Venture investment enterprises that make investment within the Chinese territory shall follow the provisions under the Regulations about Guidelines for Foreign Investment and the Directory of Industries for Foreign Investment. In other words, venture investment enterprises can make investment in the sectors in which the State encourages, allows and restricts foreign investment. To be specific, venture investment enterprises shall report for file with the local authorized departments of foreign trade and economic cooperation when they invest in the enterprises falling under encouraged and permitted categories. The local authorized departments of foreign trade and economic cooperation shall complete the procedures for examination and keeping on file within 15 days upon receipt of the materials submitted on file, and confer to the invested enterprises the certificate of approval of foreign-invested enterprises. With the certificate of approval of foreign-invested enterprises, the invested enterprises shall apply for corporate registration with the registration authorities, which shall decide weather to approve or disapprove the application in accordance with related laws and administrative regulations. After approval is made, the registration authorities shall issue the legal business licenses to the foreign-invested enterprises.
Venture investment enterprises that invest in the enterprises falling under the category of restrictions shall file an application to the local competent authorities for foreign trade and economic cooperation at provincial level, and submit the following materials: the statement of the venture investment enterprise about sufficiency of investment funds; the certificate of approval and the business license (copy) of the venture investment enterprise; the contract and articles of association of the invested enterprise signed by the venture investment enterprises (and other investors of the invested enterprise).

Competent authorities of foreign trade and economic cooperation at provincial level shall decide in writing whether to approve or disapprove within 45 days upon receipt of the above applications. After approval is made, the competent authorities shall confer the certificate of approval of foreign-invested enterprises to the invested enterprises. With the written decision and the certificate of approval of foreign-invested enterprises, the invested enterprises shall apply for registration with the registration authorities, which shall decide weather to approve or disapprove the application in accordance with related laws and administrative regulations. After approval is made, the registration authorities shall issue the legal business licenses to the foreign-invested enterprises.

Venture investment enterprises that invest in the foreign investment projects in service trade falling under the category of gradual opening shall submit applications for approval in accordance with the relevant provisions of the State.