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

Chinese law requires that the transfer of ownership of a business venture must be done in accordance with the laws and regulations of the People’s Republic of China (PRC). This includes the Company Law of the PRC and any applicable local laws or regulations. Generally, a business venture must be registered with the Administration for Industry and Commerce (AIC) to obtain a business license. The party who acquires the business must also apply to the AIC for approval of the transfer of ownership. The approval process involves submitting the company’s Articles of Association to the AIC. This document must show that the change of ownership is allowed under the laws and regulations of the PRC. The AIC will review such applications and, if approved, will issue a new business license in the name of the new owner. In addition to the AIC registration, the transfer of ownership of a business venture in Washington may also need to be registered with the Washington State Business Licensing Service (BLS). To do this, the party acquiring the business must submit documentation that proves the transfer of ownership as well as pay any applicable fees. Once the BLS is satisfied, the transfer of ownership is considered complete.

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

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