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Business launched for “one yuan”

The first one-yuan business license has been issued by the industrial and commercial administration in the Wenjiang district of Chengdu, provincial capital of Sichuan. The company, Chengdu Huahui Education Counseling, spent just one yuan to register and officially launch.

The company, set up by three shareholders, covers education information, business management consulting and corporate image branding. One said industrial and commercial registration reform had allowed them to realize their dream as it lowered the entry threshold.

A new round of industrial and commercial registration reform has begun in China to reduce the cost of entrepreneurship and stimulate social investments. The reforms help the growth of micro enterprises, create more jobs and accelerate emerging industries' development.