The Shanghai Municipal Administration for Market Regulation and the Lin-gang Special Area Administration announced trail measures on Sept 7 related to the commercial subject registration and confirmation system in Lin-gang Special Area.

The commercial subject registration and confirmation system will, based on the applicant's credit commitment, standardize the list of necessary application materials and introduce online registration and examination services.

The system will allow commercial entities and general business qualifications to be confirmed through registration, and business licenses will be issued and publicized. The registration authority will offer administrative confirmation for the application submitted by the applicant.

As an example, applicants can simply state the scope of their business online, and the registration authority will no longer need to review it.

According to Yan Yijun, director of the Lin-gang Special Area administration for market regulation, the implement of the commercial subject registration and confirmation system is an important part of investment and trade reforms and will eventually align with international regulations. He said that the government will substantially reduce the institutional costs of market access for market players, give enterprises the right to make their own decisions related to production, operation, and investment, and accelerate the speed at which commercial entities can enter the market and carry out commercial activities.

Since the inception of the special area on Aug 20, 2020, 15,115 new enterprises have set up operations there with over 200 billion yuan ($29.3 billion) in registered capital, a year-on-year increase of 313 percent.

The Shanghai Municipal Administration for Market Regulation and the Lin-gang Special Area Administration announce trail measures related to the commercial subject registration and confirmation system on Sept 7. [Photo/WeChat account: shlgguanweihui]