On July 13, Nansha Area of Guangdong FTZ unveiled 10 measures to further facilitate company registration by streamlining approval process. A new enterprise can finish registration and get business license within a workday if the application conforms to relevant regulations.
In detail, under the new approach, government approvals are not required for most foreign investment but only investment on the "negative list" (a catalogue of sectors in which foreign investment is restricted) remains subject to approval.
Instead of approval, now new foreign enterprises not on the negative list can finish their commercial registration after a formal examination of application materials by local departments of industry and commerce.
At past, it took at least three separated procedures including commercial registration, official seal making & filing, opening bank account and nearly 20 days to obtain a business license. While the new approach combines the three procedures into one, applicants are able to establish the company under the one-stop application process and obtain business in one day.
Besides, electronic registration shows another feature in the new regulations. All applications, submissions, approvals and filing will be completed on the Internet, which brings conveniences for applicators.