) letter of intent on financing issued by related banks;

  d) in the case of capital contribution in kind or in the form of such assets and rights as negotiable securities, intellectual property rights, technologies, equity interests or creditor¨s rights, where the appraised value or fair value of such contribution is adopted as the certified amount of capital contribution, asset appraisal statements issued by qualified accounting firms or asset appraisal agencies or other documents from a third party verifying the value of related assets and rights;

  e) in the case of projects involving the submission of bids, merger and acquisition or equity joint-venture or contractual joint-venture, letters of intent or framework agreements entered into by the Chinese parties and foreign parties;

  f) in the case of projects involving overseas bidding or merger and acquisition, information report attached by relevant confirming documents issued by the National Development and Reform Commission or Sichuan Development and Reform Commission. 

  4. Organizational codes;

  5. Soft copies of the above documents are also required in addition to hard copies.

  #Place to file the application

  Address: Administrative Services Center of the People¨s Government of Sichuan Province, No.2 Caoshi Street, Chengdu

  Contact: Window for Sichuan Development and Reform Commission (028) 86942462 86913671

  Complaint Tel: (028) 86936197 86705790

  #Conditions for approval

  1. investment projects (including new establishment, merger and acquisition, equity participation, capital increase and re-investment) conducted by legal persons existing within the jurisdiction of Sichuan province or through the overseas enterprises or institutions of which they hold controlling shares.

  2. resource development projects with Chinese parties¨ contribution of less than US$ 30 million and other projects with Chinese parties¨ foreign exchange amount to be used of less than US$ 10 million.

  3. the projects shall be in compliance with state policies in relation to outbound investment and relevant law provisions of the host countries of the projects;

  4. the projects shall be in compliance with relevant state provisions in relation to the administration of capital accounts and foreign debts;

  5. the investors shall have the relevant investment strengths.

  #Legal basis

  1. Decision of the State Council Concerning the Reform of the Investment System (GuoFa (2004) No.20) and its attachment the Catalog of Investment Projects Approved by the Central Government (2004 version);

  2. Circular on Strengthening the Administration of Outbound Investment Projects (GuoFa (1991) No.13);

  3. Interim Measures for the Administration of Examination and Approval of Outbound Investment Projects (Order of NDRC (2004) No.21);

  4. Interim Measures of Sichuan Province for the Examination and Approval of Outbound Investment Projects (ChuanBanFa (2005) No.17) issued by the General Office of the People¨s Government of Sichuan Province.

  

 
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