Firstly, an application for establishment signed by legal representative of foreign company shall be submitted with nationality certificate and power of attorney.
Secondly, the application shall be complete in content and eligible as follows: 1) foreign company profile including company name, nationality, legal address, legal representative and names and addresses of other leading persons, date of setting up, operation scope, total assets, registered capital, etc; 2) basic conditions to establish Chinese branch, including branch name, legal address, investment total, operation scope, operation period, etc. 3) pledging for abiding by Chinese laws and regulations.
Finally, right formalities shall be handled by right ratification organs. The authorities in charge of setting up a branch in China are departments of foreign trade and economic cooperation under the State Council and provincial governments. In addition, if the operation business is about foreign banking business or foreign insurance, ratification shall go to the People’s Bank of China; while foreign oil company branch shall be under supervision of China Petro or China Ocean Petro and ratified by authority of foreign trade and economic cooperation.
Copyright©2019 China Daily. All rights reserved.