Notice from the People's Government of Guangdong Province on Publishing the "Action Plan for Deepening Reform of the Business System in Guangdong Province" (YueFu [2018] No. 50)
25 July 2018
The People's Government of Guangdong Province has published the "Action Plan for deepening reform of the business system in Guangdong Province" on 25 July 2018 ("the Action Plan"). The Action Plan introduced new set of policies to facilitate investment. The Action Plan seeks for the State's support in various aspects, including setting up a business registration approval system in the Guangdong Pilot Free Trade Zone, simplifying administrative procedures, application materials and application process, implementing self-reporting procedure for adoption of enterprises' names, and simplifying the overall process for company set up within 5 working days. The Action Plan aims to improve and simplify the de-registration procedures and expand application of electronic business licences in administrative, commercial and financial sectors.
Abstract
The People's Government of Guangdong Province ("the Government") has published the "Action Plan for deepening commercial affairs system reform in Guangdong Province" on 25 July 2018 ("the Action Plan"). According to the Action Plan, the People's Government of Guangdong Province will promote 10 areas of commercial affairs system reform to facilitate investment. Measures including:-
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Innovative business registration model
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To seek the Central Government's approval in setting up a business registration approval system in the Guangdong Pilot Free Trade Zone, creating a full online platform for conducting all required procedures.
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To expand the application of electronic business licences to administrative, commercial and financial sectors.
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Simplifying enterprise set-up procedures
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To improve the process of enterprise set-up and simplify the overall process into within 5 working days.
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To set up a unified social credit code system to enhance effective management and information sharing.
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Separating Certificates from Business License
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To seek for the Central government's support in administrative licensing reforms such as business licenses for foreign invested travel agencies.
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Setting up a unified market supervision platform
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To enhance real-time information exchange amongst various market supervision functional departments, regulatory bodies and industry-specific administrative departments.
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Setting up a comprehensive credit regulatory system
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To construct a new regulatory system with credit information supervision as the core.
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Raising the level for governance of market supervision enforcement
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To enhance transparency in administrative law enforcement and implement inter-departmental spot checks.
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Promoting reform of the market supervision system
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To establish a unified system for business registration and integrated market supervision.
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Formation of co-governance and shared supervision
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To strengthen production operators' main responsibility, implement self-declaration of product and service standards and supervision system.
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Promoting high-quality economic development of Private enterprises
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To introduce a platform for individual industrial and commercial households to convert into enterprises. The platform will facilitate the business registration, asset transfer and bank account set-up with the aim to reduce the necessary application documents and simplify the procedures required.
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Eligible applicants can also benefit from various tax incentives including a lower corporate income tax rate, exemption on deed tax on land and property transfer, exemption on education and local surcharges, employment security funds for the disabled. Eligible applicants can also be exempted from trade union charges and can apply for extensions for tax filings. Financial subsidies are also available.
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Perfecting the system for market exit
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To simplify the business deregistration procedures.
Detail implementation regulation shall be formalised one month after the release of the Action Plan.