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China relaxes firm registration requirements
Updated: 2013-10-27 21:31
( Xinhua)
BEIJING -
China
will streamline its corporate registration system to ease market
access and encourage social investment, a fresh effort highlighting
the government's administrative reform, according to a cabinet
statement released on Sunday.
The move will foster a market environment of fairness and
competition, mobilize social capital, encourage small and micro
enterprises to grow and boost employment, according to a statement
released after a State Council executive meeting presided over by
Premier Li
Keqiang on Friday.
"It is necessary that the measures be carried out across the board,"
the statement said, adding that the move is in line with general
market expectations and conducive to expanding social investment and
strengthening the steady economic trend.
According to the statement, requirements for the minimum registered
capital for limited liability companies, one-person limited
liability companies, as well as joint-stock companies with limited
liability, will be scrapped.
Requirements on the site registered for business operation will also
be relaxed, the statement said.
To improve transparency and strengthen business credit, the current
annual inspections on registered companies will be replaced by
annual reports open to public inquiry, while companies that commit
aberrant behaviors will also be made public.
A system of subscribed capital will also be promoted in an effort to
lower the cost of founding a company, said the statement.
The meeting asked local governments and various departments to speed
up the amendment of related laws and regulations, as well as to
construct a system to display corporate credit information.
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