The Hengqin Free Trade Zone (FTZ) initiated a provincial pilot reform of separating operating permits from business licenses on Aug 10, which will significantly reduce examination and approval procedures.
New business license.
Furthermore, Hengqin has reformed business registration and administrative and project examination and approval. The FTZ now integrates permits for registration and operation, and intensifies reform in supporting supervision systems.
The legal action is considered a creative innovation in that it severs reliance of the operating permit upon the business license, and supports of reform by way of lawmaking.
Meanwhile, the FTZ is creative in promoting integrated reform of business registration, and administrative and project examination and approval. It also connects an enterprise’s intelligent service platform with its e-license card and e-license bank card, as well as with the non-integrity enterprise punishment mechanism, and facilitates big-data applications and supervision.
Moreover, it is innovative in strengthening credit and social supervision by forming a government-guided, industry-self-regulated, and social-supervised new pattern.
In fact, many contents of the reform have already taken effect; for example, a dramatic decrease in pre-registration examination and approval procedures, employment of a business scope record system, and adoption of a residence, name, and e-license card and bank card.