Equity change
1. You need to go to the Industrial and Commercial Bureau for renaming approval.
2. Submit materials to MOFTEC to apply for changing to a foreign-funded enterprise (this process is very long, because MOFTEC needs to review the tax payment and liabilities of domestic-funded enterprises first, and it also needs a special announcement).
3. After being approved, apply to SAFE for approval to open a capital account, and conduct capital deposit and capital verification.
4. Change the nature of the enterprise, registered capital, articles of association, legal representative, shareholders and other matters in the industrial and commercial bureau.
5. Carry out a series of reforms in the Public Security Bureau, Quality Supervision Bureau, Taxation Bureau (State Administration of Taxation) and Finance Bureau. The time is expected to be around 6 months.
Legal basis: People's Republic of China (PRC) Tax Collection and Management Law.
Article 1 This Law is formulated with a view to strengthening the administration of tax collection, standardizing tax collection, safeguarding national tax revenue, protecting the legitimate rights and interests of taxpayers and promoting economic and social development.
Article 2 This Law is applicable to the collection and management of various taxes collected by tax authorities according to law.
Article 3 The collection, suspension, reduction, exemption, refund and supplementary payment of taxes shall be carried out in accordance with the law. Where the State Council is authorized by law, it shall be implemented in accordance with the administrative regulations formulated by the State Council.
No organ, unit or individual may, in violation of the provisions of laws and administrative regulations, arbitrarily make decisions on tax collection, suspension, tax reduction, exemption, tax refund, overdue tax and other decisions inconsistent with tax laws and administrative regulations.
Article 4 Units and individuals that are obligated to pay taxes according to laws and administrative regulations are taxpayers.
Units and individuals that have the obligation to withhold and pay taxes according to laws and administrative regulations are withholding agents. Taxpayers and withholding agents must pay taxes, withhold and remit taxes and collect and remit taxes in accordance with the provisions of laws and administrative regulations.