PRC, Wholly Foreign-owned Enterprise Law（Revised）Ⅱ

　　Article 13: The staff and workers of a wholly foreign-owned enterprise may, in accordance with the law, establish a labour union organization which may undertake labour union activities and protect the legitimate rights and interests of the staff and workers.
　　A wholly foreign-owned enterprise shall provide the prerequisites for the organization of activities by the labour union of the enterprise.

　　Article 14: A wholly foreign-owned enterprise must set up accounting books in China, conduct independent auditing and, in accordance with regulations, submit its accounting statements to and accept the supervision of the financial and taxation authorities.
　　Should a wholly foreign-owned enterprise refuse to maintain books of account in China, penalties may be imposed by the financial and taxation authorities, and the administrative authorities for industry and commerce may order the enterprise to cease operation or may revoke its business licence.

　　Article 15: The raw materials, fuel and other materials required by a wholly foreign-owned enterprise and which come within its authorized scope of business may be purchased on the domestic market or the international market according to the principles of fairness and reasonableness.

　　Article 16: The various types of insurance required by a wholly foreign-owned enterprise shall be taken out with insurance companies in China.

　　Article 17: A wholly foreign-owned enterprise shall pay tax in accordance with the relevant stipulations of State tax regulations and may enjoy preferential tax exemption or reduction.
　　Where a wholly foreign-owned enterprise reinvests its profits in China after payment of tax, it may, in accordance with the relevant stipulations of the State regulations, apply for reimbursement of the income tax already paid on the reinvested amount.

　　Article 18: Matters relating to the foreign exchange of a wholly foreign-owned enterprise shall be handled in accordance with the State stipulations governing foreign exchange control.
　　A wholly foreign-owned enterprise shall open a bank account with the Bank of China or a bank designated by the State Administration of Exchange Control.

　　Article 19: The foreign investor may remit abroad lawful profits earned from a wholly foreign-owned enterprise, other lawful income and funds obtained after liquidation of the enterprise.
　　Wages and other lawful income of foreign staff and workers of a wholly foreign-owned enterprise may be remitted abroad after payment of individual income tax in accordance with the law.

　　Article 20: The term of operation of a wholly foreign-owned enterprise shall be approved, following application by the foreign investor, by the examination and approval authority. Where extension of the term of operation is required upon expiry, an application shall be made to the examining and approving authorities 180 days prior to the expiry of the original term of operation. The examining and approving authorities shall, within 30 days of receipt of the application, make a decision on whether or not the application will be granted.

　　Article 21: On termination of a wholly foreign-owned enterprise, prompt notification shall be given and liquidation carried out in accordance with the procedures stipulated by law.
　　Pending completion of liquidation, the foreign investor shall not dispose of the assets of the enterprise, except for the purposes of carrying out the liquidation.

　　Article 22: Upon termination of an enterprise with sole foreign investment, procedures shall be completed with the administrative authorities for industry and commerce for cancellation of registration and handing in and cancellation of the business licence.

　　Article 23: Detailed regulations for the implementation of this Law will be formulated by the State Council department in charge of foreign economic relations and trade and shall come into effect following submission to and approval by the State Council.

　　Article 24: This Law shall be effective as of the date of promulgation.