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April 27, 2017

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1 business license to cut cost for companies

CHINA will keep integrating business certifications and licenses into one consolidated business license, which is to further reduce institutional costs for market entities and stimulate market vitality as part of the country’s business registration reform.

The decision was made at a State Council executive meeting, which was presided over by Premier Li Keqiang yesterday and approved a guideline on its implementation.

With this policy in action, different certificates related to business registration will be sorted out and merged into one business license, making enterprises ready for operations once they obtain the license with no further delay.

“We should focus on creating a globally competitive business environment and continuing the business registration reform. It’s to reduce institutional costs for enterprises and cultivate an inclusive and fair backdrop for mass entrepreneurship and innovation as more enterprises can be easily registered and flourish,” Li said.

As a significant measure to boost the supply-side structural reform and administrative reforms, the integration of certificates will further transform governmental functions and unleash benefits enabled by reforms, the guideline said.

The document required integration, simplification and abolition of certificates as much as possible with a handful of exceptions involving safety and security concerns. Any enterprise-related certificates and licenses with no statuary foundations or established without due legal procedures will be canceled.

The guideline aimed to boost inter-departmental sharing of basic and credit information of enterprises. Repetition in submitting identical registration information will be avoided. Integration of the Internet with governmental services will be further boosted to improve efficiency for approvals.

Supervision will be strengthened to oversee registration and post-registration procedures with clearly defined departmental responsibilities, while a new supervisory mechanism will be established centering on corporate credits.

The document also encouraged local governments to explore new ways in the integration process and boost assessment and rankings for local business facilitation in accordance with international benchmarks for business environment.


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