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New licence on the way
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Dong Haitao
SHENZHEN'S Administration for Industry and Commerce declared recently that new business licences would soon be distributed to the city's 20,000 foreign-funded firms.
The new licences will be the same as those given to domestic enterprises, a change widely regarded as being in keeping with State policy and international practice.
The new licences will register only capital already in place (by the date of the establishment of a company), while the old ones registered the total contractual capital.
Originally, the names of the chairman of the board, director, general manager and other senior executives were required, but now only the name of the firm's legal representative will be registered.
Moreover, stamps of the State Administration of Industry and Commerce and the signature of the head of the administration are no longer needed.
Based on a rule set by the State Administration for Industry and Commerce in January this year, all the old licences will be put into complete disuse on January 1, 2002 nationwide.
Officials with the SZ Administration of Industry and Commerce said that the measure is part of the ongoing preparations for the country's expected entry into the WTO.
Shenzhen now has more than 22,000 foreign-funded firms, all of which will have to change their business licenses.
To simplify working procedures and improve convenience to foreign investors, local authorities concerned have promised that annual inspections and changing of licences for foreign-funded frims will be done simultaneously this year.
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