China
China - it is the world's most populous country, with a population of more than 1.4 billion. China spans five geographical time zones and borders 14 countries.
China is a permanent member of the United Nations Security Council and a founding member of several multilateral and regional cooperation organizations such as the Asian Infrastructure Investment Bank, the Silk Road Fund, the New Development Bank, the Shanghai Cooperation Organization, and the RCEP, and is a member of the BRICS, the G8+5, the G20, the APEC, and the East Asia Summit. It ranks among the lowest in international measurements of civil liberties, government transparency, freedom of the press, freedom of religion and ethnic minorities. Chinese authorities have been criticized by political dissidents and human rights activists for widespread human rights abuses, including political repression, mass censorship, mass surveillance of their citizens and violent suppression of protests.
China is the world's largest economy by GDP at purchasing power parity, second-largest economy by nominal GDP, and the world's second wealthiest country by total wealth. The country has the fastest growing major economy and is the world's largest manufacturer and exporter. China is a recognized nuclear-weapon state with the world's largest standing army by military personnel and second-largest defense budget.
The PRC has diplomatic relations with 175 countries and maintains embassies in 162.
The People’s Bank of China (PBOC) is China’s central bank and its main banking regulatory body. Similar to central banks in Western countries, the powers and functions of the PBOC include the adoption of financial policies, the supervision of banks and financial institutions, the approval of the establishment, and dissolution of banks and financial institutions.
The State Administration of Foreign Exchange (SAFE), a department of the PBOC, regulates Chinese foreign exchange controls and is responsible for the formulation and control of foreign exchange regulations. All foreign exchange transactions must ultimately be cleared through approved local banks and SAFE offices.
Setting up in China is a daunting and challenging task, even for business veterans. It is a time-consuming and complex process that can absorb a disproportionate amount of company resources and lead to adverse business effects if it is not planned and executed by those with extensive prior experience.
Foreign investors have a number of options available when deciding which type of FIE to use to establish a presence in China. Different types of FIEs offer varying levels of flexibility. Vistra advises businesses on the most appropriate investment vehicle to use based on each client’s industry sector and intended commercial objectives.
The more commonly used types of FIEs available in China and their relevant capabilities and restrictions are outlined as follows:
• Representative Offices
• Joint Venture
• Wholly Foreign-Owned Enterprises
China is a global leader in product innovation, digitalization and research and development. Mobile payments have helped make urban China a largely cashless society, e-bikes have transformed public transport and e-commerce platforms have enabled on-demand consumption.
Chinese scientists and technologists are also at the forefront of many cutting-edge fields. Companies such as Baidu, Tencent and Alibaba have become global behemoths known for their innovative offerings.
China has a reputation for taking a less than rigorous line with intellektual property (IP). While the country has modern IP protection laws and regulations, enforcement is still a significant issue. Companies with IP to protect should vet potential partners carefully and research their rights under Chinese law. This means consulting with attorneys and other advisors with specific experience with IP protection in the Chinese market.
Chinese law is one of the oldest legal traditions in the world. The core of modern Chinese law is based on Germanic-style civil law, socialist law, and traditional Chinese approaches.
China’s legal system consists of the following four components:
- Fundamental laws: the Constitution and related laws;
- Basic laws: laws that govern the basic issues of the state and society, including administrative laws, civil and commercial laws, economic laws, social laws, criminal laws, and litigation and non‑litigation procedural laws;
-Laws other than basic laws: other laws which are enacted on the basis of basic laws to govern specific issues such as the Company Law and Intellectual Property Law;
- Normative documents: these include administrative rules and regulations, local regulations, departmental and government rules and regulations, and autonomous regulations and separate regulations of the national autonomous areas.
Our law firm VLO provides legal services for corporate and private clients in China. These services include mergers and acquisitions, business and debt restructuring, tax and tax disputes, corporate disputes, investments, bankruptcy, litigation and arbitration.
If you have questions, please us right now.
E-mail: vlolawfirm@gmail.com
China is a permanent member of the United Nations Security Council and a founding member of several multilateral and regional cooperation organizations such as the Asian Infrastructure Investment Bank, the Silk Road Fund, the New Development Bank, the Shanghai Cooperation Organization, and the RCEP, and is a member of the BRICS, the G8+5, the G20, the APEC, and the East Asia Summit. It ranks among the lowest in international measurements of civil liberties, government transparency, freedom of the press, freedom of religion and ethnic minorities. Chinese authorities have been criticized by political dissidents and human rights activists for widespread human rights abuses, including political repression, mass censorship, mass surveillance of their citizens and violent suppression of protests.
China is the world's largest economy by GDP at purchasing power parity, second-largest economy by nominal GDP, and the world's second wealthiest country by total wealth. The country has the fastest growing major economy and is the world's largest manufacturer and exporter. China is a recognized nuclear-weapon state with the world's largest standing army by military personnel and second-largest defense budget.
The PRC has diplomatic relations with 175 countries and maintains embassies in 162.
The People’s Bank of China (PBOC) is China’s central bank and its main banking regulatory body. Similar to central banks in Western countries, the powers and functions of the PBOC include the adoption of financial policies, the supervision of banks and financial institutions, the approval of the establishment, and dissolution of banks and financial institutions.
The State Administration of Foreign Exchange (SAFE), a department of the PBOC, regulates Chinese foreign exchange controls and is responsible for the formulation and control of foreign exchange regulations. All foreign exchange transactions must ultimately be cleared through approved local banks and SAFE offices.
Setting up in China is a daunting and challenging task, even for business veterans. It is a time-consuming and complex process that can absorb a disproportionate amount of company resources and lead to adverse business effects if it is not planned and executed by those with extensive prior experience.
Foreign investors have a number of options available when deciding which type of FIE to use to establish a presence in China. Different types of FIEs offer varying levels of flexibility. Vistra advises businesses on the most appropriate investment vehicle to use based on each client’s industry sector and intended commercial objectives.
The more commonly used types of FIEs available in China and their relevant capabilities and restrictions are outlined as follows:
• Representative Offices
• Joint Venture
• Wholly Foreign-Owned Enterprises
China is a global leader in product innovation, digitalization and research and development. Mobile payments have helped make urban China a largely cashless society, e-bikes have transformed public transport and e-commerce platforms have enabled on-demand consumption.
Chinese scientists and technologists are also at the forefront of many cutting-edge fields. Companies such as Baidu, Tencent and Alibaba have become global behemoths known for their innovative offerings.
China has a reputation for taking a less than rigorous line with intellektual property (IP). While the country has modern IP protection laws and regulations, enforcement is still a significant issue. Companies with IP to protect should vet potential partners carefully and research their rights under Chinese law. This means consulting with attorneys and other advisors with specific experience with IP protection in the Chinese market.
Chinese law is one of the oldest legal traditions in the world. The core of modern Chinese law is based on Germanic-style civil law, socialist law, and traditional Chinese approaches.
China’s legal system consists of the following four components:
- Fundamental laws: the Constitution and related laws;
- Basic laws: laws that govern the basic issues of the state and society, including administrative laws, civil and commercial laws, economic laws, social laws, criminal laws, and litigation and non‑litigation procedural laws;
-Laws other than basic laws: other laws which are enacted on the basis of basic laws to govern specific issues such as the Company Law and Intellectual Property Law;
- Normative documents: these include administrative rules and regulations, local regulations, departmental and government rules and regulations, and autonomous regulations and separate regulations of the national autonomous areas.
Our law firm VLO provides legal services for corporate and private clients in China. These services include mergers and acquisitions, business and debt restructuring, tax and tax disputes, corporate disputes, investments, bankruptcy, litigation and arbitration.
If you have questions, please us right now.
E-mail: vlolawfirm@gmail.com
