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If domestic investors want to register their companies overseas and invest directly overseas, the first thing they need to do is to record ODI for overseas direct investment, which is the basis of overseas investment. Then what is the record of overseas investment?
In short, domestic enterprises investing in companies outside the Chinese mainland, including Hong Kong, Macao, Taiwan and other countries and regions, establishing new enterprises or acquiring equity of enterprises need to comply with the above laws and regulations. If an enterprise's overseas investment involves sensitive countries and regions or sensitive industries, it shall be subject to examination and approval administration; the overseas investment of enterprises under other circumstances shall be subject to record management.
Generally speaking, the ODI record registration is mainly divided into three stages: the Department/Ministry of Commerce approval record; NDRC approval for record (national or provincial level); foreign exchange audit of banking department. Only after these three procedures have been completed and relevant qualifications have been obtained, the domestic funds could be exchanged and used for overseas investment.
Approval and Record of Commercial Department/Ministry
The approval and record-keeping work of Ministry/Department of Commerce is mainly to evaluate the authenticity and risk of overseas investment projects, and record or approve them according to different conditions of the projects. As for the record or audit of the project, it needs to be determined according to the risk of the project itself. If the project is in sensitive countries, regions and sensitive industries, it will be approved; for other cases, record management is adopted.
Approval for Record by NDRC
The main content of the approval record of the NDRC is to understand the situation of overseas investment projects, including the risk degree, scale and authenticity of the projects themselves. And according to the characteristics of the project itself, determine the project record or project audit operation.
Foreign Exchange Audit of the Banking Department
The foreign exchange examination of the banking sector is mainly applied for and approved by the State Administration of Foreign Exchange (The State Administration of Foreign Exchange is subordinate to the People's Bank of China). As the bank is responsible for the balance of foreign exchange, the examination of investment projects that only export but not import is more strict. Meanwhile, it should be noted that if the approval of the Ministry of Commerce and the National Development and Reform Commission fails, the banking department will not accept the ODI approval application.
There are many departments involve for ODI registration and audit, and the audit content is complicated, so it is difficult to complete it smoothly by one's own efforts. Therefore, it is very necessary to choose a professional and responsible enterprise service provider to assist you in dealing with relevant matters.
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