Asia Pacific

MSME definition further revised by Union Cabinet

Subsequent to the revisions made in the definition of MSMEs during the INR 20 lakh crores economic package announcement made in May 2020, the government on Monday i.e. 01st June 2020 further revised the definition of MSMEs.
From now on, enterprises with investments up to INR 50 crore with a turnover of less than INR 250 crore will now be defined as ‘medium’ units. Whereas under the economic stimulus package, the revised definition for medium enterprises was kept at a turnover of INR 100 crore and investment up to INR 20 crores. Below is the tabular representation of the definition of MSMEs classification:
Micro Enterprises
Enterprises with an investment less than INR 1 crore and turnover less than INR 5 crore turnover
Small Enterprises
Enterprises with an investment less than INR 10 crore and turnover less than INR 50 crore turnover
Medium Enterprises
Enterprises with an investment less than INR 50 crore and turnover less than INR 250 crore turnover
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Llinks Client Alert – Antitrust and Competition (June 2020)

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Llinks Opens Office in Shenzhen with Four New Partners

links Law Offices (Llinks) announces its new office opening in Shenzhen on 25 May 2020. The new office is located at China Resources Tower in the Shenzhen Bay of Nanshan District, an innovative and dynamics area in Shenzhen.

The Shenzhen office is Llinks third office in Mainland China and the fifth worldwide since its establishment back in 1998. By opening its Shenzhen office, Llinks aims to further extend its dedicated presence in South China. The Shenzhen office will work closely with Llinks’ Hong Kong office and create a synergy between Shenzhen and Hong Kong. The new office will facilitate diversified development in the Greater Bay Area (GBA) by providing more convenient and efficient legal services to clients in South China. Meanwhile, as Llinks strategic move of its international development blueprint, the launch of its Shenzhen office will maximize Shenzhens strategic and innovative advantage as the centre of the GBA and an innovative city, echoing Chinas “Belt and Road” initiative and strategy of development of cross-border legal market.

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Three Major Changes in the Drug Registration Measure

Drug registration is an important part of drug administration and supervision. With the development of drug administration and supervision system in China, regulations on drug registration are improving step by step as well, developed from Provisions for New Drug Approvals (新药审批办法) (1999) , Drug Registration Measures (Trial) (药品注册管理办法(试行))2002 to Drug Registration Measures (药品注册管理办法) 2005.  After a major revision in 2007, the Drug Registration Measures has been revised again this year, with the new Drug Registration Measures being implemented on July 1, 2020…… Read more…

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Llinks Client Alert – Anti-Corruption (April 2020)

Llinks would like to share our views on the most recent hot topics and legal updates on the Anti-Corruption with “ Llinks Client Alert – Anti-Corruption (April 2020)”

If you have any questions or do not wish to receive this kind of publication sent by Llinks, please do not hesitate to contact us.

Publication@llinkslaw.com

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JV Compliance Issues during the Transition Period under the new FIL

On 1 January 2020, the Foreign Investment Law of the People’s Republic of China (“FIL“) came into force, at the same time, the four-decades old Sino-foreign Equity Joint Venture Law of the People’s Republic of China (“EJV Law“) and the three-decades-plus old Sino-foreign Co-operative Joint Venture Law of the People’ Republic of China (“CJV Law“) and their relevant regulations were simultaneously repealed. Read more…

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WFOE Compliance Issues during the Transition Period under the new FIL

On 1 January 2020, the Foreign Investment Law of the People’s Republic of China (“FIL“) came into force, and at the same time, the three-decades-old-plus Wholly Foreign-owned Enterprises Law of the People’s Republic of China (“WFOE Law” and its relevant regulations were simultaneously repealed. Read more…

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Safeguarding against Opportunistic Acquisitions – Restriction on FDI from China

In a significant change to the Foreign Direct Investment Policy 2017 (“FDI Policy”), the Department for Promotion of Industry and Internal Trade has issued Press Note No. 3 (2020 Series) dated April 17, 2020 (“Press Note 3”), wherein it has imposed certain restrictions for receiving FDI from neighbouring countries. According to the Press Note 3, any entity of a country which shares its land borders with India (i.e. China, Nepal, Bhutan, Bangladesh, Myanmar, Pakistan and Afghanistan) (“Specified Country”) or where the beneficial owner of any investment in India is based in such country or is citizen of such a country, will now require prior approval from the Government for its direct investment in India. Additionally, any transfer of ownership (whether existing or future) of an entity in India resulting in the beneficial ownership being situated in a Specified Country will also require prior Government approval. Changes proposed vide Press Note 3 will have statutory effect upon amendment of the Foreign Exchange Management (Non-Debt Instruments) Rules, 2019 (“NDI Rules”).

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Legalization of E-Meetings

The Emergency Decree B.E. 2563 (A.D. 2020) on E-Meetings which came into force on April 19, 2020, replaces the former National Council for Peace and Order No. 74/2557 (A.D. 2014) (“NCPO”) and legalizes the prior e-meetings under the said former NPKO order, and the new ones of both the public and private sectors, excluding those of the parliament, the courts of justice and the government’s procurement offices.

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FAQs on Companies Fresh Start Scheme, 2020 and LLP Modified Settlement Scheme, 2020

Vide its circular dated March 30, 2020, the Ministry of Corporate Affairs (“MCA”) had introduced the Companies Fresh Start Scheme, 2020 (“CFS Scheme”) and amended the LLP Settlement Scheme, 2020 (“LLP Modified Scheme”) to allow defaulting companies and limited liability partnerships an opportunity to file belated documents, returns etc. without charging of additional fees with respect to the delay in filing and grant immunity from prosecution with respect to such delay. We had, in an earlier update, highlighted the key provisions of the CFS Scheme and the LLP Modified Scheme (available at https://www.mondaq.com/india/shareholders/918732/relaxation-schemes-for-companies-and-limited-liability-partnerships and https://lexcounsel.in/wp-content/uploads/2020/04/Newsletter-April-012020-.pdf).

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