Outcome: QFLP registration in Shanghai with RMB and USD subscription rights; first deployment in 11 weeks; 5% treaty dividend treatment documented on the exit path.
The brief
A Singapore single-family office (healthcare and consumer thesis) wanted direct China private-market exposure: pre-IPO rounds and a minority GP stake. Constraints: no US-style fund formation, clean FX repatriation, treaty relief on future distributions, and the principal's time budget — two trips, maximum.
What we did
- Structure: Singapore Pte Ltd as feeder (substance: two directors, local accounting, real office) → QFLP foreign LP/GP application in a Shanghai district pilot with RMB + USD dual-currency quota.
- Substance file for both regimes: the same beneficial-ownership documentation served the 5% treaty analysis and the QFLP review — one bundle, two regulators.
- AMAC registration coordination with the local fund-management partner; we ran the FDI/FX side and the offshore side in one team.
- Banking pre-wired: the capital account and settlement bank chosen for dual-currency operations before the application landed.
Numbers and lessons
11 weeks engagement-to-deployment; two principal trips (one scouting, one signing). Lesson: QFLP is regionally heterogeneous — district-level pilots differ on minimum size, GP requirements and currency mechanics; the pilot choice mattered as much as the structure. Lesson two: the substance file is the whole game for treaty-adjacent structures — build it once, correctly.
One partner for the whole journey
Zhonghui Consulting — licensed, fixed-fee, English-speaking. cross-border compliance engagements, ICPA-reviewed.
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