Administrative Measures for the Risk Management Reserve Fund for Overseas Labor Service Cooperation (for Trial Implementation)
Administrative Measures for the Risk Management Reserve Fund for Overseas Labor Service Cooperation (for Trial Implementation)
Administrative Measures for the Risk Management Reserve Fund for Overseas Labor Service Cooperation (for Trial Implementation)
Order of the Ministry of Commerce and the Ministry of Finance [2014] No. 2
July 18, 2014
The Administrative Measures for the Risk Management Reserve Fund for Overseas Labor Service Cooperation (for Trial Implementation), which were deliberated and adopted at the 13th ministerial meeting of the Ministry of Commerce on January 21, 2014, upon the approval of the Ministry of Finance, are hereby promulgated and become effective as of August 17, 2014.
Minister Gao Hucheng
Minister Lou Jiwei
Administrative Measures for the Risk Management Reserve Fund for Overseas Labor Service Cooperation (for Trial Implementation)
Chapter I General Provisions
Article 1 These Measures are formulated in accordance with the Administrative Regulations on Foreign Labor Service Cooperation in order to standardize the business operation activities of enterprises engaging in overseas labor service cooperation and protect the legitimate rights and interests of workers dispatched abroad.
Article 2 The term "risk management reserve fund for overseas labor service cooperation" (hereinafter referred to as the "reserve fund") refers to the special fund deposited by enterprises engaging in overseas labor service cooperation and used for the purposes as specified in Article 10 of the Administrative Regulations on Foreign Labor Service Cooperation.
Article 3 The banks in which the enterprises engaging in overseas labor service cooperation deposit the reserve fund shall be designated by the commercial departments in charge of the examination and approval of the qualification of operating overseas labor service cooperation (hereinafter referred to as the competent commercial departments) in conjunction with the finance departments at the same level.
Article 4 The competent commercial departments and the finance departments shall, according to the number of enterprises engaging in overseas labor service cooperation, the size of overseas labor dispatch and other actual situation of their local areas, designate one or several banks in their administrative areas with good credit rating, high quality service and commitment to provide relevant services according to requirements as the reserve fund deposit banks.
Article 5 The enterprises engaging in overseas labor service cooperation shall go through the formalities for depositing and withdrawing the reserve fund with the designated banks.
Chapter II Deposit of the Reserve Fund
Article 6 An enterprise engaging in overseas labor service cooperation shall deposit the reserve fund at a designated bank within five working days from the date on which such enterprise obtains the qualification of operating overseas labor service cooperation and registers with the relevant administrative department of industry and commerce.
Article 7 The deposit standard for the reserve fund is CNY3 million, which is paid in cash or in the form of a letter of guarantee with the equivalent amount.
Article 8 Where an enterprise engaging in overseas labor service cooperation deposits the reserve fund in cash, such enterprise shall open a special account at, and go through the deposit formalities with, the designated bank by presenting the duplicate of the Business License and the Operation Qualification Certificate for Overseas Labor Service Cooperation.
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