On 13 January 2015, the Ministry of Industry and Information Technology (MIIT) released the Circular on Removing the Restrictions on the Foreign Equity Ratios in Online Data Processing and Transaction Processing (Commercial Type of e-commerce) Services in the China (Shanghai) Pilot Free Trade Zone (FTZ).
With immediate effect, foreign companies can now establish 100%-owned subsidiaries in the FTZ to engage in the online data processing and transaction processing business – but limited to commercial types of e-commerce – and secure a value-added telecoms service operating permit (VAS Permit), which up until now was only available to joint ventures and domestic Chinese entities.
From 1 March 2015, the FTZ was also expanded to include the Lujiazui financial district, the Jinqiao development zone and the Zhangjiang hi-tech park of Pudong district.
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Business Law Digest is compiled with the assistance of Baker & McKenzie. Readers should not act on this information without seeking professional legal advice. You can contact Baker & McKenzie by e-mailing Danian Zhang (Shanghai) at: danian.zhang@bakermckenzie.com
