The following procedures shall be handled before the establishment of venture investment enterprises:

Investors shall submit the applications for establishment of venture investment enterprises and relevant documents to the local competent authorities for foreign trade and economic cooperation at provincial level, which shall complete preliminary examination within 15 days upon receipt of all required materials before submitting to the Ministry of Foreign Trade and Economic Cooperation (hereinafter referred to as the “Approving Authority”). The approving authority shall, after consulting with the Ministry of Science and Technology, make written decisions on whether to approve or disapprove within 45 days upon receipt of all submitted materials. If approval is made, it shall confer the certificate of approval of foreign-invested enterprises to the venture investment enterprises. The venture investment enterprises that are approved to be set up shall, within one month upon receipt of the certificate of approval of foreign-invested enterprises conferred by the approving authority, present the certificate to the State administration of industry and commerce or the local provincial administration of industry and commerce that is empowered to provide registration service to foreign-invested enterprises (hereinafter referred to as the “Registration Authority”) to apply for corporate registration.