Shanghai eases way for new firms to start operation

Time and paperwork cut for new domestic and foreign companies as tax authorities bid to create favorable business and innovative environment.

Shanghai has cut the time and paperwork needed for newly registered companies to start operation as the tax authorities bid to improve business and create an innovative environment for them.

Domestic and foreign companies now need a day to complete procedures, down from the previous minimum of three days. The number of forms to be submitted has been slashed from 10 to one, officials of the city's tax bureau said today at a briefing.  Companies can either apply online or at service halls of the tax bureau.

The move, which covers 10 areas including business information and the category of tax and fees the company should pay, aims to shorten the time needed for new companies to start operation and lower costs for them, Li Junshen, chief accountant with the Shanghai Bureau of Local Taxation, said. 

Official data showed that the bureau handled tax issues for more than 235,000 newly registered companies.

The tax bureau has streamlined its internal system to connect with other government departments, including the Shanghai Administration for Industry & Commerce, to offer better services for tax payers.

Meanwhile, the tax authorities are trying out a program in Baoshan District to work with other government departments to offer new companies one-stop services including industry and commerce registration, opening bank accounts, and handling social security issues for companies seeking to begin operations.


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