China SAFE Webinar: Still Talking About China SAFE Approval Requirements?!
Webinar
12 January 2012
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Although it has been almost five years since the Chinese State Administration of Foreign Exchange (SAFE) issued Circular 78 (which introduced the approval requirement for employee equity plans in China), we continue to see a lot of companies struggling with the SAFE requirements.
There are still many companies trying to decide whether to move forward with an application, as well as companies "trapped" in the application process, or companies with existing approvals grappling with the ongoing requirements.
As in the past, the different SAFE authorities do not seem to be able to agree on a streamlined application process, and we experience vast deviations in requirements from one province to the other, as well as within the different provinces (from application to application).
As such, we wanted to give an update (to our last webinar from January 2011) on the latest developments.
In particular, we will cover the following topics:
- Update on SAFE filing requirements/process for different provinces
- Update on mechanics of repatriation and conversion of currency requirements/timing, as well as compliance with tax withholding obligations
- Practical advice on managing risks in China prior to receiving SAFE approval
- Ongoing requirements once SAFE approval is in place and guidance on how to manage the process
- Special considerations for ESPP
- Market information on what US multinational companies are doing with respect to SAFE approval/award types for employees in China
- Advice on how to avoid SAFE requirements