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How starting a business became easier and quicker

Updated: Aug 3,2018 3:30 PM

In May, the State Council issued a notice vowing to reduce the time it takes to start a business by half across the nation by early 2019.

The time it takes to start a business should be shortened to 8.5 working days from the current average of 20 working days.

The notice explained how the policy is made possible.

The registration process for a business will be shortened from the current eight days to less than five days. Applicants will not have to submit documents to various departments anymore, instead, the information submitted will be shared by different departments.

Applying for an official seal will be reduced from four days to one day. The filing of seal application will be merged with other certificates.

The process of applying invoices for a new business will be optimized. Its duration will be shortened from 10 days to less than two days.

The registration of social insurance will be optimized. Applicants used to spend one day for a social insurance registration certificate, but now they do not have to apply for it.

At the two sessions this year, Premier Li Keqiang vowed to ease market access through a slew of measures, including reducing the time to start a business, cutting permit time for construction projects and abolishing unnecessary certificates.

He also pledged to cut taxes and administrative fees for enterprises.