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"Zero Down Payment" system implemented for new companies

2014-January-8       Source: english.gz.gov.cn

The reform is aimed at easing the financial burden on enterprises. In all central districts across Guangzhou, new companies can be established without "zero down payment", and a license can be applied for before a permit is issued.

The new business registration system was implemented citywide on January 2 following trials last year, including Nansha New District and Zhujiang New Town. The reform is aimed at easing the financial burden on enterprises. In all central districts across Guangzhou, new companies can be established without "zero down payment", and a license can be applied for before a permit is issued.

At a press conference on the citywide implementation of the new business registration system on January 2, Guangzhou Vice Mayor Gong Erzhen said that in addition to the innovative two-dimensional business licenses introduced, Guangzhou will also become the first city in China to implement the "Business Registration Ease" application program, allowing members of the public of complete business registration procedures on mobile terminals.

It is reported that the new business registration system began trial operations in six districts in Guangzhou, including Guangzhou Economic and Technological Development Zone, on September 1 last year. According to Zhou Banghua, deputy director-general of the Guangzhou Municipal Administration of Commerce and Industry, the new system has further improved administrative review and approval efficiency and helped reduce advanced review and approval items by 82%. With the new system, a business license can be issued for a newly formed enterprise on the same day of application at the quickest or three workdays at most, compared with 15 workdays previously.

Source:http://english.gz.gov.cn/publicfiles/business/htmlfiles/gzgoven/s4171/201401/2579273.html

Editor: Kate`

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