1-month deadline for online registration
Print Edition
COMPANIES issuing pre-paid cards should not take more than one month to complete their online registration, the Shanghai Commission of Commerce urged yesterday.
So far, over 260 such companies in Shanghai, including department stores, gyms, beauty salons, bakeries and restaurants, have registered online. But still, 123 companies have not completed the online procedure.
Zhu Wenqun, an official of the commission, said those companies need to finish the registration in time. Otherwise, they will receive administrative punishment and may find it hard to apply for services such as corporate financing.
“We will publish the names of those unregistered companies as a reminder for consumers,” Zhu said.
The Ministry of Commerce last year demanded companies, whose registered capital is over 1 million yuan (US$161,000) or annual revenue above 5 million yuan and which have issued pre-paid cards, to register online. The rule was meant to regulate the market and cut business defaults.
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