China’s new filing rules for exit‑and‑entry intermediaries, which take effect on 15 September 2026, will reshape the investment‑migration market that has evolved since the 2018 abolition of the licensing regime. Foreign providers must reassess how they recruit, service, and market to Chinese investors under the new framework.
Background: the post‑2018 market
- Pre‑2018 – Exit‑and‑entry intermediaries required government licences, minimum staffing, premises, a supervised reserve (RMB 500,000), and were often confined to a single province. Large agencies controlled client relationships, local marketing, and most information flow.
- Since 2018 – Licensing was abolished. Hundreds of smaller sources—wealth managers, accountants, lawyers, family‑office professionals—now generate client leads. Foreign providers have taken on more marketing, product education, and client support, and Chinese consumers have access to far more information.
Order No. 841: new filing requirements
- Effective date: 15 September 2026; existing firms have 90 days to file.
- Filing scope: Institutions providing exit‑and‑entry intermediary services and their employees (through the employer) must register with the immigration authorities.
- Minimum requirements:
- Premises and funds proportionate to the work performed.
- Staff knowledgeable about relevant laws and policies.
- Internal systems for personnel management, training, record retention, data security, and compliance.
- What is not required: No minimum headcount, no reserve equivalent to the former RMB 500,000, and no geographic restriction to a single province.
- Industry size: Over 160,000 entities listed “private exit and entry intermediary services” in their business scope as of June 2026, though most are unlikely to be active investment‑migration participants.
Expected impact on the agent network
- Survival pressure: Small firms lacking premises, professional staff, funding, or management systems will need to professionalise, partner with other institutions, or exit regulated intermediary work.
- Client relationships: Even if a firm ceases intermediary activities, its client relationships may persist through other channels.
- Mid‑size firms: May gain influence because they can meet compliance thresholds while remaining flexible on economics and cooperation arrangements.
- Large agencies: Their direct market share has already declined, but they still confer credibility when they endorse a product.
Implications for foreign providers
- Separate roles clearly – For each case, identify:
- Who sourced the investor.
- Who advises the investor on the immigration solution.
- Who contracts with the investor and services the file.
- Avoid direct consumer solicitation – The rules prohibit overseas enterprises from providing policy consultation, document handling, or procedural services to mainland consumers. Business‑development staff should exercise heightened caution when interacting directly with Chinese individuals.
- Review marketing materials – Distinguish public consumer‑facing content from private information intended for intermediary teams. Consider who distributes the material, the claims made, and the foreign provider’s role.
- Training and support – Continue providing product education to agents, but ensure that training does not cross into prohibited advisory activities for end‑consumers.
- Contractual arrangements – Re‑evaluate commercial terms with agents to reflect the new compliance landscape, especially regarding data security and record‑keeping obligations.
Related outbound‑investment regulation (Order No. 837)
- Effective: 1 July 2026. Extends outbound‑investment oversight to resident individuals as well as enterprises.
- Draft Measures: Published 21 August 2026 by the National Development and Reform Commission; comment period closes 20 September 2026.
- Key points (draft):
- Certain overseas land acquisitions and equity‑fund stakes by Chinese residents would require a filing notice before the investment is made.
- The list of qualifying acts is not exhaustive; further categories may be added.
- Potential effect on migration products: Programs whose underlying investment creates significant compliance friction for mainland investors may become less attractive, shifting demand toward products with simpler China‑side investment pathways.
Strategic recommendations for foreign providers
- Start compliance work now – Begin the filing process well before the 90‑day deadline to avoid last‑minute complications.
- Map the distribution ecosystem – Identify both large agencies and the growing pool of smaller originators that already source high‑net‑worth clients.
- Adapt recruitment – Shift from a reliance on a few large agents to a diversified network that includes wealth managers, accountants, and family‑office professionals.
- Monitor enforcement – Industry associations and major agencies will seek guidance from regulators; stay informed of emerging interpretation and enforcement patterns.
- Align product offerings – Evaluate immigration programs for both immigration attractiveness and the ease of the associated China‑side investment, anticipating that regulatory friction could become a decisive factor for investors.
The new filing regime does not revert the market to its pre‑2018 state, but it adds a compliance layer that foreign providers must integrate into their China‑focused business models. Adjusting recruitment, clarifying service boundaries, and monitoring related outbound‑investment policies will be essential to maintain and grow market presence.
Source article: www.imidaily.com
