(1986)
BIZCHINA / Foreign Investment Catalogue
Law of the People's Republic of China on Foreign Capital Enterprises
(1986)
Updated: 2006-04-20 09:41
Article 19 The foreign investor may remit abroad profits that are
lawfully earned from an enterprise with foreign capital, as well as other
lawful earnings and any funds remaining after the enterprise is
liquidated.
Wages, salaries and other legitimate income earned by foreign employees
in an enterprise with foreign capital may be remitted abroad after the
payment of individual income tax in accordance with the law.
Article 20 With respect to the period of operations of an enterprise with
foreign capital, the foreign investor shall report to and secure approval
from the authorities in charge of examination and approval. For an
extension of the period of operations, an application shall be submitted
to the said authorities 180 days before the expiration of the period. The
authorities in charge of examination and approval shall, within 30 days
from the date such application is received, decide whether or not to
grant the extension.
Article 21 When terminating its operations, an enterprise with foreign
capital shall promptly issue a public notice and proceed with liquidation
in accordance with legal procedure.
Pending the completion of liquidation, a foreign investor may not dispose
of the assets of the enterprise except for the purpose of liquidation.
Article 22 At the termination of operations, the enterprise with foreign
capital shall nullify its registration with the industry and commerce
administration authorities and hand in its business licence for
cancellation.
Article 23 The department under the State Council which is in charge of
foreign economic relations and trade shall, in accordance with this Law,
formulate rules for its implementation, which shall go into effect after
being submitted to and approved by the State Council.
Article 24 This Law shall go into effect as of the date of its
promulgation.
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