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Foreign investors may wish to engage a consulting company to represent their interests while establishing the JV, benefiting as well from their long standing relationships with local authorities and procedural know-how. This article compiled info about documents required for setting up a joint venture for your better understanding.
Documents Required for Shanghai JV Pre-Licensing
1.A letter of intent or memorandum of understanding must be written and signed by all partners;
2. Submit JV name for approval by the local Administration for Industry and Commerce (AIC);
3. AIC requires one name and two alternates to be submitted;
4. A JV contract and articles of association must be written and signed by all partners;
5. Pre-approval from the National Development and Reform Commission (“NDRC”) may be required:
-Where the JV will be acquiring land or other fixed assets; or
-Where the capital investment in the JV will be significant
6.Certain other government ministries may need to be consulted and to provide approval where the JV is to do business in a relatively regulated industry (for example health or education) or where the collateral impact of the JV’s proposed business activities require review (for example pollution, heavy energy usage)
7. Obtain a certificate of approval for the establishment of the JV from the Municipal Commission of Commerce (MOC). The MOC application should include the following documents:
8. Name pre-approval from AIC
9. Project proposal briefly describing the JV
10. Feasibility study setting out the JV’s investment size and purpose, operational and management structure, number of employees, utility requirements such as power and water, brief description of supply and distribution network, brief estimate of revenues and expenses
11. JV contract and articles of association
12. Certificate of incorporation or equivalent of the corporate investor(s) (certified by the Chinese Embassy or equivalent overseas). For individual investors a passport copy is required (certified by the Chinese Embassy)
13. Capital credit certification from each investor’s bank
14. Copy of passport for (i) JV’s director, (ii) JV’s legal representative, and (iii) JV’s supervisor
15. Leasing contract for office space in China, certification of real-estate ownership, landlord’s identification
16. Letter of authorization (authorizing the JV to accept service in China on behalf of the investor(s))
17. In some cases, latest annual audit report from the foreign investor provided by a certified public accountant
18. Any prior reviews or approvals from government branches (for example land-use rights if required)
19. Standard MOC filing forms
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