Kuraray Co., Ltd. (President: Fumio Ito; Headquarters: Chiyoda-ku, Tokyo; hereinafter "Kuraray") announces that its subsidiary established in Shanghai, Kuraray China Co., Ltd., has received certification as a Regional Headquarters of a Multinational Corporation*1 from the Shanghai Municipal Government.
- Since establishing its Shanghai Office in 2002, Kuraray has at a steady pace set up local subsidiaries in China, a country attractive both as a market as well as a center for production and processing. In the case of the fleet of companies that Kuraray has established there up until now, however, the businesses they could be involved in were limited, Chinese law confining the business activities of an individual company to a single industry. The result was that the Group companies established in China were unable to grow together in an organic fashion.
- Having researched and considered ways to resolve this situation, Kuraray found out that it would be possible to build a support structure to attain the goal of uniformly developing its business in China by establishing a management company in accordance with the Provisions on Encouraging the Establishment of Regional Headquarters by Multinational Corporations,*2 which was issued by the Shanghai Municipal Government in 2008. In October 2010, Kuraray established Kuraray China Co., Ltd. and acquired its certification as a Regional Headquarters of a Multinational Corporation from the Shanghai Municipal Government, which provides to certified companies with monetary subsidies and other special measures.
The building complex that houses Kuraray China Co., Ltd.
- Indirect support offered to each Group company in China (financial, general affairs, legal, human resources, logistics and others)
- Support of Group companies, including with regard to entry and business expansion in China
- Fund management for the Kuraray Group as it relates to China (Group fund streamlining using entrusted loans)
|Company name ||Kuraray China Co., Ltd. |
|Capital ||US$3 million |
|Address ||Unit 2207, 2 Grand Gateway, 3 Hongqiao Road, Xuhui District, Shanghai 200030, China |
|President ||Shintaro Mano |
|Number of Employees ||Approximately 30 |
|Commencement of Operations ||January 2011 |
- *1 Having obtained certification as a Regional Headquarters of a Multinational Corporation, Kuraray China Co., Ltd. is a "management company" and as such is established as a company responsible for the support of Group companies in China.
- *2 Previously, only investment-type companies capitalized at a minimum of US$30 million were allowed to acquire Regional Headquarters of a Multinational Corporation status. However, since 2008, the Shanghai Municipal Government has expanded the scope of consideration to include management companies capitalized at a minimum of US$2 million.