The Dream Factory of China

Source :Qianhai Communication Center

Lin Jian was surprised to receive the business license of his Qianhai startup company the very next morning after he handed in his registration application at the service window of the Electronic One-stop Service Center on the afternoon of June 15.

"I could also have had it sent to my address instead of picking up the business license at the service center," said Lin, a partner of Zero Search Technology (Shenzhen) Co. Ltd. in Qianhai.

“It is now possible in Qianhai to start a new business the next day whenever you have an idea for a startup,” said Lin.

This has been made possible after the Qianhai authority adopted the instant approval service for business registration applications. Business registration has been made even easier for intended investors in Hong Kong and Macao as the authority has worked with a select of bank outlets in the special administrative regions to process local applications for registering a company in Qianhai, saving the investors’ time to travel to Qianhai.

The practice that has been promoted citywide in Shenzhen is one of the 560 institutional innovations that Qianhai has initiated to boost fast growth and create a business and innovation-friendly environment over the past five years.

After only five years in operation in Qianhai, WeBank, one of the first private banks and the first Internet-only bank in the country that set up in December 2014, has grown into a top private bank in China. Servicing more than 200 million clients, its growth is attributed to a wide range of support such as preferential tax rate and low office rent from Qianhai, according to Wan Jun, chairman of the board of supervisors of WeBank.

Qianhai has also abundance of resources to offer to the enterprises and startups in the free trade area. Various kinds of activities have been organized to connect startups and potential investors and clients.

“We have a lot of visitors at the Shenzhen-Hong Kong Youth Innovation and Entrepreneur Hub (E-hub) every day,” said Zhao Jianshu, founder of the E-hub-based Shenzhen Pangu Environmental Protection Technology Co. Ltd. “This provides business opportunities for us. A lot of our orders come from the visitors.”