The newly launched capital registration system, which began on March 1, has speeded up the business license application process, according to the Guizhou provincial industry and commerce administration.
In accordance with the new system, some details and clauses have been simplified, including restriction on applications which have been relaxed and the mandatory annual inspection has been removed, replaced by a voluntary declaration.
In addition, the Guiyang industry and commerce administration has opened green channels which can quicken the registration process. "Applicants who have complete and correct documents can get their business licenses on the same day," said an official.
Statistics show that the new registration system has stimulated entrepreneurship from the very beginning. From March 1 to 12, as many as 5,107 self-employed business owners applied for business licenses, with a total registered capital of 42,515 yuan ($6927.33).
