Investors can now register companies in Qianhai by scanning WeChat QR codes for voice recordings and facial identifications as their electronic signatures, eliminating the need to physically visit service halls for applications, according to a new measure being piloted in Qianhai started from August 1.
The measure, the first of its kind in China, is a joint initiative by Qianhai Authority and the city’s market supervision authority, aiming to further streamline business registration procedures and create a market-oriented and world-class business environment in Qianhai.
In the past, while investors could conduct the majority of business registration procedures online, they were still required to physically visit service halls to apply for digital certificates and finalize signatures. Moreover, all shareholders and senior managerial staff were subject to digital certificate usage fees, costing 350 yuan (US$48.75) per person for the first year and 150 yuan per person for subsequent years, payable annually.
With the new measure in place, all application procedures can now be completed conveniently and efficiently online. The local government has waived the digital certificate usage fees, resulting in substantial time and cost savings for investors, particularly those from Hong Kong, Macao and Taiwan.