On May 27, 2011, the State Administration for Foreign Exchange (SAFE) promulgated the Circular on Operation Procedures on Foreign Exchange Administration on Financing and Round-trip Investment by Domestic Residents through Offshore Special Purpose Vehicles (“Circular 19”), which was effective as of July 1, 2011.
Prior to Circular 19, the major regulations governing foreign exchange administration on round-trip investment are the Circular on Foreign Exchange Issues Related to Financing and Round-trip Investment by Domestic Residents through Offshore Special Purpose Vehicles (“Circular 75”, which was effective as of October 21, 2005), and the Operation Procedures of Circular 75 (“Circular 106”, which was effective as of May 29, 2007). Circular 19 sets out a simplified registration process for SPVs. It also addresses round-trip investments by non-SPVs and adds additional registration requirements for foreign invested enterprises (FIEs) investing in real estate.
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