卷首语：2022年1月1日，《区域全面经济伙伴关系协定》（Regional Comprehensive Economic Partnership Agreement ，“RCEP”）生效实施，标志着当前世界上参与人口最多、经贸规模最大、成员结构最多元、最具发展潜力的自由贸易区正式启航。RCEP的实施不仅为我国进一步扩大全方位开放合作迎来新契机，同时也为中国企业境外投资提供有力的法律保障。
德恒律师事务所跨境业务委员会将与RCEP各成员国知名律师事务所携手，推出关于各国外商投资及并购法律指引的系列文章，以便大家了解RCEP各成员国当地关于投资并购的相关法律规定，助力中国企业更好的“走出去”。
中国适用于外商直接投资的主要法律法规有哪些？对特定的外国投资者（如国有企业）是否有特殊规定？
《外商投资法》及《外商投资法实施条例》确立了中国外商投资法律制度的基本框架，明确对外商投资实行“准入前国民待遇加负面清单”的管理制度，进一步强化投资促进和投资保护。
外商投资企业组织形式、组织机构及其活动准则，同内资企业一样，均适用《中华人民共和国公司法（2018）》，《中华人民共和国合伙企业法（2006）》等法律的规定。
中国针对外商投资实施鼓励和引导政策。外商投资《鼓励外商投资产业目录（2020）》中的领域，符合条件的，可以享受税收、用地等优惠政策。
中国适用外商投资的法律法规并无针对属于国有企业(SOE)的外国投资者的特殊规定。
外商直接投资是否需要取得政府和监管部门的批准？如需要，请简要介绍（例如触发条件、主管机关及时限要求）？
目前，中国外商直接投资的监管架构为：商务部门和发改委部门负责外商投资企业的备案或核准（如适用）；市场监管管理部门负责外商投资企业的登记和变更，以及外商投资合伙企业的设立；反垄断委员会（隶属商务部）负责并购项目的经营者集中审查（如适用）；外商投资特殊行业（例如金融机构、航空等）还需得到有关主管部门的批准。
（1）负面清单审查：
外商投资除需遵守一般企业准入负面清单限制外，还需遵守《外商投资准入特别管理措施（负面清单）》规定。
（2）国家安全审查：
根据《外商投资安全审查办法》规定，投资涉及国家安全领域应当在实施投资前主动向发改委的工作机制办公室申报。
（3）信息报告制度：
根据《外商投资信息报告办法》、《关于外商投资信息报告有关事项的公告》规定，外国投资者或者外商投资企业应当按照要求，通过企业登记系统以及国家企业信用信息公示系统，向商务主管部门报送初始、变更、注销和年度报告。
对特定行业领域是否有外商投资限制？
外商投资行业限制主要包括两个层面。首先，中国实施市场准入负面清单制度，所有的企业都应当遵守该制度。其次，外商投资还应当遵守《外商投资准入负面清单》的规定。
（1）市场准入负面清单：
根据国家发改委和商务部发布的《市场准入负面清单（2022年版）》，禁止准入事项6项，许可准入事项111项，共计117项。
（2）外商投资负面清单：
国家发展和改革委员会和商务部发布《外商投资准入特别管理措施（负面清单）》，自2022年1月1日起开始实施。负面清单主要涉及12大项的31小项，包括采矿业，制造业，电力、热力、燃气及水生产和供应业等。限制方式包括禁止投资、允许投资禁止经营、允许投资但需保持中方控股比例等。自由贸易试验区具有单列的负面清单，剔除了“制造业”大项，使得各类投资范围更加宽松。
对特定行业领域是否有政府干股要求？
无政府干股要求。但根据《外商投资准入特别管理措施（负面清单）》，部分限制类行业的外商投资对于中方持股或控股有比例要求。
对外商直接投资是否有任何本地化要求（例如本地雇员、本地采购的最低比例）?
没有针对外商投资企业的本地化比例要求。
根据《外商投资准入特别管理措施（负面清单）》，特定行业法定代表人等重要人员要求具有中国国籍，例如公共航空运输公司和通用航空公司法定代表人需由中国籍公民担任。
在汇出资金、利润和股息方面是否受到任何外汇管制限制？
中国目前仍然实施严格的外汇管制措施，人民币无法完全自由兑换。但是，符合有关外汇管理规定的外商投资企业的利润和股息，在缴纳企业所得税款和提取有关企业法定盈余公积外，可以兑换成外币及汇出境外。
一般而言，外商投资企业的经常项目下相对可自由兑换，资本项目下仍然受到严格控制。
经常项目，指本国与外国进行经济交易而经常发生的项目，包括对外贸易收支、非贸易往来和无偿转让三个项目。资本项目，是指国际收支中因资本输出和输入而产生的资产负债的增减项目，主要包括直接投资、证券投资及跨境借贷三大类。
外商直接投资设立的常见的法人实体类型有哪些？其内部治理结构如何？
外国投资者可在中国境内设立有限责任公司和股份有限公司。
（1）有限责任公司是指由五十个以下的股东出资设立，每个股东以其所认缴的出资额为限对公司承担有限责任，公司以其全部资产对公司债务承担有限责任的经济组织。内部治理结构 ：股东会 、董事会（或执行董事） 、监事会（或监事） 、经理（非必须）。
（2）股份有限公司是指公司的全部注册资本由等额股份构成、并通过发行股票（或股权证）筹集资本，每个股东以其认购的股份为限对公司承担责任，公司以其全部资产对公司债务承担有限责任的经济组织。内部治理结构：股东大会、董事会、监事会、经理、高级管理人员。
外资公司的登记和设立程序是什么？
办理部门：外商投资企业的登记注册，由国务院市场监督管理部门或者其授权的地方人民政府市场监督管理部门依法办理。
第一步：判断是否需要取得前置审批程序。
如需要：
1.是否涉及项目核准、备案，如是，则需国务院、发展改革委核准或备案。
2.是否涉及负面清单，如是，判断其类别——禁止类：不得投资；限制类：商务部或市场监管部门核准。
3.是否涉及前置性行业准入许可，则需行业主管部门批准。
4.其他审批程序包括国家安全审查及反垄断审查。
如不涉及前置审批程序，根据第二步要求提交下述材料。
第二步：提交材料、办理执照。办理完前置程序取得审批文件后，到市场监督管理局（窗口或网上）企业登记系统提交材料（具体材料见下问）申请注册登记，办理取得营业执照。
第三步：信息同步。取得营业执照后，根据申请书、营业执照、相关人员证件、其他开户证明文件可开立账户；根据申请表、营业执照副本、批准文件可办理外汇登记；与此同时，还需到公安部门刻制公章、到税务部门申领发票、向商务部门报告信息以及办理社保登记。
外国投资者需要准备哪些文件和材料？是否需要公证或认证？
如涉及前置审批程序，需根据不同的类型（是否涉及项目核准、备案；是否涉及负面清单；是否涉及前置性行业准入许可）到有关部门进行核准或备案。
到市场监督管理局企业登记系统办理执照所需的材料通常包括：
1.设立登记申请书；
2.指定或委托代理人证明；
3.公司章程；
4.股东主体资格证明或自然人身份证明；
5.高管任职证明；
6.法定代表人任职文件和身份证明；
7.公司住所证明；
8.法律文件送达授权委托书；
9.初始报告；
10.其他文件。
由于中国尚未加入《海牙关于取消外国公文书认证的公约》（“海牙公约”），因此根据国际惯例，外国文书送往中国使用，除有双边协议或多边协议或一国单方免除认证外，均需办理领事/使馆认证。
完成整个登记和设立流程一般需要多长时间？
具体情况视各企业及各地工商局而定。针对无需审批的外商直接投资，按中国公司法设立一般公司的流程进行，最快只需7个工作日。针对需要核准的外商直接投资，申报及核准期在32个工作日以上。
FDI and M&A Overview – Foreign Direct Investment in China
1. What are the principal laws and regulations applicable to FDI in China? Are there special rules for certain foreign investors, including state-owned enterprises (SOEs)?
The Foreign Investment Law of the People's Republic of China and the Regulation for Implementing the Foreign Investment Law of the People's Republic of China establish the basic framework of China's foreign investment legal system. It clarifies the management system of pre-establishment national treatment and the foreign investment negative list.
The organization form, organization structure, and activities of foreign-invested enterprises are subject to Company Law of the People's Republic of China (2018), Partnership Enterprise Law of the People's Republic of China (2006) and other laws; the same as those of domestic enterprises.
China implements policies to encourage and guide foreign investment. Foreign investment in industries under the Catalogue of Industries for Encouraging Foreign Investment (2020) can enjoy preferential policies in taxation and land utilization.
China's current laws and regulations applicable to foreign investment do not have special provisions for foreign investors that are SOEs.
2. Are there any governmental and regulatory approvals required for FDI? If so, please give brief details (such as trigger threshold, relevant authority, and timing requirements)?
The Ministry of Commerce and the National Development and Reform Commission (NDRC) are responsible for the filing or approval of foreign-invested enterprises (if applicable); the Administration for Market Regulation is responsible for the registration and change of foreign-invested enterprises and the establishment of foreign-invested partnerships; the Anti-Monopoly Bureau (under the Ministry of Commerce) is responsible for the review of concentration among business operators in M&A transactions (if applicable); foreign investment in special industries (e.g., financial institutions, aviation, etc.) also requires the approval of the relevant authorities.
a. Negative list review: In addition to the market access negative list prohibiting investment in certain industries, foreign investment is required to comply with the Special Administrative Measures (Negative List) for the Access of Foreign Investment .
b. National Security Review: According to the Security Review Measures for Foreign Investment, an investment affecting national security should be actively declared to the Office of the Working Mechanism of the NDRC before implementing the investment.
c. Information reporting system: According to Measures for the Reporting of Foreign Investment Information and Notice on Foreign Investment Information Reporting, foreign investors or foreign invested enterprises must submit annual reports to the competent commerce departments through the enterprise registration system and national enterprise credit information publicity system.
3. Are there any industry sector controls on foreign investment?
Restrictions on foreign investment in industries mainly fall into two negative lists. First, China has implemented a market access negative list that all enterprises are required to follow. Second, foreign investment should also comply with the regulation of Negative List for Foreign Investment Access.
a. According to the Market Access Negative List (2022) issued by the National Development and Reform Commission and the Ministry of Commerce, there are 6 prohibited items and 111 items requiring permission for access.
b. The Special Administrative Measures (Negative List) for the Access of Foreign Investment (2021), issued by the NDRC and the Ministry of Commerce, took effect from January 1, 2022. The negative list covers 31 sub-items under 12 major categories, including mining, manufacturing, electric power, heat, gas, and water generation and supply. The restrictions include prohibiting investment, permitting investment but restricting operation of the business, permitting investment with shareholding limits, etc. The Pilot Free Trade Zones have a single negative list, excluding "manufacturing" items and allowing for a more relaxed range of investment.
4. Are there any government free carry interest requirements for special industry sectors?
None. However, according to the Special Administrative Measures (Negative List) for the Access of Foreign Investment (2021), foreign investment in certain restricted industries has a proportional requirement for Chinese parties to hold shares.
5. Are there any localization requirements (e.g., minimum ratio of local employees, minimum ratio of local procurement) for FDI in China?
There is no local ratio requirement for foreign-invested enterprises.
According to Special Administrative Measures (Negative List) for the Access of Foreign Investment (2021), key personnel like the legal representatives in specific industries are required to be Chinese citizens (e.g., legal representatives of public air transport companies and general aviation companies).
6. Are there any exchange control restrictions in terms of remittance of capital, profits and dividends?
China implements strict foreign exchange control measures, and the RMB is not freely convertible. However, profits and dividends of foreign-invested enterprises that comply with the relevant foreign exchange management regulations can be converted into foreign currency and remitted out of China after paying corporate income tax and social security.
In general, foreign-invested enterprises are relatively free of restrictions in conducting transactions under the current account while still subject to strict control under the capital account.
The current account refers to domestic and foreign economic transactions including foreign trade balance, non-trade exchanges, and transfers. Capital account refers to the increase or decrease of assets and liabilities arising from the export and import of capital in the balance of payments, mainly in the categories of direct investment, securities investment, and cross-border lending.
7. What are the most common types of corporate legal entities established for FDI? For each type of corporate legal entity, please introduce the internal corporate governance structure. What types of corporate legal entities are recommended for partially or wholly foreign-owned corporate legal entities?
Foreign investors can set up limited liability companies and joint stock companies in China.
a. A limited liability company refers to an economic organization established with the capital of not more than 50 shareholders, each of whom bears limited liability to the company within the limit of individually subscribed capital contribution, and the company bears limited liability to the debts of the company with all its assets. The internal governance structure includes shareholders' meeting, the board of directors (or executive director), the board of supervisors (or supervisors), and the manager (not required).
b. A joint stock limited company refers to an economic organization whose entire registered capital consists of equal shares raised by the issue of shares (or equity warrants). Each shareholder is liable for the company to the extent of their subscribed shares and the company bears limited liability to the debts of the company with all its assets. The internal governance structure includes shareholders' meeting, board of directors, board of supervisors, managers, and senior managers.
8. What is the procedure of registration and incorporation of foreign-owned companies?
The registration of foreign-invested enterprises is handled by the Administration for Market Regulation, or the market regulatory departments of the local people's government authorized by the State Council.
Step 1: Determine whether a pre-approval process is required.
For the following different types of pre-approvals the corresponding authority is as follows:
- Project approval and record. Approval or record by the State Council and the National Development and Reform Commission.
- Negative list. If it belongs to a prohibited category, the investment is not allowed in China; if it belongs to the restricted list, then it should be approved by the Ministry of Commerce or Administration for Market Regulation.
- Industry pre-approval item. Approval by industry competent authorities.
- Other approval procedures include National Security Review and Anti-Monopoly Review.
If no pre-approval procedure is involved, the following materials are submitted as required in Step 2.
Step 2: After completing the pre-process and obtaining the approval documents, the company shall submit the materials (please refer to 1.9) to the Enterprise Registration System of the Administration for Market Regulation (onsite or online) to apply for registration and obtain the business license.
Step 3: After obtaining the business license, an account may be opened according to the application form, the business license, the certificates of relevant personnel, and other documents certifying the opening of an account. Foreign exchange registration can be carried out after submitting the application form, copy of the business license, and approval documents. At the same time, sundry tasks include visiting the Public Security Bureau to carve the official seal, applying for invoices at the Tax Bureau, reporting information to the Ministry of Commerce and registering for social insurance.
9. What are the documents and materials that the foreign investors need to prepare for that purpose? Is notarization or certification required?
Required pre-approval procedures to relevant departments for approval or filing (project approval and filing; negative list; and pre-approval industry items).
The materials required to apply for a license in the Enterprise Registration System of the Administration for Market Regulation usually include:
a. Application for establishment registration;
b. Certificate of appointing or entrusting agent;
c. Articles of Association;
d. Qualification certificate of shareholder or identity certificate of the natural person;
e. Employment certificate of senior executives;
f. Legal representative's employment document and identity certificate;
g. Residence certificate of the company;
h. Power of attorney for service of legal documents;
i. Initial report;
j. Other documents.
Since China has not acceded to the Hague Convention Abolishing the Requirement of Legalization for Foreign Public Documents (the Hague Convention), consular/embassy certification is required for foreign documents sent to China for use in accordance with international practice, unless there is a bilateral or multilateral agreement or a unilateral waiver of certification by a jurisdiction.
10. How long does it normally take to complete the entire registration and incorporation process?
The duration of the process depends on the type of enterprises and the requirements of the local Administration for Industry and Commerce.
For foreign direct investment without approval requirements, the process of setting up a general company can be carried out according to the Company Law, and the fastest time period is 7 working days.
For a foreign direct investment that needs to be approved, the application and approval period could be more than 32 working days.
（北京办公室黄天寰及实习生杨永怡、姜悦、池哲宁亦有贡献。）