Simplified registration to help China's startups

In the first half of 2016, an average of 40,000 new market entities and 14,000 new enterprises were registered daily in China, thanks to a simplified registration process, said an official on Tuesday.

China has cut red tape for the country's entrepreneurs since last October, and the streamlined procedures have helped encourage startups and boost entrepreneurship and innovation across China, said Zhang Mao, head of the State Administration for Industry and Commerce (SAIC) Tuesday.

Starting in October 2015, those wishing to start their own business in China only need to apply once to SAIC for three essential business permits -- business licenses, tax registration certificates and organization code certificates -- rather than visiting three different offices.

Starting in October 2016, entrepreneurs will be able to get five key permits in one go when SAIC adds another two certificates: the social insurance register and statistical registration certificate.

China began its business registration reform in March 2014 to simplify administrative procedures and lower requirements for business registration.

In 2015, 4.4 million new enterprises were registered, an average of 12,000 new businesses each day, representing a 20-percent increase compared to 2014.

Source : XINHUA