Slashing time to set up firms
Print Edition
THE Chinese government has demanded local authorities to halve the time required for starting businesses as part of efforts to improve the business environment and encourage entrepreneurship.
The amount of time required to start a business in municipalities, sub-provincial cities and provincial capitals should be cut from an average of 20 workdays to within 8.5 workdays by the end of this year, said a document from the General Office of the State Council.
The measure will also be launched in Dalian, Qingdao, Ningbo, Xiamen and Shenzhen, with other areas also required to see positive progress, the document said. The target will be met nationally in the first half of 2019.
“The procedures that a new firm needs to go through to be operational should be streamlined, making it simpler to submit applications, register a business, carve common seals, apply for invoices and manage social insurance,” the document said.
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