Tentative Provisions on Capital Contributions Made in the Form of Equity involving Foreign-invested Enterprises

关于涉及外商投资企业股权出资的暂行规定

The equity of real property enterprises, foreign holding companies, foreign-invested venture capital investment enterprises and foreign-invested private equity enterprises is not allowed to be used for investment in another foreign-invested enterprise.

Clp Reference: 2330/12.09.21 Promulgated: 2012-09-21 Effective: 2012-10-22

(Promulgated by the Ministry of Commerce on September 21 2012 and effective as of October 22 2012.)

(商务部于二零一二年九月二十一日公布，自二零一二年十月二十二日起施行。)

商务部令〔2012〕第8号

第一条为规范涉及外商投资企业的股权出资行为，提高投资便利化水平，促进外国投资者来华投资，根据中华人民共和国外商投资法律、《公司法》以及相关行政法规的规定，制定本规定。

第二条境内外投资者(以下统称股权出资人)以其持有的中国境内企业(以下统称股权企业)的股权作为出资，设立及变更外商投资企业(以下统称被投资企业)的行为适用本规定，包括：

(一)以新设公司形式设立外商投资企业；

(二)增资使非外商投资企业变更为外商投资企业；

(三)增资使外商投资企业股权发生变更。

以上所称企业是指在中国境内依法设立的有限责任公司或股份有限公司。

第三条本规定所称审批机关为中华人民共和国商务部或地方商务主管部门。

投资者以股权出资设立及变更外商投资企业，除按照有关外商投资审批管理规定由商务部批准的之外，其余由被投资企业所在省、自治区、直辖市和计划单列市的商务主管部门(以下简称省级审批机关)负责批准。

第四条用作出资的股权应当权属清晰、权能完整，依法可以转让；股权企业为外商投资企业的，该企业应依法批准设立，符合外商投资产业政策。

属于以下情形的，股权不得用于出资：

(一)股权企业的注册资本未缴足；

(二)股权已被设立质权；

(三)股权已被依法冻结；

(四)股权企业章程(合同)约定不得转让的股权；

(五)未按规定参加或未通过上一年度外商投资企业联合年检的外商投资企业的股权；

(六)房地产企业、外商投资性公司、外商投资创业(股权)投资企业的股权；

(七)法律、行政法规或者国务院决定规定股权转让应当报经批准而未经批准；

(八)法律、行政法规或者国务院决定规定不得转让的其他情形。

第五条股权出资后，被投资企业和股权企业及其直接或间接持股企业应符合《指导外商投资方向规定》、《外商投资产业指导目录》以及其他外商投资相关规定；不符合有关规定的，应在申报股权出资之前剥离相关资产、业务或转让股权。境内外投资者不得以股权出资方式规避外商投资管理。

第六条用作出资的股权应当经依法设立的境内评估机构评估。

第七条股权出资人与被投资企业的股东或其他投资者可在股权评估的基础上协商确定股权作价金额、股权出资金额。

股权作价金额是指以上各方在股权评估基础上共同认定的用于出资股权的交易作价，股权出资金额是指股权作价金额中计入被投资企业注册资本的部分，股权出资金额不得高于股权评估值。

对于以股权作价认购被投资企业增资的，股权作价金额计入并购交易额。

第八条被投资企业全体股东的股权出资金额和以其他非货币财产作价出资金额之和不得高于其注册资本的70%。

第九条被投资企业为有限责任公司的，其投资总额应根据《国家工商行政管理局关于中外合资经营企业注册资本与投资总额比例的暂行规定》，按照股权出资后被投资企业的注册资本进行确定。

第十条投资者以股权出资，应由投资者或被投资企业向审批机关提出申请，提交以下文件：

(一)股权出资申请及股权出资协议；

(二)股权出资人合法持有用作出资股权的证明；

(三)股权企业《企业法人营业执照》(复印件)；

(四)股权企业为外商投资企业的，应提交《外商投资企业批准证书》及复印件，通过外商投资企业联合年检的相关证明；

(五)评估机构的股权评估报告；

(六)律师事务所及其委派的律师就本规定第四条、第五条内容出具的法律意见书；

(七)依照外商投资法律、行政法规和规章应当报送的其他关于外商投资企业设立或变更的文件；

(八)法律、行政法规或者国务院决定规定股权企业股东转让股权须报经批准的，需提交相关批准文件；

(九)审批机关要求提交的其他文件。

第十一条被投资企业的审批机关依法决定批准或不予批准。予以批准的，由审批机关颁发或换发《外商投资企业批准证书》(在备注栏加注“股权出资未缴付”)。

股权企业为外商投资企业，且与被投资企业分由不同审批机关批准的，被投资企业的审批机关应征求股权企业所在地省级审批机关意见，股权企业所在地省级审批机关应在收到征求意见函后20个工作日内回复意见；逾期不答复的，视为同意。

第十二条股权出资经被投资企业的审批机关批准后，股权企业为非外商投资企业的，股权企业应凭被投资企业加注的《外商投资企业批准证书》，按照《关于外商投资企业境内投资的暂行规定》及其他有关规定办理备案或审批手续，申请将用作出资的股权的持有人变更为被投资企业。

第十三条股权出资经被投资企业的审批机关批准后，股权企业为外商投资企业的，按以下情形办理：

股权出资后，若股权企业股东中仍有外国投资者(含外商投资性公司、外商投资创业(股权)投资企业或以投资为主要业务的外商投资合伙企业)，该股权企业应凭被投资企业加注的《外商投资企业批准证书》，按照《外商投资企业投资者股权变更的若干规定》向具有相应权限的审批机关申请将用作出资的股权的持有人变更为被投资企业。

股权出资后，若股权企业股东中无外国投资者(含外商投资性公司、外商投资创业(股权)投资企业或以投资为主要业务的外商投资合伙企业)，该股权企业应凭被投资企业加注的《外商投资企业批准证书》，按照《外商投资企业投资者股权变更的若干规定》和《关于外商投资企业境内投资的暂行规定》办理有关审批或备案手续，向审批机关缴销或变更其《外商投资企业批准证书》。

第十四条股权企业在完成上述变更后，应按照国家有关规定向所在地工商、税务、海关、外汇管理等有关部门办理变更登记。

用作出资的股权已在证券登记结算机构登记的，股权企业应当按照有关规定向证券交易所和证券登记结算机构办理股份转让和过户登记手续。

第十五条股权企业完成上述变更后，被投资企业应凭以下文件向审批机关申请换发《外商投资企业批准证书》(在备注栏加注“股权出资已缴付”字样)。

(一)股权企业股权变更的说明；

(二)股权企业股权变更后的《企业法人营业执照》及复印件；

(三)经依法设立的验资机构出具的股权出资验资证明；

(四)股权企业在股权变更后仍为外商投资企业的，还应提交变更后的《外商投资企业批准证书》及复印件；

(五)股权企业为非外商投资企业但其经营范围涉及《外商投资产业指导目录》限制类领域的，还应提交省级审批机关关于外商投资企业境内再投资的批复文件。

第十六条涉及境内上市公司的股权出资应符合国家证券监管、证券交易、证券登记结算等有关规定。

外国投资者以股权企业的股权作为对价参与境内上市公司定向发行或协议转让股份，应同时适用《外国投资者对上市公司战略投资管理办法》。商务部按照有关规定出具原则批复函，股权企业可按照本规定第十二条、第十三条的规定，凭原则批复函办理股权企业的备案、审批等变更手续，以及办理定向发行或协议转让手续。在交易完成后，上市公司到商务部领取《外商投资企业批准证书》，并凭该批准证书到工商行政管理部门办理变更登记。

第十七条股权出资被投资企业的审批机关应将批准文件分别抄送被投资企业所在地工商、税务、海关、外汇等部门；股权出资人为境内投资者的，应抄送股权出资人所在地的税务主管部门。

第十八条在办理被投资企业外债登记和进口免税额度时，应以被投资企业扣除股权出资部分的注册资本所确定的投资总额进行核定。

第十九条股权出资应当符合国家有关税收管理的规定。

第二十条股权出资涉及企业国有产权和上市公司国有股权管理事项的，应当遵守国有资产管理的相关规定。

第二十一条验资机构在出具验资证明时，应向被投资企业所在地外汇管理部门进行验资询证。

第二十二条股权出资涉及《国务院办公厅关于建立外国投资者并购境内企业安全审查制度的通知》规定的有关情形的，应由外国投资者按照相关规定提出并购安全审查申请。

股权出资属于外国投资者并购境内企业情形的，除适用本规定外，还应遵守《关于外国投资者并购境内企业的规定》。

第二十三条涉及外商投资性公司的股权出资应符合外商投资举办投资性公司的相关规定。

第二十四条境内投资者以外商投资企业的股权向内资企业出资的，应符合本规定第四条关于股权出资条件的规定。

第二十五条外国投资者以境内企业的股权作为对价换取其他投资者持有的境内企业股权，应参照本规定关于股权出资条件、股权评估等有关规定，并遵守《外商投资企业投资者股权变更的若干规定》、《关于外国投资者并购境内企业的规定》等规定。

第二十六条涉及台港澳侨投资企业的股权出资行为参照本规定管理。

第二十七条本规定由商务部负责解释。

第二十八条本规定自2012年10 月22日起实施。

Order of MOFCOM [2012] No.8

Article 1: These Provisions have been formulated pursuant to laws of the People's Republic of China on foreign investment, the Company Law and related administrative regulations in order to regulate capital contributions involving equity of foreign-invested enterprises, enhance the level of investment convenience and promote investment in China by foreign investors.

Article 2: Where a domestic or foreign investor (an Equity Contributor) uses the equity it holds in an enterprise in China (an Equity Enterprise) as a capital contribution to establish or change a foreign-invested enterprise (an Investee Enterprise), these Provisions shall apply. Such acts include the following:

(1) establishment of a foreign-invested enterprise as a new company;

(2) a capital increase that causes an enterprise that is not a foreign-invested enterprise to become a foreign-invested enterprise; and

(3) a capital increase that causes a change in the equity of a foreign-invested enterprise.

An “enterprise” as mentioned above means a limited liability company or company limited by shares lawfully established in China.

Article 3: For the purposes of these Provisions, the term “approval authority” means the Ministry of Commerce of the People's Republic of China or the competent local commerce department.

When an investor makes a capital contribution in the form of equity to establish or change a foreign-invested enterprise, the competent commerce authority of the province, autonomous region, municipality directly under the central government or city with independent development plans (the Provincial-level Approval Authority) where the Investee Enterprise is located shall be responsible for approval, except where, in accordance with provisions on the administration of the examination and approval of foreign investment, the Ministry of Commerce is responsible for such approval.

Article 4: Equity that is to be used to make a capital contribution shall be transferable in accordance with the law and title thereto shall be clear and free. If the Equity Enterprise is a foreign-invested enterprise, the establishment thereof shall have been approved in accordance with the law and be in compliance with the foreign investment industrial policy.

Equity may not be used to make a capital contribution if:

(1) the registered capital of the Equity Enterprise has not been paid in full;

(2) the equity is encumbered by a pledge;

(3) the equity has been frozen in accordance with the law;

(4) pursuant to the articles of association of (contract for) the Equity Enterprise, its equity may not be transferred;

(5) it is equity of a foreign-invested enterprise that has not, in accordance with provisions, participated in, or has failed, the joint annual inspection of foreign-invested enterprises of the previous year;

(6) it is equity of a real property enterprise, foreign-invested enterprise with an investment nature or foreign-invested venture (equity) investment enterprise;

(7) a law, a set of administrative regulations or a State Council decision specifies that transfer of the equity requires approval and such approval has not been secured; or

(8) another circumstance under which transfer is not permitted as specified in laws, administrative regulations or State Council decisions applies.

Article 5: After a capital contribution has been made in the form of equity, the Investee Enterprise and the Equity Enterprise and any enterprise in which they directly or indirectly hold equity shall be in compliance with the Provisions for Guiding the Direction of Foreign Investment, the Foreign Investment Industrial Guidance Catalogue and other provisions on foreign investment. In the event that any of them is not in compliance with relevant provisions, the relevant assets or business shall be divested or the equity transferred before the application for the capital contribution made in the form of equity is made. Domestic and foreign investors may not use a capital contribution made in the form of equity to evade foreign investment administration.

Article 6: Equity that is to be used to make a capital contribution shall have been appraised by a lawfully established appraisal institution in China.

Article 7: The Equity Contributor and the shareholder(s) of, or other investor(s) in, the Investee Enterprise may hold consultations to determine, on the basis of the equity appraisal, the value of the equity and the amount of the capital contribution made in the form of equity.

The “value of the equity” means the transaction value of the equity to be used as a capital contribution jointly determined by the aforementioned parties on the basis of the equity appraisal, and the “amount of the capital contribution made in the form of equity” means the portion of the value of the equity that is counted as part of the Investee Enterprise's registered capital; the amount of the capital contribution made in the form of equity may not be greater than the appraised value of the equity.

If the equity is priced and used to subscribe for the capital increase of the Investee Enterprise, the value of the equity shall be counted as part of the acquisition transaction amount.

Article 8: The sum of the amounts of the capital contributions made in the form of equity by all of the shareholders of the Investee Enterprise and of the amounts of other capital contributions made in the form of non-monetary property may not be greater than 70% of the Investee Enterprise's registered capital.

Article 9: If the Investee Enterprise is a limited liability company, the total investment therein shall, in accordance with the State Administration for Industry and Commerce, Tentative Provisions of the Ratio of the Registered Capital of a Sino-foreign Equity Joint Venture to Its Total Investment, be determined based on the registered capital of the Investee Enterprise after the capital contribution made in the form of equity.

Article 10: If an investor is to make a capital contribution in the form of equity, it or the Investee Enterprise shall submit an application and the following documents to the approval authority:

(1) an application for making a capital contribution in the form of equity and the agreement for making a capital contribution in the form of equity;

(2) proof that the Equity Contributor lawfully holds the equity that is to be used to make the capital contribution;

(3) (a photocopy of) the Business Licence of an Enterprise with Legal Personality of the Equity Enterprise;

(4) if the Equity Enterprise is a foreign-invested enterprise, the Approval Certificate of a Foreign-invested Enterprise and a photocopy thereof and relevant proof that it has passed the joint annual inspection of foreign-invested enterprises;

(5) the equity appraisal report of the appraisal institution;

(6) a legal opinion issued in respect of the provisions of Articles 4 and 5 hereof by a law firm and the lawyers assigned by it;

(7) other documents concerning the establishment or change of a foreign-invested enterprise that are required to be submitted in accordance with laws, administrative regulations and rules on foreign investment;

(8) if a law, a set of administrative regulations or a State Council decision specifies that the transfer of equity by a shareholder of the Equity Enterprise requires approval, the relevant approval document; and

(9) other documents the submission of which the approval authority requires.

Article 11: The approval authority of the Investee Enterprise shall render its decision on whether to grant or withhold approval in accordance with the law. If it grants approval, it shall issue or replace the Approval Certificate of a Foreign-invested Enterprise (noting “capital contribution made in the form of equity not paid” in the space for remarks).

If the Equity Enterprise is a foreign-invested enterprise and is subject to the approval of an approval authority different from that of the Investee Enterprise, the approval authority of the Investee Enterprise shall seek the opinion of the Provincial-level Approval Authority of the place where the Equity Enterprise is located and the Provincial-level Approval Authority of the place where the Equity Enterprise is located shall reply with its opinion within 20 working days after receipt of the letter seeking its opinion. If it fails to respond within that time, it shall be deemed to have given its consent.

Article 12: Once the capital contribution to be made in the form of equity has been approved by the approval authority of the Investee Enterprise, the Equity Enterprise shall, if it is not a foreign-invested enterprise, carry out, on the strength of the Approval Certificate of a Foreign-invested Enterprise of the Investee Enterprise marked as mentioned above, record filing procedures or examination and approval procedures in accordance with the Tentative Provisions for Investment Within China by Foreign-invested Enterprises and other relevant provisions, and apply to have the holder of the equity to be used to make the capital contribution changed to the Investee Enterprise.

Article 13: Once the capital contribution to be made in the form of equity has been approved by the approval authority of the Investee Enterprise, matters shall be handled as follows, if the Equity Enterprise is a foreign-invested enterprise:

If, after the capital contribution in the form of equity is made, there is still a foreign investor (including a foreign-invested company with an investment nature, foreign-invested venture (equity) investment enterprise or foreign-invested partnership the main business of which is investment) among the shareholders of the Equity Enterprise, the Equity Enterprise shall, on the strength of the Approval Certificate of a Foreign-invested Enterprise of the Investee Enterprise marked as mentioned above, apply, pursuant to the Several Provisions on Changes in the Equity of Investors of Foreign-invested Enterprises, to the approval authority with the appropriate authority to have the holder of the equity used to make the capital contribution changed to the Investee Enterprise.

If, after the capital contribution in the form of equity is made, there are no longer any foreign investors (including foreign-invested companies with an investment nature, foreign-invested venture (equity) investment enterprises or foreign-invested partnerships the main business of which is investment) among the shareholders of the Equity Enterprise, the Equity Enterprise shall, on the strength of the Approval Certificate of a Foreign-invested Enterprise of the Investee Enterprise marked as mentioned above, carry out the relevant examination and approval procedures or record filing procedures in accordance with the Several Provisions on Changes in the Equity of Investors of Foreign-invested Enterprises and the Tentative Provisions for Investment Within China by Foreign-invested Enterprises and return its Approval Certificate of a Foreign-invested Enterprise to the approval authority for cancellation or have it amended by the approval authority.

Article 14: Once the Equity Enterprise has completed the change as described above, it shall carry out the procedures for the amendment of its registration with the local administration for industry and commerce, tax, customs, foreign exchange control and other such relevant departments in accordance with relevant state provisions.

If the equity used to make the capital contribution is registered with the securities depository and clearing institution, the Equity Enterprise shall carry out share transfer and transfer of title registration procedures with the stock exchange and securities depository and clearing institution in accordance with relevant provisions.

Article 15: Once the Equity Enterprise has completed the change as described above, the Investee Enterprise shall apply to the approval authority for the replacement of its Approval Certificate of a Foreign-invested Enterprise (noting the words “capital contribution made in the form of equity paid” in the space for remarks) on the strength of the following documents:

(1) an explanation of the change in the equity of the Equity Enterprise;

(2) the Business Licence of an Enterprise with Legal Personality of the Equity Enterprise after the change in equity and a photocopy thereof;

(3) a capital verification certificate for the capital contribution made in the form of equity issued by a lawfully established capital verification institution;

(4) if the Equity Enterprise remains a foreign-invested enterprise after the change in equity, its amended Approval Certificate of a Foreign-invested Enterprise and a photocopy thereof; and

(5) if the Equity Enterprise is not a foreign-invested enterprise but its scope of business involves an item in the restricted category of the Foreign Investment Industrial Guidance Catalogue, the official reply document on reinvestment in China by a foreign-invested enterprise of the Provincial-level Approval Authority.

Article 16: If a capital contribution made in the form of equity involves a domestically listed company, it shall comply with state provisions on securities regulation, securities trading, securities deposit and clearing, etc.

If a foreign investor uses the equity of an Equity Enterprise as consideration for participating in a private placement or negotiated transfer of shares by a domestically listed company, the Measures for the Administration of Strategic Investments in Listed Companies by Foreign Investors shall additionally apply. Once the Ministry of Commerce has issued an official reply in principle in accordance with relevant provisions, the Equity Enterprise may, in accordance with Articles 12 and 13 hereof, carry out procedures for the change of the Equity Enterprise such as record filing procedures or examination and approval procedures and the procedures for the private placement or negotiated transfer on the strength of the official reply in principle. Once the transaction is completed, the listed company shall collect its Approval Certificate of a Foreign-invested Enterprise from the Ministry of Commerce and then carry out the procedures for the amendment of its registration with the administration for industry and commerce on the strength of its approval certificate.

Article 17: The approval authority of the Investee Enterprise to which the capital contribution in the form of equity was made shall send copies of the approval document to the administration for industry and commerce, tax, customs, foreign exchange control and other such departments of the place where the Investee Enterprise is located. If the Equity Contributor is a domestic investor, a copy shall be sent to the competent tax department of the place where the Equity Contributor is located.

Article 18: When carrying out foreign debt registration and the procedures for an exemption limit for import taxes and duties for the Investee Enterprise, the determination shall be made based on the total investment of the Investee Enterprise as determined by subtracting the capital contribution made in the form of equity from its registered capital.

Article 19: Capital contributions made in the form of equity shall comply with relevant state tax administration provisions.

Article 20: If a capital contribution made in the form of equity involves matters concerning the administration of state-owned assets and equity of an enterprise or state-owned equity of a listed company, relevant provisions on the administration of state-owned assets shall be complied with.

Article 21: When issuing the capital verification certificate, the capital verification institution shall make a capital verification inquiry with the foreign exchange control department of the place where the Investee Enterprise is located.

Article 22: If a capital contribution made in the form of equity involves any of the relevant circumstances specified in the General Office of the State Council, Circular on the Establishment of a System for Security Review of Acquisition of Domestic Enterprises by Foreign Investors, the foreign investor shall submit an application for a security review of an acquisition in accordance with relevant provisions.

If a capital contribution made in the form of equity involves the acquisition of a domestic enterprise by a foreign investor, these Provisions shall apply, and, in addition, the Provisions for the Acquisition of Domestic Enterprises by Foreign Investors shall be complied with.

Article 23: If a capital contribution made in the form of equity involves a foreign-invested company with an investment nature, the same shall comply with relevant provisions on the investment in and establishment of companies with an investment nature by foreign investors.

Article 24: If an investor in China is to make a capital contribution to a domestically invested enterprise in the form of the equity of a foreign-invested enterprise, it shall comply with the provisions of Article 4 hereof on the conditions for making a capital contribution in the form of equity.

Article 25: If a foreign investor is to use equity of an enterprise in China as consideration to exchange for equity of an enterprise in China held by another investor, reference shall be made to the provisions hereof concerning the conditions for making a capital contribution in the form of equity, equity appraisal, etc., and provisions such as the Several Provisions on Changes in the Equity of Investors of Foreign-Invested Enterprises and the Provisions for the Acquisition of Domestic Enterprises by Foreign Investors shall be complied with.

Article 26: Administration of capital contributions made in the form of equity involving Taiwan, Hong Kong, Macao or overseas Chinese invested enterprises shall be effected with reference to these Provisions.

Article 27: The Ministry of Commerce is in charge of interpreting these Provisions.

Article 28: These Provisions shall be effective as of October 22 2012.

clp reference:2330/12.09.21 prc reference:商务部令〔2012〕第8号 promulgated:2012-09-21 effective:2012-10-22