On 19 September 2020, the Ministry of Commerce issued the Provisions on the Unreliable Entity List (the “Provisions”). The Provisions establish a legal framework that provide initial procedures for the designation of non-Chinese enterprises, other organizations, or individuals of a foreign country (“foreign entity”) that act contrary to China’s interests. Purpose of the Provisions While…
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At Horizons, we encounter numerous queries about opening a company bank account in China, especially during the COVID-19 pandemic. For practical purposes, a company bank account should be opened upon the receipt of the business license. For foreign companies operating in China, two accounts should be opened in order for a business to commence with…
Read moreOver the years, China’s governmental procedures for the incorporation of companies and corporate administration have been simplified to accelerate and strengthen doing business in China. Despite the onslaught of COVID-19 and its economic effects, the objective of optimising the business environment for both domestic and foreign companies in China remains unchanged. If fact, the State…
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