tal-ejv and cjv memo-30 july 2012

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1、___________________________________________________________________________EquityJointVenturesandCooperativeJointVenturesinthePeople'sRepublicofChina___________________________________________________________________________SpeciallypreparedforSonovisionCananaIncJuly2012Page1I.EQUIT

2、YJOINTVENTURES1.IntroductionSino-foreignequityjointventuresareapopularinvestmentvehicleinthePeople'sRepublicofChina(PRC).Onceestablished,equityjointventurestakethelegalformofalimitedliabilitycompanyincorporatedandregisteredinthePRCandareChineselegalpersons.Therefore,anequityjointven

3、turehastherighttoacquire,ownanddisposeofproperty,sueandbesued.2.LegalFrameworkTheprimarypiecesoflegislationgoverningequityjointventuresinthePRCare:theLawofthePeople’sRepublicofChinaonSino-ForeignEquityJointVentures(promulgatedin1979andmostrecentlyamendedin2001)(JointVentureLaw);and

4、theImplementingRegulationsfortheJointVentureLaw(promulgatedin1983andmostrecentlyamendedin2001)(JointVentureRegulations).Inaddition,specificlawsandregulationshavebeenissuedrelatingtotaxation,registration,labor,accounting,foreignexchange,minimumequityrequirements,contributionsofregis

5、teredcapitalandliquidation.3.Establishment3.1DocumentationTheJointVentureRegulationsspecifythevariousdocumentsthatmustbeproducedduringdifferentstagesoftheestablishmentprocessofajointventure.Theseare:3.1.1ApplicationLetterIngeneral,anapplicationlettercontainsthebasicinformationconcer

6、ningtheproposedjointventureanditsinvestors,suchasthenameandlegaladdressoftheinvestors,thename,nationalityandpositionoftheinvestors'legalrepresentative,theinvestors'respectivecapitalcontributionsaswellasthejointventure'sproposedcompanyname,registeredaddress,businessscope,scaleofopera

7、tion,totalinvestmentamount,registeredcapitalEquityandCooperativeJointVenturesPage2andoperationterm.Alltheinformationcoveredintheapplicationlettercanbeexcerptedfromeitherthefeasibilitystudyreportorthejointventurecontractasmentionedbelow.3.1.2FeasibilityStudyReportThefeasibilitystudyr

8、eportisanimportantd