China’s State Council has approved a plan to reform business registration. The plan aims to ease market access and scraps minimum requirements on registered capital. That’s for limited liability and one-person limited liability companies and joint-stock companies with limited liability.
The plan also simplifies the registration of business venues. In addition, registered companies will now publish annual reports instead of going through annual inspections.
Those that falsify reports or fail to properly release reports will face legal consequences. The State Administration for Industry & Commerce today set March 1st as the day for the reforms to begin.
Source: CCTV
