The Dream Factory of China

Source :Qianhai Media Center

Zhang Jieya said she couldn’t believe that she received her business license in about 30 minutes when she registered her communications company in Qianhai in October last year.

Zhang finished the registration of her company in Qianhai in half an hour after the Qianhai authority started offering instant approval service to business registration applications in the free trade area last year.

“I thought it would have taken me a few days to complete the business registration,” she said. “This is what ‘Qianhai Speed’ means to me.”

The innovation in investment facilitation policy is among the 25 Qianhai innovations that have been included in the fourth list of innovation cases recently by the China (Guangdong) Pilot Free Trade Zone authority. Fifty-nine institutional innovations in the Guangdong free trade zone were on the latest list.

The Guangdong free trade zone authority has so far released four innovation lists, on which Qianhai contributed 96 to the total 202, accounting for 48 percent.

Qianhai’s 25 innovations on the list, mainly tailored for the service sector, cover a wide range of areas including investment and trade facilitation, cross-border finance services among others, aiming at bringing conveniences to businesses in the free trade area.

Qianhai’s investment facilitation policy also includes the tailored made Shenzhen-Hong Kong/Macao Link for Easy Registration for businesspeople from Hong Kong and Macao who want to invest in Qianhai.

The easy registration service allowed Liu Yiwen from Hong Kong to set up his Qianhai subsidiary, the AntzKnow Technology (Shenzhen) Co. Ltd., in one day on March 24, 2019, after Liu handed in his business registration application and related required documents to a designated bank outlet in Hong Kong. Under the service, Liu has saved a lot of time traveling to Qianhai for the paperwork.

The Qianhai authority has commissioned selected banks in Hong Kong and Macao for the easy registration service.

“I’m so impressed by Qianhai efficiency,” he said.

The Qianhai authority has been committed to institutional innovation, the main growth engine of the development of the free trade area, since its inauguration. Official statistics shows that 560 institutional innovations have been introduced in Qianhai over the past five years as of May, among which 49 have been promoted nationwide, 69 in Guangdong Province and 165 in Shenzhen.

Additionally, 36 of Qianhai’s innovations have been duplicated in Ganjiang New Area of Jiangxi Province, 40 and 137 applied in Xiangfang District of Harbin, Heilongjiang Province, and Shanxi Province, respectively.