New Regulations Makes Application for Business Licenses Easier
Business applicants who are applying for business licenses no longer need to provide a detailed scope of the businesses based on new registration rules that took effect last week. Legal representative for the Shenzhen Qianhai Fude Energy Investment Shareholding Co. said that they receive a new version of its business license from the State Administration of Industry and Commerce to celebrate the new rules which is the result of a three year effort.
This move marks a great breakthrough in the business registration in Shenzhen and a step in the city plans of improving and vitalizing its market economy. Originally business owners thought that the approval of the regulation was complicated and preparations of application materials usually takes a month, and most of them were not expecting to get their licenses in one to two days. The new regulations made it easier just like Hong Kong’s.
These simplified rules cancel the preset approvals which liberalize a company’s funds and reduce operation costs. These regulations will also help stimulate an applicant’s enthusiasm in starting new businesses.