A rainbow appears in the air over the city of Guangzhou, South China's Guangdong province, Oct 3, 2016. [Photo/VCG]

Business people from Hong Kong and Macao will no longer need to travel between Guangzhou and the two special administrative regions for applications and registrations for investment in Guangzhou's Huangpu district, according to the district government.

The Huangpu government signed a cross-border service cooperation agreement with several commercial financial organizations on Tuesday, to simplify the procedures of business application and registration for investment from Hong Kong and Macao.

According to the agreement, Hong Kong and Macao business investors are allowed to submit their application files in local financial organizations, which will eventually transfer investors' documents to the market supervision authorities of the district.

After approval, Hong Kong and Macao investment applicants can also obtain business operation certificates in local financial organizations, which have already signed cooperation agreements with the Huangpu government.

According to sources with the Huangpu government, the simplified cross-border service is aimed at reducing costs and increasing efficiency for business investment from Hong Kong and Macao.

The booming Huangpu district, located in the heart of the Guangdong-Hong Kong-Macao Greater Bay Area, launched construction of several industrial zones for cooperation between Guangzhou and the two special administrative regions.