Provisions Concerning the Administration of Foreign-funded Business-starting Investment Enterprises | | 外商投资创业投资企业管理规定 |
| (Order No. 2 [2003] of the Ministry of Foreign Trade and Economic Cooperation, the Ministry of Science & Technology, the State Administration for Industry and Commerce, the State Administration of Taxation and the State Administration of Foreign Exchange; and Amended according to the Ministry of Commerce of the Decision of the Ministry of Commerce on Amending Some Rules and Regulatory Documents on October 28, 2015) | | （外经贸部、科技部、工商总局、税务总局、外汇局令2003年第2号，根据2015年10月28日《商务部关于修改部分规章和规范性文件的决定》修正） |
| Chapter 1 General Provisions | | 第一章 总则 |
| Article 1 The present Provisions are formulated to encourage foreign-funded companies, enterprises, and other economic organizations or individuals (hereinafter referred to as foreign investors) to come to China to engage in business-starting investment, and to establish and perfect the mechanism of business-starting investment in China in accordance with the Law on Sino-Foreign Contractual Cooperative Enterprises, the Law of the People's Republic of China Governing Sino-Foreign Equity Joint Ventures, the Law of the People's Republic of China on Wholly Foreign-Owned Enterprises, the Company Law of the People's Republic of China, and other related laws and regulations. | | 第一条 为鼓励外国公司、企业和其他经济组织或个人（以下简称外国投资者）来华从事创业投资，建立和完善中国的创业投资机制，根据《中华人民共和国中外合作经营企业法》、《中华人民共和国中外合资经营企业法》、《中华人民共和国外资企业法》、《公司法》及其他相关的法律法规，制定本规定。 |
| Article 2 The term “foreign-funded business-starting investment enterprise ” (hereinafter referred to as FBIE” refers to the foreign-funded investment enterprises established according to the present Provisions within the territory of the People's Republic of China solely by foreign investors or jointly by foreign investors and the companies, enterprises or other economic organizations established and registered in China in accordance with Chinese law (hereinafter referred to as Chinese investors) for the purpose of engaging in the business-starting business activities. | | 第二条 本规定所称外商投资创业投资企业（以下简称创投企业）是指外国投资者或外国投资者与根据中国法律注册成立的公司、企业或其他经济组织（以下简称中国投资者），根据本规定在中国境内设立的以创业投资为经营活动的外商投资企业。 |
| Article 3 The term “business-starting investment” means making principal equity investments to high and new tech enterprises that haven't been listed in the stock market (hereinafter referred to as invested enterprises), and providing management services to them for the purpose of obtaining prospective capital gains. | | 第三条 本规定所称创业投资是指主要向未上市高新技术企业（以下简称所投资企业）进行股权投资，并为之提供创业管理服务，以期获取资本增值收益的投资方式。 |
| Article 4 An FBIE is allowed to take the form of a non-legal-person organization the corporate organization. | | 第四条 创投企业可以采取非法人制组织形式，也可以采取公司制组织形式。 |
| As to a non-legal-person organization, the investors shall bear joint liabilities for its debts. The investors may also specify in the contract of FBIE that: When the assets of an FBIE are not enough to clear the debts of its own, the indispensable investors as stated in Article 7 shall bear several and joint liabilities and the other investors shall bear the liabilities to the company within the limit of contributions made by each of them. | | 采取非法人制组织形式的创投企业（以下简称非法人制创投企业）的投资者对创投企业的债务承担连带责任。非法人制创投企业的投资者也可以在创投企业合同中约定在非法人制创投企业资产不足以清偿该债务时由第七条所述的必备投资者承担连带责任，其他投资者以其认缴的出资额为限承担责任。 |
| For a corporate-form FBIE, the investors shall bear the liabilities to the company within the limit of the amount of investment made by each of them. | | 采用公司制组织形式的创投企业（以下简称公司制创投企业）的投资者以其各自认缴的出资额为限对创投企业承担责任。 |
| Article 5 The FBIEs shall abide by relevant laws and regulations of China, shall be in conformity with the policies of foreign investment industries and shall not damage the public interests of China. The legitimate businesses and lawful rights and interests of the FBIE within the borders of China shall be subject to the protection of Chinese law. | | 第五条 创投企业应遵守中国有关法律法规，符合外商投资产业政策，不得损害中国的社会公共利益。创投企业在中国境内的正当经营活动及合法权益受中国法律的保护。 |
| Chapter 2 Establishment and Registration | | 第二章 设立与登记 |
| Article 6 To establish an FBIE, the following requirements shall be met: | | 第六条 设立创投企业应具备下列条件： |
| (1) There are more than 2 but less than 50 investors, and at least one shall be an indispensable investor as stated in Article 7; | | （一）投资者人数在2人以上50以下；且应至少拥有一个第七条所述的必备投资者； |
| (2) Foreign investors may contribute their investments in convertible currencies, and Chinese investors may contribute their investments in Renminbi. | | （二）外国投资者以可自由兑换的货币出资，中国投资者以人民币出资； |
| (3) It shall have definite organization form; | | （三）有明确的组织形式； |
| (4) It shall have a definite and legitimate investment orientation; | | （四）有明确合法的投资方向； |
| (5) Except that the operations of such an enterprise are subject to the management of a business-starting investment management company under authorization, an FBIE shall have at least 3 professional managerial persons who have practical experience in business-starting investment; and | | （五）除了将本企业经营活动授予一家创业投资管理公司进行管理的情形外，创投企业应有三名以上具备创业投资从业经验的专业人员； |
| (6) It shall meet the other requirements as provided in laws and administrative regulations. | | （六）法律、行政法规规定的其他条件。 |
| Article 7 An indispensable investor shall meet the following requirements: | | 第七条 必备投资者应当具备下列条件： |
| (1) Business-starting investment is its main business; | | （一）以创业投资为主营业务； |
| (2) The accumulative total capital managed by it in the three years before the application is not less than 100,000,000 U.S. dollars, and of which no less than 50,000,000 U.S. dollars have been used in business-starting investment If the indispensable investor is a Chinese investor, the accumulative total capital managed thereby in the three years before the application is submitted is not less than 100,000,000 yuan, and of which no less than 50,000,000 yuan have been used in business-starting investment; | | （二）在申请前三年其管理的资本累计不低于1亿美元，且其中至少5000万美元已经用于进行创业投资。在必备投资者为中国投资者的情形下，本款业绩要求为：在申请前三年其管理的资本累计不低于1亿元人民币，且其中至少5000万元人民币已经用于进行创业投资）； |
| (3) It shall have at least 3 professional managerial persons who have practical experience in business-starting investment; | | （三）拥有3名以上具有3年以上创业投资从业经验的专业管理人员； |
| (4) If the affiliated entity of an investor meets the above-mentioned requirements, the investor may apply for the status of an indispensable investor. The term “affiliated entity” in this paragraph refers to an entity controlled by the investor, or an entity that controls the investor, or another entity under the control of the same entity that controls the investor. The term “control” in this paragraph means that the controlling party has a voting power of more than 50 % over the controlled party. | | （四）如果某一投资者的关联实体满足上述条件，则该投资者可以申请成为必备投资者。本款所称关联实体是指该投资者控制的某一实体、或控制该投资者的某一实体、或与该投资者共同受控于某一实体的另一实体。本款所称控制是指控制方拥有被控制方超过50%的表决权； |
| (5) Neither the above-mentioned indispensable investor nor its affiliated entity shall have any record of being prohibited from being engaged in business-starting investment or business of investment consultancy, or being punished on the ground of fraud, by the judicial departments and other relevant agencies of the country where it is located; | | （五）必备投资者及其上述关联实体均应未被所在国司法机关和其他相关监管机构禁止从事创业投资或投资咨询业务或以欺诈等原因进行处罚； |
| (6) An indispensable investor of a non-legal-person enterprise shall subscribe to and actually pay not less than 1 % of the subscribed contributions and the actual total contributions respectively, and it shall bear joint liabilities for the debts of this enterprise. An indispensable investor of an incorporated FBIE shall subscribe to and actually pay not less than 30% of the subscribed contributions and the actual total contributions respectively. | | （六）非法人制创投企业的必备投资者，对创投企业的认缴出资及实际出资分别不低于投资者认缴出资总额及实际出资总额的1%，且应对创投企业的债务承担连带责任；公司制创投企业的必备投资者，对创投企业的认缴出资及实际出资分别不低于投资者认缴出资总额及实际出资总额的30%。 |
| Article 8 The following procedures shall be observed in the establishment of an FBIE: | | 第八条 设立创投企业按以下程序办理： |
| (1) The investors shall submit an establishment application and other relevant documents to the administrative departments in charge of foreign trade and economic cooperation at the provincial level of the place where the FBIE is to be established. | | （一）投资者须向拟设立创投企业所在地省级外经贸主管部门报送设立申请书及有关文件。 |
| (2) The administrative departments in charge of foreign trade and economic cooperation at the provincial level shall complete initial examination and report to the Ministry of Foreign Trade and Economic Cooperation (hereinafter referred to as the MOFTEC) within 15 days as of the acceptance of the above-mentioned materials. | | （二）省级外经贸主管部门应在收到全部上报材料后15天内完成初审并上报对外贸易经济合作部（以下简称审批机构）。 |
| (3) The MOFTEC shall, upon consent of the Ministry of Science & Technology，make a written decision on approval or disapproval within 45 days as of the acceptance of all the above-mentioned materials. And it shall issue a Certificate of Approval for Foreign-invested Enterprises to the approved enterprises. | | （三）审批机构在收到全部上报材料之日起45天内，经商科学技术部同意后，做出批准或不批准的书面决定。予以批准的，发给《外商投资企业批准证书》。 |
| (4) With the approved of establishing an FBIE, the applicant shall file an application for registration at the State Administration of Industry and Commerce or at local bureaus with its authorization by presenting the Certificate of Approval for Foreign-invested Enterprise within one month as of the acceptance of the Certificate of Approval for Foreign-invested Enterprise. | | （四）获得批准设立的创投企业应自收到审批机构颁发的《外商投资企业批准证书》之日起一个月内，持此证书向国家工商行政管理部门或所在地具有外商投资企业登记管理权的省级工商行政管理部门（以下简称登记机关）申请办理注册登记手续。 |
| Article 9 The following documents shall be submitted to the MOFTEC when applying for the establishment of an FBIE: | | 第九条 申请设立创投企业应当向审批机构报送以下文件： |
| (1) an establishment application signed by the indispensable investors; | | （一）必备投资者签署的设立申请书； |
| (2) contracts and articles of association of the FBIE signed by all the investors; | | （二）投资各方签署的创投企业合同及章程； |
| (3) a written declaration made by the indispensable investors (covering: a. the investors meet the requirements as provided in Article 7; b. all the materials submitted are genuine; and c. the investors will strictly abide by the present provisions and other relevant Chinese laws and regulations); | | （三）必备投资者书面声明（声明内容包括：投资者符合第七条规定的资格条件；所有提供的材料真实性；投资者将严格遵循本规定及中国其他有关法律法规的要求）； |
| (4) a letter of legal advice issued by a law firm affirms that the legal indispensable investors exist and the above-mentioned declaration has obtained valid authorization and has been signed; | | （四）律师事务所出具的对必备投资者合法存在及其上述声明已获得有效授权和签署的法律意见书； |
| (5) explanations of the business-starting operations of the foreign investors, explanations of the capital managed by them of the three years before the application is submitted, explanations of the investment made among the capital managed by them within the three years before the application is submitted, resumes of its professional managerial persons of business-starting investment; | | （五）必备投资者的创业投资业务说明、申请前三年其管理资本的说明、其已投资资本的说明，及其拥有的创业投资专业管理人员简历； |
| (6) the registration certificate of the investors (photocopy) and the certificate of the legal representative (photocopy); | | （六）投资者的注册登记证明（复印件）、法定代表人证明（复印件）； |
| (7) the notice of pre-approval of the name of the FBIE issued by the name registration organ; | | （七）名称登记机关出具的创投企业名称预先核准通知书； |
| (8) If the qualifications of the indispensable investors are based on the requirements as provided in paragraph (4) of Article 7, they shall submit relevant materials of the affiliated entity that meets the requirements; and | | （八）如果必备投资者的资格条件是依据第七条第（四）款的规定，则还应报送其符合条件的关联实体的相关材料； |
| (9) Other documents related to the establishment application as required by the examination and approval authority; | | （九）审批机构要求的其他与申请设立有关的文件。 |
| Article 10 The FBIEs shall give a clear indication of “Business-starting Investment” in its name. Except for business-starting investment enterprises, none of the other foreign investment enterprises may use the aforesaid words in their name. | | 第十条 创投企业应当在名称中加注创业投资字样。除创投企业外，其他外商投资企业不得在名称中使用创业投资字样。 |
| Article 11 In applying for establishing an FBIE, the following documents shall be submitted to the registration organ and shall be responsible for their authenticity and effectiveness: | | 第十一条 申请设立创投企业应当向登记机关报送下列文件,并对其真实性、有效性负责： |
| (1) an registration application signed by the chairman of the board of directors or by the person-in-charge of the joint management committee; | | （一）创投企业董事长或联合管理委员会负责人签署的设立登记申请书； |
| (2) contracts, articles of association, the documents and certificate of approval issued by the approving authorities; | | （二）合同、章程以及审批机构的批准文件和批准证书； |
| (3) legal license to do business or the certification of the ID of the investor; | | （三）投资者的合法开业证明或身份证明； |
| (4) credit certification of the investor; | | （四）投资者的资信证明； |
| (5) appointment documents and the certification of the ID of the legal representative and archival documents of the directors and managers of this enterprise; | | （五）法定代表人的任职文件、身份证明和企业董事、经理等人员的备案文件； |
| (6) notice of pre-approval of its name; | | （六）企业名称预先核准通知书； |
| (7) the certification of the address of the enterprise and the certification of its business offices. | | （七）企业住所或营业场所证明。 |
| In the case of applying for establishing a non-legal-person organization, the applicant shall submit the articles of incorporation or partnership agreement of overseas indispensable investors besides the aforesaid materials. Where an enterprise involves any investor as provided in Article 7 (4) of the present Provisions, the applicant shall submit the letter of undertaking issued by its connected entity, which is to bear joint and several liabilities of investment. | | 申请设立非法人制创投企业，还应当提交境外必备投资者的章程或合伙协议。企业投资者中含本规定第七条第四款规定的投资者的，还应当提交关联实体为其出具的承担出资连带责任的担保函。 |
| All of the aforesaid documents should be written in Chinese. Those written in any foreign language other than Chinese shall be accompanied by a good Chinese translation. | | 以上文件应使用中文。使用外文的，应提供规范的中文译本。 |
| Where any of the registered items is modified, the business-starting investment company shall apply to the original registration authority for modification registration. | | 创投企业登记事项变更应依法向原登记机关申请办理变更登记。 |
| Article 12 Upon the approval of the registration organ, the incorporated FBIEs shall be issued a business license of legal entity, and the non-legal-person FBIEs shall be issued a business license. | | 第十二条 经登记机关核准的公司制创投企业，领取《企业法人营业执照》；经登记机关核准的非法人制创投企业，领取《营业执照》。 |
| A business license shall clearly state the total registered capital of the investors and the names of the dispensable investors. | | 《营业执照》应载明非法人制创投企业投资者认缴的出资总额和必备投资者名称。 |
| Chapter 3 Capital Contributions and Relevant Modifications | | 第三章 出资及相关变更 |
| Article 13 The capital contributions made by the investors of a business-starting enterprise without the status of a legal entity and the relevant modifications shall be in conformity with the following: | | 第十三条 非法人制创投企业的投资者的出资及相关变更应符合如下规定： |
| (1) The investors may pay the their subscribed capital by installments according to the proceedings of the business-starting investment. The amount of capital to be invested at each stage shall be decided by the FBIE itself according to the contract of the enterprise and the agreement concluded by it and its invested enterprise. In the contract, the investors shall stipulate liabilities of the investors who do not pay the subscribed capital contributions and relevant measures. | | （一）投资者可以根据创业投资进度分期向创投企业注入认缴出资。各期投入资本额由创投企业根据创投企业合同及其与所投资企业签定的协议自主制定。投资者应在创投企业合同中约定投资者不如期出资的责任和相关措施； |
| (2) Indispensable investors shall not withdraw from the FBIE during the period of its continuous existence. A necessary withdrawal under a special circumstance shall be based on the consent of the investor whose investment amount exceeds 50% of the total amount, and the relevant rights and interests shall be assigned to the new investor who satisfies the conditions as provided in Article 7. The contract and the articles of association of this enterprise shall be modified and shall be reported to the examination and approval authority for approval. | | （二）必备投资者在创投企业存续期内不得从创投企业撤出。特殊情况下确需撤出的，应获得占总出资额超过50%的其他投资者同意，并应将其权益转让给符合第七条要求的新投资者，且应当相应修改创投企业的合同和章程，并报审批机构批准。 |
The transference of the other investors' subscribed amount of capital or invested amount of capital shall be done in compliance with the contract of the FBIE and the assignee shall meet the requirements as provided in Article 6. All investors shall make relevant modifications in the contract and the articles of association of the FBIE and report to the examination and approval organ for archival purposes.
．．．．．． | | 其他投资者如转让其认缴资本额或已投入资本额，须按创投企业合同的约定进行，且受让人应符合本规定第六条的有关要求。投资各方应相应修改创投企业合同和章程，并报审批机构备案。
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