What is the process for winding up a business venture in China?

The process for winding up a business venture in China depends largely on the type of business venture. Generally speaking, it includes filing for dissolution with the provincial-level Administration for Industry and Commerce (AIC) or a local branch AIC and reporting to the local tax bureau. For a privately held venture, the enterprise should submit an application for dissolution to the AIC. The application needs to include the registered business name, the legal representative of the enterprise, and a request for the dissolution of the enterprise. Along with the application, documents such as the business license, financial report, and tax return should also be submitted. The AIC will review the application and make a decision whether or not to approve the dissolution. If the venture is a foreign-invested enterprise, then the enterprise should file a termination report with the AIC, the foreign exchange bureau and the tax bureau. The report should include the enterprise name, legal representative, foreign investor, and other related information. The enterprise should also submit the original business license, tax returns, and other documents to the AIC. After all documents are submitted to the AIC, the AIC will conduct a review and make the decision to approve the dissolution. Finally, after the dissolution has been approved by the AIC, the enterprise should deregister with the tax bureau and foreign exchange bureau. Once the dissolution process is complete, the enterprise can begin liquidating assets, distributing profits, and carrying out other related tasks.

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What is the process for winding up a business venture in China?

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