Huangpu simplifies business registration for cross-border investors

The market supervision authorities of Guangzhou’s Huangpu district signed a cross-border service cooperation agreement with several commercial financial organizations at an innovation and entrepreneurship base for Guangdong, Hong Kong and Macao youth in the city on Oct 22.

The commercial financial organizations include the China Merchants Bank, China Construction Bank, China Guangfa Bank, Bank of China, Agricultural Bank of China, and Industrial and Commercial Bank of China.

According to the agreement, businesspeople 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.

A Hong Kong-funded enterprise and a Macao-funded company received their business licenses and seals under the newly signed agreement at the event, marking the official launch of the service.

The move is also a new progress that was made by the district to further improve its business environment.

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 district will explore to add the cross border service of business registration on the "blockchain + AI" platform, which will enable Hong Kong and Macao investors to apply for their business license through a Mini Program on Wechat.

It will also gradually expand the service to other regions and countries, take the initiative to align with high-standard international rules, create a new highland of business environment, help Huangpu attract investment, technology and talents globally.

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