China: revolution in the process of establishing foreign-owned companies

18/05/2018

 

The State Council decided that, starting from June 30, most bureaucratic operations for companies will be done online across country

 

A revolution in the process of establishing foreign-owned companies. That’s what was established from the State Council in an executive meeting chaired by Premier Li Keqiang on Wednesday. The aim is that to simplify the process of setting up foreign-invested enterprises to promote trade and investment.

To do this, it was decided to carry out all the bureaucratic process online, so as to facilitate companies and speed up the process. This practice will take effect on June 30 and it will require a single required form.

 

Government inspection will also be strengthened to ensure that measures are fully implemented

 

According to the premier, consolidating the filing and registration procedures for such enterprises is a matter of high significance. And, for this reason, in the Government Work Report, this year Li said procedures to set up foreign-invested enterprises would be simplified.

All operations will be managed on a single platform and, in principle, no department will be authorized to create an independent system. Premier Li Keqiang said: “Government services are to serve public good and hence must be universally accessible”.

 

Over 35,600 foreign-invested enterprises were set up in 2017, up by 27.8 percent year-on-year

 

Current technologies have made it possible to do many things online. What’s important is to introduce a unified e-platform for all government services by linking the separate networks” concludes Li.

Therefore, the Council of State is heading towards the creation of electronic licenses and the procedures for accessing government services will be further simplified.

 

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