国家外汇管理局关于完善外资并购外汇管理有关问题的通知

国家外汇管理局各省、自治区、直辖市分局、外汇管理部，深圳、大连、青岛、厦门、宁波市分局：
　　为维护国际收支平衡，确保跨境资本合规有序流动，现就完善外资并购外汇管理有关问题通知如下：
　　一、境内居民境外投资直接或间接设立、控制境外企业，应参照《境外投资外汇管理办法》的规定办理审批、登记手续。
　　二、根据《外国投资者并购境内企业暂行规定》，境内居民为换取境外公司股权凭证及其他财产权利而出让境内资产和股权的，应取得外汇管理部门的核准。未经核准，境内居民不得以其拥有的境内资产或股权为交易对价取得境外企业股权及其他财产权利。
　　三、各分局、外汇管理部在办理由外资并购设立的外商投资企业外汇登记时，应重点审核该境外企业是否为境内居民所设立或控制，是否与并购标的企业拥有同一管理层（详见附件）。对于境内居民通过境外企业并购境内企业设立的外商投资企业，各分局、外汇管理部应将其外汇登记申请上报总局批准。
　　四、对于境内居民通过境外企业并购境内企业设立并已办理外汇登记的外商投资企业，各分局、外汇管理部应列出详细名单，对该类企业的验资询证、转股收汇外资外汇登记、股东贷款登记、利润汇出、利润再投资、股权转让等情况实施重点监控，发现问题，要及时查处。
　　本通知自下发之日起执行。
　　附件：外资并购设立外商投资企业的外汇登记操作规程
　　法规依据《外商投资企业外汇登记管理暂行办法》、《关于加强外商投资企业审批、登记及税收管理有关问题的通知》（外经贸法发[2002]575号）、《外国投资者并购境内企业暂行规定》
　　审核材料
　　1、 书面申请；2、 企业法人营业执照副本；3、 商务主管部门批准外资并购设立外商投资企业的批复文件、批准证书；4、 经批准生效的外资并购合同、章程；5、 组织机构代码证；（注：以上材料均需验原件或盖原章的复印件，复印件留底）6、 填写《外商投资企业基本情况登记表》。
　　审核原则要素
　　1、 外汇登记证上应明确企业的经营范围和投资各方的出资方式、比例；2、 有关材料应真实一致；3、 企业应在领取营业执照后及时办理外汇登记；4、 书面申请中应包含以下申明文字"本公司的外资新股东与出让股权（或资产）的原中方股东之间无任何直接或间接的股权和资产关联，也不存在其他违反外汇管理规定的内部交易行为，本次交易的相关支付结算安排均遵守了《外国投资者并购境内企业暂行规定》的规定。如存在虚假陈述，本公司愿意承担相应法律责任。"或如实表述公司外资新股东与出让股权（或资产）的原中方股东之间存在的直接或间接的股权与资产关联关系。
　　授权范围
　　1、 分局及辖内支局按属地原则办理；2、 如境内居民通过境外企业并购境内企业设立外商投资企业，应逐级将其外汇登记申请上报总局批准。
　　注意事项
　　1、 本操作规程所称"并购"与《外国投资者并购境内企业暂行规定》中"并购"涵义相同；2、 在办理外商投资企业外汇登记时应审查外资投资合同以决定该企业是否系外国投资者股权或资产并购所设立，是否应适用本操作规程；3、 审查并购合同以了解实施并购的境外企业是否为境内居民所设立或控制，是否与并购标的企业拥有同一管理层。
　　（***中国投资网注：根据2005年4月8日国家外汇管理局《关于境内居民个人境外投资登记及外资并购外汇登记有关问题的通知》（汇发[2005]29号），此文件第三条所称"外资并购设立的外商投资企业外汇登记"包括以下情形：
　　（一）外国投资者协议购买境内中资企业中方股权，将内资企业变更为外商投资企业，该外商投资企业应当办理外汇登记，外国投资者应当办理转股收汇外资外汇登记；
　　（二）外国投资者协议购买境内外商投资企业中方股权，原外商投资企业办理外汇登记变更，外国投资者办理转股收汇外资外汇登记；
　　（三）外国投资者向境内企业增资，境内企业办理外商投资企业外汇登记或外汇登记变更；
　　（四）外国投资者境内设立外商投资企业，并通过该企业协议购买境内企业资产且运营该资产，或外国投资者协议购买境内企业资产，并以该资产投资设立外商投资企业运营该资产，新设外商投资企业办理外汇登记；
　　（五）外国投资者境内新设外商投资企业，并通过该企业协议控制境内其他企业或某项资产的收益权、特许经营权，新设外商投资企业办理外汇登记。***）
　　（注：此英文翻译为非官方译本，仅供参考。 当发生歧意时， 应以法律原版中文为准。This English document is not an official translation and is for reference ONLY. In case of discrepancy， the original version in Chinese shall prevail.）
Circular of the State Administration of Foreign Exchange Concerning Relevant Issues on Improving Foreign Exchange Administration for Merger and Acquisition with Foreign Investments
Hui Fa [2005] No. 11
January 24, 2005
The branches and the foreign exchange administration departments of the State Administration of Foreign Exchange in all provinces, autonomous regions and municipalities directly under the Central Government, and the branches of the State Administration of Foreign Exchange in Shenzhen, Dalian, Qingdao, Xiamen and Ningbo:
　　For the purpose of maintaining the balance of payments, guaranteeing the trans-territorial capitals flow orderly and legally, the relevant issues on improving foreign exchange administration in respect of merger and acquisition with foreign investments are hereby notified as follows:
　　I. A domestic resident who contributes investments abroad to directly or indirectly establish or control an overseas enterprise shall go through the procedures for approval and registration according to the "Foreign Exchange Administration Measures for Overseas Investments".
　　II. According to the "Interim Provisions for Foreign Investors to Merge or Acquire Domestic Enterprises", in case a domestic resident intends to transfer his domestic company's stock right certificate for an overseas company's stock right certificate or other property rights, he shall be approved by the foreign exchange administration department. Domestic residents shall not, without approval, exchange by using his own domestic assets or stock rights as consideration for transaction for any overseas enterprise's stock rights or other property rights.
　　III. Any branch or foreign exchange administration department of the SAFE, shall, when handling foreign exchange registration for a foreign-funded enterprise established through merger or acquisition with foreign investments, focus on verifying whether this overseas enterprise was established or controlled by domestic residents, whether it has the same management staff with those of the merged or acquired enterprise(see the annex for details). In the case of the foreign-funded enterprises established by domestic residents via overseas enterprises by means of merging or acquiring domestic enterprises, all branches and foreign exchange administration departments of the SAFE shall report their applications for foreign exchange registration to the SAFE for approval.
　　IV. In the case of the foreign-funded enterprises which were established by domestic residents via overseas enterprises by means of merging or acquiring domestic enterprises and have made foreign exchange registration, all branches and foreign exchange administration departments of the SAFE shall enumerate a detailed name list, and shall focus their supervision and control on the information of such enterprises in respect of confirmation request for capital verification, foreign exchange registration of foreign investments in the form of foreign exchange upon transfer of stock rights, registration of stockholders' loans, remittance of profits abroad, re-investment with profits, stock right transfer, etc., and timely investigate any problem found.
　　This Circular shall come into force since the date when it is promulgated. htm/e03846.htm
　
Annex: Foreign Exchange Registration Procedures and Rules for Establishment of Foreign-funded Enterprises Through Merger or Acquisition with Foreign Investments
Regulation Basis
"Interim Measures for the Foreign Exchange Registration of Foreign-funded Enterprises"
"Circular　 Concerning the Relevant Issues on Strengthening the Approval, Registration and Taxation Administration of Foreign-funded Enterprises" (MOFTEC FA [2002] No. 575)
"Interim Provisions for Foreign Investors to Merge or Acquire Domestic Enterprises"
Documents to be Examined
1. A written application;
2. A counterpart of the business license of the legal person of the enterprise;
3. The official reply document and approval certificate of the administrative department of commerce on approving the establishment of the foreign-funded enterprise through merger or acquisition with foreign investments;
4. The contracts and the rules on merger or acquisition with foreign investments, which have been approved to become effective;
5. The organizational code certificate;
(Note: All the above documents shall be verified in original copy, or in photocopy affixed with an original stamp, while the photocopies shall be kept in the archives.)
6. Filling out the "Registration Form on Basic Information of the Foreign-funded Enterprise".
Factors of Verification Principles
1. The foreign exchange registration certificate shall clearly indicate the enterprise's business scope, as well as the investment method and proportion of each investor.
2. The relevant documents shall be genuine and consistent with each other.
3. The enterprises shall, after obtaining the business license, timely make foreign exchange registration.
4. The written application shall contain the following declaratory words: "There is no direct or indirect associated stock right or asset relationship between the new foreign stockholder of this Company and the original Chinese stockholder who transfers his stock rights (or assets), nor is there any other internal transaction act against foreign exchange administration provisions. All payments and settlements under this transaction are in accordance with the "Interim Measures for Foreign Investors to Merge or Acquire Domestic Enterprises". In case there is any false statement, this Company will bear the legal liabilities accordingly." Or the said application shall truthfully state direct or indirect associated stock right or asset relationship between the new foreign stockholder of the Company and the original Chinese stockholder who transfers his stock rights (or assets).
Scope of Authorization
1. The branches and their respective sub-branches shall handle the procedures according to the principle of locality.
2. If a domestic resident establishes a foreign-funded enterprise by means of merging or acquiring a domestic enterprise via an overseas enterprise, its application for foreign exchange registration shall be submitted level by level to the SAFE for approval.
Notes
1. "Merger and acquisition" mentioned in these Procedures and Rules shall have the same meaning as those in the "Interim Provisions for Foreign Investors to Merge or Acquire Domestic Enterprises".
2. When handling a foreign-funded enterprise's foreign exchange registration, the foreign investment contract shall be examined to determine whether this enterprise was established by foreign investors through merger or acquisition of stock rights or assets, and whether these Procedures and Rules shall be applied.
3. The contract on merger or acquisition shall be examined to know whether the overseas enterprise carrying out the merger or acquisition was established or controlled by a domestic resident, and whether it has the same management staff with those of the merged or acquired enterprise.