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II. Doing Business in the U.S *In exploring the U.S. market, Chinese business enterprises will face legal and business issues and considerations that are specific tothis market. Below is a brief discussion of some of the factors that a Chinese company should consider when entering this market.Minimal Regulation of Foreign InvestmentWith few exceptions, foreign investment and strategic alliances between U.S. and companies from other countries, such asChina, are subject to limited regulation by federal, state and local governments. This can be contrasted with the situation inother countries where administrative guidance is customary and government agencies approve, consult or review details inadvance of permitting foreign direct investment. Although there are a few regulations, voluntary compliance with the ruleof law is emphasized and penalties for noncompliance can be severe. Accordingly, Chinese companies investing in the U.S.should become generally acquainted with applicable laws and regulations of the federal, state and municipal governments, aswell as the basic administration of government in the locale in which they will operate.The U.S. government and the state of Michigan each have three branches: executive, legislative and judicial. Generallyspeaking, the U.S. government is concerned with matters of interstate and foreign commerce, while the state ofMichigan is more concerned with matters immediately affecting the state itself and the private contractual and propertyrights of its citizens. The U.S. Constitution leaves a great deal of authority to the 50 individual states.Chinese companies investing in the U.S. will find that their interactions with the federal government on a day-to-daybasis will generally consist of matters such as the payment of federal income taxes, business immigration, import/exportcontrol matters and required foreign investor reporting to the Bureau of Economic Analysis. In Michigan, Chinesecompanies will deal with the state government on matters such as incorporation, discussions of investment incentives,and payment of state income and property taxes, as well as day-to-day operational issues such as human resourcesrelatedmatters and environmental compliance. In addition, local matters such as zoning requirements and certainbusiness licenses must be addressed with the county and other municipal governments.Many of the permits and licenses required for the operation of a business in Michigan are discussed on publicly operatedWeb sites, such as Michigan’s official economic development Web site (www.michigan.org). Private consultants suchas certified public accountants, law firms, human resources professionals and various business consultants are usuallyretained by foreign investors to assist with compliance.Doing business in MichiganRegulation of Foreign InvestmentThe Foreign Investment and National Security Act of 2007 (FINSA) which will become effective on Oct. 24, 2007, andthe 1988 Exon-Florio Act may apply to foreign investments. These two laws may require national security review forproposed investments or acquisitions by foreign persons in the U.S. and in limited cases the President may be enabled toblock or unwind certain investments or acquisitions of U.S. companies or assets.The U.S. Department of Commerce’s Bureau of Economic Analysis requires certain foreign investors to complete andfile initial investment survey forms within a short period after completing an initial investment in or establishing a newentity in the U.S. Subsequent filings of annual surveys also are required of certain foreign investors. The survey formsare very simple to complete and are kept confidential.* This chapter authored by Warner Norcross & Judd LLP ( 华 诺 杰 律 师 事 务 所 ) and Deloitte & Touche USA LLP ( 美 国 德 勤 LLP).15