article 1 a venture capital enterprise shall submit the following documents when filing with the administrative department: (1) the articles of association and other legal documents regulating the organizational procedures and behaviors of venture capital enterprises.

(2) photocopies of industrial and commercial registration documents and business licenses.

(3) the list of investors, and the proof of the committed capital contribution and the paid capital contribution.

(4) List and resumes of senior managers.

if a management consultancy is entrusted with its investment management business, the following documents shall also be submitted:

(1) the articles of association of the management consultancy and other legal documents regulating its organizational procedures and behaviors.

(2) A copy of the industrial and commercial registration documents and business license of the management consulting institution.

(3) the list and resumes of the senior managers of the management consulting institution.

(4) entrustment management agreement.

article 11 after receiving the filing application of a venture capital enterprise, the administrative department shall, within 5 working days, examine whether the filing application documents are complete and decide whether to accept the filing application. After accepting the filing application of a venture capital enterprise, it shall, within 2 working days, examine whether the applicant meets the filing conditions, and issue a written notice to it whether it has been filed or not. If the record is not filed, the reasons shall be explained in the written notice.

chapter iii investment operation of venture capital enterprises

article 12 the business scope of venture capital enterprises is limited to:

(1) venture capital business.

(2) Acting as an agent for the venture capital business of other venture capital enterprises and other institutions or individuals.

(3) Venture capital consulting business.

(4) providing entrepreneurial management services for entrepreneurial enterprises.

(5) participating in the establishment of venture capital enterprises and venture capital management consulting institutions.

Article 13 A venture capital enterprise shall not engage in guarantee business or real estate business, except for purchasing real estate for its own use.

Article 14 A venture capital enterprise may invest abroad with full assets. Among them, the investment in enterprises is limited to unlisted enterprises. However, after the invested unlisted enterprise is listed, the untransferred part of the shares held by the venture capital enterprise and its allotment part are not subject to this restriction. Other funds can only be deposited in banks, purchased government bonds or other fixed-income securities.

article 15 after signing an investment agreement with the invested enterprise, the venture capital enterprise may invest in the unlisted enterprise in the form of equity, preferred stock and convertible preferred stock.

article 16 the investment of a venture capital enterprise in a single enterprise shall not exceed 2% of the total assets of the venture capital enterprise.

article 17 a venture capital enterprise shall specify in its articles of association, entrusted management agreement and other legal documents the method of drawing management operating expenses or management consulting fees of management consulting institutions, and establish a management cost restraint mechanism.

article 18 a venture capital enterprise may extract a certain proportion from the realized investment income as the performance reward for managers or management consulting institutions, and establish a performance incentive mechanism.

Article 19 A venture capital enterprise may determine a limited duration in advance, but the minimum duration shall not be less than 7 years.

Article 2 A venture capital enterprise may enhance its investment capacity through debt financing within the scope prescribed by law.

article 21 a venture capital enterprise shall establish and improve its internal financial management system and accounting methods in accordance with the relevant provisions of the state on enterprise financial accounting system.

chapter iv policy support for venture capital enterprises

article 22 the state and local governments may set up venture capital guidance funds to support the establishment and development of venture capital enterprises by means of equity participation and financing guarantee. Specific management measures shall be formulated separately.

article 23 the state uses preferential tax policies to support the development of venture capital enterprises and guide them to increase their investment in small and medium-sized enterprises, especially small and medium-sized high-tech enterprises. The specific measures shall be formulated separately by the finance and taxation department of the State Council in conjunction with relevant departments.

article 24 a venture capital enterprise may withdraw from its investment through listing and transfer of equity, transfer of equity agreement, and repurchase by the invested enterprise. The relevant state departments should actively promote the construction of a multi-level capital market system and improve the investment withdrawal mechanism of venture capital enterprises.