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Business registration to reform for market access
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The State Council, China’s Cabinet, said yesterday that it has approved a plan to reform business registration in an effort to ease market access.
The reform marks a major move in transforming administrative functions and innovating the government’s supervision role, and aims to build fair, open and transparent market rules, according to the reform plan published on the central government’s website.
Specifically, requirements on minimum registered capital for limited liability companies, one-person limited liability companies and joint-stock companies with limited liability will be scrapped.
Registration of business venues will also be simplified and flexible under the reform plan.
Annual inspections on registered companies will be replaced by companies’ annual reports, which should be available to the public. Companies that fake reports or fail to release reports according to requirements will be dealt with in accordance with laws.
Under the plan, China will also promote electronic business licenses to help build a standardized and convenient registration system suitable for Internet technologies.
The requirement on minimum registered capital once blocked many who wished to start businesses. Analysts said the reform is expected to lower the hurdle greatly.
“We can’t just stop people from starting businesses just because they lack money,” said Xu Youjun, a market supervision official in Shenzhen, Guangdong Province.
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