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Doing Business in Asia Pacific M&A Law in Asia Pacific M&A Law in Asia Pacific

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Doing Business in Asia Pacific M&A Law in Asia Pacific M&A Law in Asia Pacific FINANCIAL INSTITUTIONS ENERGY INFRASTRUCTURE AND COMMODITIES TRANSPORT TECHNOLOGY Doing business in Asia Pacific M&A law in Asia Pacific M&A law in Asia Pacific Doing business in Asia Pacific Edited by Michael Joyce Partner Norton Rose Australia A NORTON ROSE GROUP GUIDE Norton Rose Group Norton Rose Group is a leading international legal practice. We offer a full business law service from offices across Europe, the Middle East and Asia Pacific. We are strong in financial institutions; energy; infrastructure and commodities; transport; and technology. Norton Rose Group comprises Norton Rose LLP, Norton Rose Australia and their respective affiliates.T he Group has more than 1800 lawyers in 30 offices worldwide. Leading Canadian law firm Ogilvy Renault, and leading South African law firm Deneys Reitz, will join Norton Rose Group on 1 June 2011. The enlarged Group will have 2500 lawyers in 38 offices worldwide, including Montreal, Ottawa, Toronto, Quebec, Calgary, Johannesburg, Durban and Cape Town. © Norton Rose Australia 2010 First edition No. N8610 10/10 Earlier editions of Doing Business in Asia published under the imprint Deacons in hard copy (until 2008) and online (until 2009). The whole or extracts thereof may not be copied or reproduced without the publisher’s prior written permission. This publication is written as a general guide only. It does not contain definitive legal advice and should not be regarded as a comprehensive statement of the law and practice relating to this area. Up-to-date specific advice should be sought in relation to any particular matter. For more information on the issues reported here, please get in touch with us. No individual who is a member, partner, shareholder, employee or consultant of, in or to any constituent part of Norton Rose Group (whether or not such individual is described as a “partner”) accepts or assumes responsibility, or has any liability, to any person in respect of this publication. Any reference to a partner means a member of Norton Rose LLP or Norton Rose Australia or a consultant or employee of Norton Rose LLP or one of its affiliates with equivalent standing and qualifications. Preface Doing business anywhere in the Asia Pacific region is extraordinary. At times the challenges can be immense, but so too the rewards. The region is dynamic, entrepreneurial and, now, fully entitled to claim its place on the world stage as the principal driver of global economic and business growth. There is nothing than can compare with the excitement of concluding a successful transaction in any one of the jurisdictions here. One deal leads to another. Relationships accumulate layer upon layer of knowledge and trust. We have been active here for several decades now. Each year, for the last five years, we have published a comprehensive guide to doing business in the region. All the facts are here. We cover visas and work permits, types of business entity, the business environment, policy on foreign investment, government initiatives, government incentives, taxation, the workplace, health and safety, and the means to forestall or resolve a dispute. This new edition of Doing business in Asia Pacific bundles up our local market knowledge, our emphasis on quality and our geographic reach to provide you with a key reference source. We wish you great success in all your business dealings in Asia Pacific. Michael Joyce Partner Norton Rose Australia Doing business in Asia Pacific Our thanks to the law firms named below for their contribution to the production of the 2010 edition of Doing business in Asia Pacific. India J. Sagar Associates Indonesia Brigitta I. Rahayoe & Partners (associate office) Japan Kashiwagi Sogo Law Offices Malaysia Jeff Leong, Poon & Wong South Korea Barun Law Taiwan Alliance International Law Offices Doing business in Asia Pacific Contents 07 Australia 23 China 47 Hong Kong 59 India 89 Indonesia 105 Japan 121 Malaysia 139 Singapore 161 South Korea 177 Taiwan 193 Thailand Contributors Norton Rose Group Doing business in Asia Pacific 06 Norton Rose Group Doing business in Asia Pacific Australia Australia Visas and work permits Australia welcomes and encourages foreign Business entities investment, particularly direct investment, Business environment which will foster export-orientated, internationally Foreign investment policy competitive industries. Joint ventures and new Government initiatives and incentives enterprises which will diversify the Australian Taxation economy are especially welcome. Foreign capital Workplace relations plays a fundamental role in the development Occupational health and safety of Australia’s industries and resources. Foreign Dispute resolution investors, both in partnership with local companies or on their own account, are readily able to pursue Australia is a democratic country which is based on opportunities in Australia. the liberal democratic tradition. Australia comprises six states and two territories, which became federated in 1901. Visas and work permits There are essentially three levels of government: Visas for business people and skilled people the federal government; the governments of each The Commonwealth government manages the entry state; and local governments or councils. and settlement of people through the Department of Immigration and Citizenship (DIAC). Australian Each state in Australia has its own constitution, immigration policy requires all non-citizens wishing which grants broad powers to make laws for the to enter Australia to hold a visa. peace, order and good government of the relevant state. At federation, the states agreed to give Business people have a number of visa options, up certain law-making powers to the federal depending on the purpose of their entry into government. Those powers are enshrined in Australia. Business visas are broadly grouped Australia’s constitution, which also provides for into business visit visas, provisional (temporary) the separation of powers between the executive, business visas and permanent business visas. judicial and legislative branches of government. Skilled people also have a range of temporary and permanent visa options. For people seeking The federal government is based on a popularly permanent residence in Australia, temporary visas elected parliament with two chambers, the House of in both the business and skilled categories provide Representatives and the Senate (also referred to as a pathway to permanent visas. the Lower and Upper Houses, respectively). Ministers appointed from these chambers form the executive It is important to note that it is becoming increasingly government. Each state in Australia, except for difficult for people over the age of 45 to obtain Queensland, also has two houses of parliament. permanent residence in Australia in both the business visa and skilled workers visa categories. The Australian head of state is the reigning monarch Furthermore, the processing times, application of the United Kingdom. The reigning monarch fees and location of application vary between appoints a Governor-General (on the advice of the visa subclasses. elected Australian government) to be the monarch’s representative. The Governor-General has wide Business visits powers, but generally only acts on the advice of Business people may wish to visit Australia for ministers on virtually all matters. In each state, a range of reasons – to explore opportunities, the monarch is represented by a Governor. conduct business negotiations, attend conferences Norton Rose Group 07 Doing business in Asia Pacific or seminars or conduct business with an Australia- The Service Sellers visa is available to representatives based organisation. The Business (Short Stay) visa of overseas suppliers of services who are negotiating, and the Sponsored Business Visitor (Short Stay) or entering into, agreements to supply their services visa allows business people to visit Australia for in Australia under the General Agreement on up to three months for such purposes. Trade and Services. This visa allows representatives to stay in Australia for between six and 12 months. There is also an electronic travel authority (ETA) available to passport holders from certain countries, Skilled workers permanent visas which allows the applicant to stay in Australia The Employer Nomination Scheme (ENS) allows for up to three months. The advantage of the ETA Australian employers to sponsor highly skilled (Business Entrant) visa is faster processing times employees for a permanent visa to work in Australia. and ease of application. DIAC advises applicants The Regional Sponsored Migration Scheme (RSMS) to lodge an application at least two weeks before allows employers in regional areas to fill skilled the proposed date of travel. Applications for the positions which they are unable to fill from the ETA (Business Entrant) visa can either be made local labour market. online or through a travel agent. Registered migration agents Australia is one of the 17 APEC economies currently In Australia, it is illegal for a person who is not a participating in the APEC Business Travel Card registered migration agent to give migration-related Scheme. The APEC Business Travel Card streamlines advice, even if they are a lawyer. The Register of travel for business people in the Asia Pacific Migration Agents provides a comprehensive list of economies by allowing accredited business people individuals who are registered with the Migration to obtain multiple short-term business visitor Agents Registration Authority (MARA) to provide
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