China to simplify and shorten registration of foreign-funded companies
May 22, 2018 Category China News Round-up, Weekly
China will streamline procedures for the establishment of foreign-funded companies. The time foreign firms need for business registration will be reduced, according to a statement following an executive meeting of the Chinese government presided over by Premier Li Keqiang. The registration procedure will be paperless and free of charge and nobody needs to appear in person to conclude the procedure. The new regulations will come into force on June 30. To facilitate the procedure, banks, customs, taxation and foreign exchange agencies will share business information.
Premier Li said that consolidating the filing and registration procedures for foreign-funded enterprises is a matter of high significance and called for all government departments concerned to fully collaborate and coordinate their work to make things easier for such enterprises. According to the Commerce Ministry, over 35,600 foreign-invested enterprises were set up in 2017, up by 27.8% year-on-year. Foreign investment rose 7.9% from 2016, hitting a new high of CNY877.5 billion.
The meeting also decided to establish an e-platform for accessing inter-connected government services at the national, provincial and city levels. No less than 90% of the services items offered at provincial level and 70% at city and county levels will be available online by the end of 2019. Electronic licenses will be more widely introduced, and their reciprocal recognition will be further promoted.
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