Chinese Mandarin - Measures for the Administration of Foreign-capital Lease Industry

BIZCHINA / Finance

Measures for the Administration of Foreign-capital Lease Industry

Updated: 2006-04-18 10:37

(5) Each investor's audit report of the previous year upon audit of an
accounting firm;

(6) The name list of the members of the board of directors and the
appointment document issued by each investor;

(7) The qualification certifications of the senior managerial personnel;
and

(8) The notice of prior approval of enterprise name issued by the
administrative department for industry and commerce.

In addition to the materials stated above, the applicant that applies for
establishing a joint-stock limited company shall submit the other
materials as prescribed in the relevant provisions.

Article 11 The establishment of a foreign-capital leasing company or
foreign-capital financial leasing company shall comply with the following
procedures:

(1) For establishing a foreign-capital leasing company in the form of
limited liability company, the investors shall submit a complete set of
materials as prescribed in Article 10 of the present Measures to the
provincial commerce administrative department of the place where the
to-be-established enterprise is located. This provincial administrative
department of commerce shall, within 45 working days from receipt of the
complete set of application materials, make a decision of approval or
disapproval. If it approves the establishment, it shall issue a
Foreign-capital Enterprise Approval Certificate. If it disapproves the
establishment, it shall give an explanation therefore in written form. It
shall file the approval documents with the MOFCOM for archival purposes
within 7 working days after it approves the establishment of a
foreign-capital leasing company. The establishment of a foreign-capital
leasing company in the form of joint-stock limited company shall comply
with the relevant provisions.

(2) For establishing a foreign-capital financial leasing company, the
investors shall submit a complete set of materials as prescribed in
Article 10 of the present Measures to the provincial administrative
department of commerce where the to-be-established enterprise is located.
After conducting preliminary examination over the application documents,
this provincial administrative department of commerce shall submit them
and the preliminary examination opinions to the MOFCOM within 15 working
days from receipt of the complete set of application documents. The
MOFCOM shall make a decision of approval or disapproval within 45 working
days from receipt of the complete set of application documents. If it
approves the establishment, it shall issue a Foreign-capital Enterprise
Approval Certificate. If it disapproves the establishment, it shall give
an explanation therefore in written form.

(3) Where an established foreign-capital company applies for undertaking
the leasing business, it shall meet the requirements as specified in the
present Measures and shall, in accordance with the procedure as
prescribed in Item (1) of this article, modify the relevant business
scope.

Article 12 A foreign-capital leasing company or foreign-capital financial
leasing company shall go through the registration formalities with the
administrative department for industry and commerce within 30 workings
after receiving the Foreign-capital Enterprise Approval Certificate.

Article 13 A foreign-capital leasing company may undertake the following
businesses:

(1) The leasing business;

(2) The purchase of leased property from home and abroad;

(3) The disposal of scrap value of and maintenance of leased property; and

(4) Other businesses approved by the examination and approval department.

Article 14 A foreign-capital financial leasing company may undertake the
following businesses:

(1) The financial leasing business;

(2) The leasing business;

(3) The purchase of leased property from home and abroad;

(4) The disposal of scrap value of and maintenance of leased property;

(5) The consultancy and guaranty business relating to lease transaction;

(6) Other businesses approved by the examination and approval department.

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