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Overseas Direct Investment (ODI) Record Cancellation

Updated:2022-8-11 18:29:15    Source:www.tannet-group.comViews:22

Overseas Direct Investment (ODI) Record Cancellation, welcome to consult: 18101649652

Before overseas investment, enterprises know the most about how to handle the ODI record. It is often easy to ignore the problem of how to cancel the ODI record after the realization of overseas investment and the return investment. If it is canceled due to bankruptcy, dissolution, liquidation, expiration of business and other reasons, then it is necessary to go through the ODI record cancellation procedures, and apply to the relevant departments, can not wait for it to be canceled automatically.

ODI Record Cancellation Conditions
1. The overseas subsidiary shall be canceled, and all overseas matters shall no longer be operated, and shall be canceled. At this time, the overseas investment record certificate of the enterprise shall also be canceled.
2. The shares of overseas subsidiaries shall be transferred to other overseas companies or overseas individuals, and enterprises in mainland China shall no longer hold the shares of overseas companies.

ODI Record Cancellation Requirements
1. Cancellation of overseas enterprises shall follow the principle of enterprise autonomy, and shall be reported to the foreign economic and trade department for record after completing the cancellation formalities abroad;
2. The overseas investment project shall be immediately canceled due to bankruptcy, dissolution, liquidation or expiration of operation;
3. It has ceased its substantive business activities.

Materials Required for ODI Record Cancellation
1. Application for cancellation or transfer of an overseas enterprise;
2. Copy of business license of domestic investment entity;
3. Resolutions of the shareholders' meeting or board of directors of the domestic investment entity;
4. Liquidation report or transfer agreement (with Chinese translation);
5. Cancellation materials handled in accordance with the laws of the investment destination;
6. Original overseas investment approval certificate.
According to the project situation, the Ministry of Commerce Development and Reform can request the applicant to submit other relevant authenticity proof materials.

ODI Record Cancellation Process
1. Written application (basic information of overseas enterprises, reasons for cancellation or suspension of operations, current assets, amount of assets to be transferred back to China, etc.);
2. Foreign Exchange Registration Certificate for Overseas Investment;
3. The documents for cancellation of the record of overseas enterprises submitted by the domestic investment subject shall be reported to the Provincial Department of Foreign Trade and Economic Cooperation through the Municipal Bureau of Foreign Trade and Economic Cooperation or the Enterprise Group, and the Overseas Investment Certificate shall be returned;
4. Municipal commercial departments shall issue cancellation confirmation letters to municipal enterprises and copy them to provincial Department of Commerce together with the Overseas Investment Certificate;
5. Provincial state-owned enterprises and enterprise groups shall directly submit to the provincial Department of Commerce, and the provincial Department of Commerce shall issue the cancellation confirmation letter to the enterprise;
6. The enterprises go to the foreign exchange department with the confirmation letter to do the foreign exchange procedures.

The above is the introduction of the cancellation of ODI record. If domestic investors want to register their companies overseas and directly invest overseas, the first and necessary thing to do is ODI record (ODI in English is called Overseas Direct Investment), which is the basis of overseas investment. However, if you do not need the ODI record certificate later and do not intend to continue to operate overseas investment projects, you must remember to cancel it, otherwise it will affect the next ODI record for domestic enterprises.

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