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The Interim Methods for Trial Establishment of Chinese-Foreign Joint-Ventured Foreign Trade Companies promulgated in 1996 stipulated that joint-ventured foreign trade companies shall be conferred certificates of approval by the State competent authority for foreign trade and economic cooperation after their applications are examined by the State competent authority for foreign trade and economic cooperation and approved by the State Council.
While the Interim Methods for Establishment of Chinese-Foreign Joint-Ventured Foreign Trade Companies provides that MOFTEC shall examine the materials submitted by competent authorities at localities, and shall make written replies to the eligible enterprises within 90 days upon receipt of all materials and confer the certificates of approval of foreign-invested enterprises. The key change is that the approving authority of joint-ventured foreign trade companies is MOFTEC rather than the State Council. In the past, foreign trade is a very sensitive sector. At the beginning of the opening up, it was necessary for the State Council to hold the pass. Now it is not necessary. After the Regulations is approved by the State Council, specific administration is vested with the foreign trade competent authority.
After applications for establishment of joint-ventured foreign trade companies are approved, applicants shall handle with procedures for corporate registration with the State Administration of Industry and Commerce or its authorized administration of industry and commerce at localities within 1 month from the day of approval in accordance with laws, and handle with tax registration with the tax administration in accordance with laws.
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