enterprise operated on domestic capital
A domestic company is a company whose capital comes from China and is invested by an enterprise legal person with China nationality or a natural person with the age of 18 and operates in China.
exclusively foreign-owned enterprise
A wholly foreign-owned enterprise refers to an enterprise established in China by foreign investors (including Hong Kong, Macao and Taiwan enterprises or natural persons) in accordance with the Law of People's Republic of China (PRC) on Foreign-funded Enterprises and other relevant laws, with all the capital invested by foreign investors. The concept of foreign enterprise (overseas investment enterprise) is that the enterprise must be outside China, and most of the shares of this overseas enterprise must be held by foreigners (including Hong Kong, Macao and Taiwan).
Shareholders and legal representatives of a limited company
The company law stipulates that the shareholders of an enterprise must be natural persons or legal persons over the age of 18; China company must have a legal representative. The legal representative of the company shall be the chairman, executive director or manager as stipulated in the articles of association of the company, or any person other than the chairman, executive director or manager (including foreigners) may be employed by the shareholders' meeting and registered according to law.
Foreign representative office
Wholly foreign-funded enterprises refer to the representative offices established in China by foreign investors (including investors from Hong Kong, Macao and Taiwan) in accordance with the Law of People's Republic of China (PRC) on Foreign-funded Enterprises and other relevant laws. Representative offices are generally not allowed to operate or issue invoices.
Sino-foreign joint venture company
The Joint Venture Law requires foreign investors to invest at least 25% of the registered capital. Generally speaking, there is no ceiling for foreign investors' investment, unless the relevant laws of China require China to have a minimum investment share (such as restricting industries). The registered capital of a Sino-foreign joint venture shall be more than 6,543,800 yuan, and the registered capital of a foreign-funded enterprise shall be no less than 6,543,800 yuan.
Both parties may invest their respective funds in cash, equipment, industrial property rights or other forms. Generally, the Chinese side provides cash, land development and land use rights, while the foreign side provides cash, building materials, technology and equipment. All investments must be approved by the relevant departments of China, and a capital verification report issued by an accounting firm with the qualification of certified public accountant in China must be obtained.
The two parties to the joint venture jointly manage the enterprise. The board of directors is composed of at least three members, and the board of directors has the right to decide major affairs of the enterprise. The two parties to the joint venture are jointly responsible for the appointment of directors, and the composition of directors is determined according to the proportion of capital contributions made by the two parties to the joint venture. According to the Joint Venture Law of China, both parties to the joint venture can elect the chairman. If one party becomes the chairman, the other party may appoint a vice-chairman.
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