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Rules and Regulations
  • Index number:
    000014453-2015-00256
  • Dispatch date:
    2015-06-24
  • Publish organization:
    State Administration of Foreign Exchange
  • Exchange Reference number:
  • Name:
    Circular of Nullified and Modified Documents on the Registered Capital Registration System
Circular of Nullified and Modified Documents on the Registered Capital Registration System

The branches and foreign exchange administrative departments of the State Administration of Foreign Exchange (hereinafter referred to as the “SAFE”) of all provinces, autonomous regions, and municipalities directly under the Central Government; the branches of the SAFE in Shenzhen, Dalian, Qingdao, Xiamen, and Ningbo

To implement the Circular of the State Council on Printing and Distributing the Reform Plan on the Registered Capital Registration System (Guofa No. 7 [2014]) and the Circular of the General Office of the State Council on Accelerating Implementation of the Reform on the Registered Capital Registration System (Guobanhan No. 14 [2015]), some regulatory documents on foreign exchange administration are nullified and modified as follows:

I. The Circular of the State Administration of Foreign Exchange on the Implementation of the Pilot Program on Domestic and Foreign Currency Exchange Franchise Businesses for Individuals (Huifa No. 38 [2008]) is nullified.

II. Article 2 under the Circular of the State Administration of Foreign Exchange on Printing and Distributing the Measures for Administration of the Pilot Program on Domestic and Foreign Currency Exchange Franchise Businesses for Individuals (Huifa No. 27 [2012]) and Article 18 Paragraph (I) of the attached Measures for Administration of the Pilot Program on Domestic and Foreign Currency Exchange Franchise Businesses for Individuals are deleted.

Article 8 Paragraph (I) of the attached Measures for Administration of the Pilot Program on Domestic and Foreign Currency Exchange Franchise Businesses for Individuals is modified into “having independent legal person qualification.”

The sequence of the relevant provisions is adjusted accordingly.

III. Article 6 Paragraph (V) under the Appendix II to the Circular of the State Administration of Foreign Exchange on Printing and Distributing of the Regulations for Foreign Exchange Administration on Trade in Services (Huifa No. 30 [2013]), namely, the Rules for Implementation of the Guidelines on Foreign Exchange Administration for Trade in Services, is modified into “external payment under profit, dividend and bonus: the board resolution on profit distribution relating to this outward remittance.Interim dividend and bonus attributable to an overseas shareholder and payable by a domestic institution according to the law;

External payment under the profit attributable to a foreign partner in a foreign-invested partnership: resolution on profit distribution to partners;

Receipt of foreign exchange under profit, dividend and bonus: resolution on disposal of profit and financial statements of an overseas institution for relevant year(s).”

IV. Article 6 of the Circular of the State Administration of Foreign Exchange and the Ministry of Construction on Issues Related to Regulating Foreign Exchange Administration of the Real Estate Market (Huifa No. 47 [2006]) is modified into “a foreign-invested real estate enterprise which has not obtained the State-owned Land Use Certificate or whose capital fund for a development project has not reached 35% of the total project investment is not allowed to make borrowings from overseas. Nor shall a foreign exchange authority conduct external debt registration and approve of foreign exchange settlement and verification with respect of external debts.”

V. In the Appendix 2 to the Circular of the State Administration of Foreign Exchange on Promulgating the Measures for Administration of External Debt Registration (Huifa No. 19 [2013]), i.e., the Operating Guidelines on Administration of External Debt Registration, Paragraph 2(2) and (3) (Principles for review) of Section I (Registration of External Debt Contract Execution for Non-banking Debtors) are deleted; Paragraph 6(3) thereof is modified into “a foreign-invested real estate enterprise which has not obtained the State-owned Land Use Certificate or whose capital fund for a development project has not reached 35% of total project investment is not allowed to make borrowings from overseas. Nor shall a foreign exchange authority conduct external debt registration and approve of foreign exchange settlement and verification with respect of external debts.”

The sequence of the relevant provisions is adjusted accordingly.

VI. Article 7 Paragraph 1 of the Circular of the State Administration of Foreign Exchange on Foreign Exchange Administration for Overseas Loans Extended by Domestic Enterprises (Huifa No. 24 [2009]) is modified into “lenders and borrowers shall be organized and registered according to the law”

VII. Article 14 of the Circular of the State Administration of Foreign Exchange on Releasing the Provisions for the Centralized Operations and Administration of Foreign Exchange Funds of Internal Members of Domestic Enterprises (Huifa No. 49 [2009]) is modified into “domestic enterprises engaging in the foreign currency fund pool business shall be organized and registered according to the law and have not violated any laws or regulations on foreign exchange administration in the last two years.”

VIII. In the Appendix 1 to the Circular of the State Administration of Foreign Exchange on Further Improving and Adjusting the Policies on Foreign Exchange Administration of Direct Investments (Huifa No. 59 [2012]), i.e., Operating Guidelines for Foreign Exchange Business for Direct Investment under the Capital Account(SAFE Version), Paragraph 2 (Principles for review) of Article 1.14, “Domestic Enterprises Engaging in the Foreign Currency Fund Pool Business” is modified into “domestic member enterprises applying for engaging in the foreign currency fund pool business shall be organized and registered according to the law and independently bear legal liabilities”;Paragraph 1 (Principles for review) of Article 2.8, “Registration of the Quota for Overseas Loans Extended by Domestic Institutions” is modified into “lenders and borrowers shall be organized and registered according to the law.”

IX. In the Appendix to the Circular of the General Affairs Department of the State Administration of Foreign Exchange on Printing and Distributing the Operating Guidelines on the Foreign Exchange Business under the Capital Account (2013 version) (Huizongfa No. 80 [2013]), i.e., the Operating Guidelines on the Foreign Exchange Business under the Capital Account, Paragraph 2 (Principles for review) of Article 2.10 “domestic enterprises engaging in the foreign currency fund pool business” is modified into “domestic member enterprises applying for engaging in the foreign currency fund pool business shall be organized and registered according to the law and independently bear legal liabilities”;Paragraph 1 (principles for review) of Article 3.7 “registration of the quota for overseas loans extended by domestic institutions” is modified into “lenders and borrowers shall be organized and registered according to the law”; Paragraph 2(2) and (3) (Principles for review) of Article 4.2, “registration of external debt contract execution for non-banking debtors” are deleted; and Paragraph 6(3) is modified into “a foreign-invested real estate enterprise which has not obtained the State-owned Land Use Certificate or whose capital fund for a development project has not reached 35% of total project investment is not allowed to make borrowings from overseas. Nor shall a foreign exchange authority conduct external debt registration and approve of foreign exchange settlement and verification with respect of external debt.”

The sequence of the relevant provisions is adjusted accordingly.

The Circular will take effect as of the date of promulgation.

The General Affairs Department of the State Administration of Foreign Exchange

May 4, 2015





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