Lingang New Area Implements Commercial Entity Registration and Confirmation System

The Lingang New Area Management Committee of the Shanghai Free Trade Zone and the Shanghai Municipal Commission for Market Regulation recently issued measures for the trial implementation of a registration and confirmation system for the establishment of commercial entities. According to these measures, the system will be implemented in the Lingang New Area on a trial basis from 7 September 2020 to 6 September 2022 to align with international business practice and enable commercial entities to enter the market more quickly and at a lower cost. Business licence is issued to applicants through registration on the basis of credit commitment and the result is publicly announced. The Shanghai Municipal Commission for Market Regulation and the market regulation authority of the Lingang New Area are responsible for the registration.

Source: China (Shanghai) Pilot Free Trade Zone Lingang New Area Management Committee