Online platform makes closing enterprises easier: market watchdog

An online platform for the cancellation of business registration was launched on Thursday, which will significantly shorten the time required to close up enterprises.

An online platform for the cancellation of business registration was launched on Thursday, which will significantly shorten the time required to close up enterprises, the city's market watchdog announced.

The platform exempts enterprises from the trouble of visiting a number of different authorities and repeatedly submitting materials by using an information sharing mechanism.

It will send enterprises' cessation information to different relevant government departments, and follow the progress of cancellation handling, according to the Shanghai Market Supervision and Management Bureau.

It also provides the reservation services of bank account cancellation, further cutting the cessation time for enterprises.

The cancellation of business registration requires the review of the market watchdog, tax authorities, human resources and social security authorities, banks, and sometimes customs, commerce authorities and even courts, said Zhong Jia, an official with the bureau.

"Enterprises were usually stuck due to failure in preparing the required materials when they applied for services for the first time," he said.

It usually took at least three months to finish all the cancellation procedures, which will be cut to 60 days.

"The new practice accelerates the metabolism of enterprises and creates a sound business environment," said Chen Xuejun, director of the bureau.

Closed enterprises failing to cancel business registration in a certain period will be blacklisted by the market watchdog.

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