PRC Resident definition

PRC Resident has the meaning as set forth in Circular 75.

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PRC Resident means any “PRC resident legal person” and “PRC resident individual” as defined under relevant SAFE rules and regulations.

PRC Resident shall have the meaning as set forth in SAFE Circular 75.

Examples of PRC Resident in a sentence

The Group Companies shall urge each of the Founders and any other direct or indirect holders of the Ordinary Shares of the Company who is a PRC Resident to perform the covenants in accordance with this Section 7.9. None of the Group Companies and the Founders shall do any foreign exchanges activities unless the applicable SAFE Rules and Regulations are fully complied with.
The Company will use its best efforts to arrange its management activities in such a way as to avoid being a PRC Resident Enterprise in each taxable year, including holding all Board meetings outside the PRC and such additional efforts as are deemed prudent under applicable Laws; provided, however, that such additional efforts do not cause undue burden on the Company or its officers including but not limited to requiring the officers of the Company to move their residency outside the PRC.
Except as disclosed in Section 2.27 of the Disclosure Schedule, each Person who directly or indirectly holds any shares of the Company as of the Closing and who is a PRC Resident has complied with the registration and any other requirements of Circular 75, including requirement to amend and update such registration to reflect any change in the information contained in the previous Circular 75 registration documents.
In the event that, during the period in which any Investor or any of its successors or assigns holds Shares in the Company, the Company is classified by the Chinese tax authority in charge as a PRC Resident Enterprise, the Company shall provide each Investor or its successors or assigns written notice as soon as reasonably practicable.
AS WITNESS the parties hereby duly execute this agreement on the date first above written SIGNED by the Vendor (who having ) been previously identified by the ) production of his PRC Resident Card ) No. 441421197405195933) ) in the presence of: ) INTERPRETED to the Vendor by: SIGNED by ) ) for and on behalf of the Purchaser in the ) presence of:- ) 1 The contents of clauses 2.1 and 2.2 above are and will at Completion be true and correct in all respects.
In the event that, during the period in which a Shareholder or any of its successors or assigns holds Shares in the Company, the Company is classified by the PRC tax authority in charge as a PRC Resident Enterprise, the Company shall provide such Shareholder or its successors or assigns written notice as soon as reasonably practicable.
It is the PRC Resident Holder’s duty to ensure full compliance with these PRC regulations at the PRC Resident Holder’s own expense and the Company assumes no responsibility to seek proper filing or approval on the PRC Resident Holder’s behalf.

More Definitions of PRC Resident

PRC Resident has the meaning ascribed to it in the SAFE Rules, which is an individual who holds a resident identity card, a passport or other lawful identity certificate of the PRC, or an individual who has no legal identity of the PRC but habitually resides inside the PRC due to reasons of economic interests.

PRC Resident has the meaning given to it in Circular 75 and in the Implementation Rules 106 issued on 29 May 2007 by the State Administration of Foreign Exchange of the PRC; and

PRC Resident means a Chinese person within the meaning of paragraph 3 of Article 1 of the SAFE Circular 37 (i.e., a citizen of Mainland China, including a person who habitually resides in Mainland China, even if such individual does not have any lawful identity document in Mainland China).

PRC Resident is a PRC resident legal person or PRC resident individual as defined under SAFE Circular 75;