The Chinese central government has unveiled plans to streamline procedures for the establishment of foreign-invested companies, as part of efforts to further open China’s domestic economy.
A statement released by the State Council following an executive meeting convened yesterday by Premier Li Keqiang said that new measures will dramatically reduce the time needed for foreign companies to perform business registrations.
The measures which come into effect on June 30 will introduce free, paperless procedures for the business filing and registration of foreign companies, as well as remove the requirement that they be conducted in person.
Over 35,000 foreign-invested businesses were established in China in 2017, while foreign direct investment reached a record high of 878 billion yuan (approx. USD$140 billion).
In order to expedite the streamlining of foreign company registration procedures, Chinese banks as well as customs, taxation and forex authorities will be required to pool information and engage in coordinated management.