Foreign Companies Allowed to Set Up Wholly Foreign-Owned International Freight Forwarding Firms
Posted on: Wednesday, 8 February 2006, 15:00 CST
According to fdi.gov.cn: The Ministry of Commerce recently published an updated version of the Administrative Measures on Foreign Investment in International Freight Forwarding Companies, which took effect as of December 11, 2005. The former version and its supplementary provisions were both annulled. The revised version stipulates that foreign investors are free to set up freight forwarding companies in the Chinese territory of wholly foreign ownership, joint equity ownership or joint contractual ownership
. As of December 11, 2005, wholly foreign-owned international freight forwarding firms were allowed in China, provided they were registered each with at least 1 million USD. Once the new WFOE operates up to one full year and its registered capital is fully paid in, it may apply to set up branches elsewhere in China. Related sources show, investors (companies, financial organizations and individuals) from Hong Kong, Macau and Taiwan follow the same set of rules in setting up international freight forwarding companies in the mainland.Source: Info-Prod Research (Middle East)
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