What does Chinese law require for the transfer of ownership of a business venture?

Chinese law requires companies operating in the state of Illinois to obtain approval from the Chinese Investment Regulation Commission before transferring ownership of a business venture. The commission is responsible for the review and approval of foreign investments in China. When transferring ownership of a business venture, the investor must submit a “Transactions Approval Application” to the commission. This application must be accompanied by documents including the relevant Chinese laws and regulations, a detailed appraisal of the venture’s economic value, and a complete statement detailing the source of the investor’s financial and technical resources. In addition to the application process, the Chinese Investment Regulation Commission also requires that a transfer of ownership of a business venture be attested to by a notary. The notary must certify that all pertinent documents provided by the investor are accurate and that the investor meets all the necessary requirements outlined by the commission. This process is known as “notarization” and is an important part of the transfer of ownership process. Valid Chinese approval is also necessary to transfer ownership of a business venture. The approval must be registered with the Ministry of Commerce and then approved by the State Administration for Industry and Commerce. Once all necessary documents and approvals have been obtained, the transfer of ownership is officially complete.

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What does Chinese law require for the transfer of ownership of a business venture?

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