Foreign investors are now allowed to acquire full ownership of Shenzhen companies owned by Chinese, while Chinese are allowed to set up a high-tech enterprise with foreign individuals or corporations, according to policies released by the city market supervision administration yesterday.
To respond to the municipal government s call to accelerate economic upgrading, the administration had formulated 28 policies to make it easier for entrepreneurs to do business in Shenzhen.
One of the highlights of the policies was to encourage the optimization of foreign investment structures and boost the development of Sino-foreign joint ventures.
The policies would help enhance adjustment and upgrading of the city s industrial structure because the municipal government encouraged the development of emerging industries, including the high-tech industries, the administration said.
According to the policies, foreign and Chinese entrepreneurs were no longer required to separate their residential addresses from the company address and one address could be used by several enterprises involved in investment, e-commerce and fund management as the registered company address.
Company branches were no longer required to apply for another business license except branches involved in businesses not included in the business activities noted on the company business license.
The policies would also encourage processing companies to upgrade and establish a new company not involved in the processing business.
The new company could register with a different name with the administration with the same address as the processing company.
The administration had also removed several restrictions for company name selection and ceased verifying the validation period of the business license of individual retailers and businesses annually.
Where business licenses had expired applications for a new licence could be registered directly.
Meanwhile, street vendors were no longer required to apply for a business license. Instead, they could apply for a business permit issued by the urban management office.
The launch of the 28 policies had symbolized a step toward innovative business registration and a higher level of service and efficiency, the administration said.
