Promulgated: July 6 2005Effective: October 1 2005Interpreting authority: State Administration of TaxationApplicability: Measures for the administration…
Issued: October 20 2005Main contents: Where an application by a foreign investor intending to make use of the profits from a foreign-invested enterprise…
The Letter further elaborates on the Provision for the Administration of the Employment of Foreigners in China, and requires that foreigners engaged in state-specified occupations must hold an Occupational Qualification Certificate of the PRC. Where the relevant occupations have foreign characteristics, the Ministry of Labour and Social Security may approve foreigners holding occupational qualification certification notarized by foreign notary. They may also take occupational qualification certification examinations in the PRC.
In addition to elaborating the Tentative Measures for the Administration of Overseas Utilization of Foreign Exchange Insurance Funds, the Implementation Rules further establish the basic management structure, duties and responsibilities, their basic operations and management procedures, and their selection following market-oriented principles for the insurance company (the entrusting party), the investment management institution (the entrusted party) and the commercial bank (the custodian). The Implementing Rules also add new overseas products such as structured deposits, mortgaged-backed securities and money market funds. It also introduces independent third parties in supervising funds flow, internal control mechanisms, accounting, credit rating and assets evaluation.