On 19 September 2020, the Ministery of Commerce issued the Provisions on the Unreliable Entity List (the “Provisions”). The Provisions establish a legal framework that provides initial procedures for the designation of non-Chinese enterprises, other organizations, or individuals of a foreign country (“foreign entity”) that act contrary to China’s interests. Purpose of the Provisions While…
Read moreAmidst worldwide economic uncertainty and complex international relations, investors are trying to navigate toward opportunities that position them to succeed. Many of those opportunities can be found in China. At Horizons, we’re confident that China’s economic stability, growth and effort to move past the negative effects of COVID-19 makes the PRC fertile ground for foreign…
Read moreAt Horizons, we encounter numerous queries about opening a company bank account in China, especially during the COVID-19 pandemic. For practical purposes, a company bank account should be opened upon the receipt of the business license. For foreign companies operating in China, two accounts should be opened in order for a business to commence with…
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In global business, the obligation to protect valuable data is paramount for enterprises. This month marks the third anniversary of the Cybersecurity Law of the People's Republic of China (CSL). Equally, last month was the second anniversary of the General Data Protection Regulation (GPDR). Since the implementation of these measures, enforcement of both has continued…
Read moreIn years past, regulatory procedures for entities in China involved trips to various governmental offices, not to mention extensive paperwork. More recently, administrative procedures have migrated to an online administrative system, which has accelerated the ease of business. Corporate documents and seals, which legally bind a company to a contract or are required for corporate…
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