Business registration shortened to 1 day in Sanya

South China's Hainan has continued to deepen comprehensive reform in business services and as a result, business registration procedures can now be completed in Sanya within one day.

"The Hainan Free Trade Port is really efficient in handling business registration affairs," said a businessman surnamed Li from Tianjin. 

Attracted by the opportunities brought by construction of the Hainan FTP, Li sought to start a business in Sanya and the business registration agency Company Steward helped him finish all the procedures, such as business license application, company seal making, invoice application, social security registration, and bank account opening, on Nov 27.

Company Steward was established by several university graduates in March this year to provide services to enterprises in the Sanya Central Business District. 

The Hainan FTP has attracted a large number of investors from home and abroad, with more than 170 new companies like Company Steward being established, most of which are from outside the island and some are even run by foreign investors.

According to statistics, a total of 14,629 companies have been registered in Sanya as of Nov 25 since the launch of the master plan for the construction of the Hainan FTP on June 1, up by 117 percent year-on-year.

The comprehensive reform of Hainan's business services is an important reason for the growing number of investors in Sanya, according to Li Junfeng, a registrar from the Sanya administration for market regulation.   

According to Li, business entities can now log on to an online platform to apply for business registration at any time. They can submit application forms and the system will process them instantly without the need for registrar review. After confirmation of registration, an electronic business license will be issued and then the entire process of business license, official seal making, invoice application, social security registration, as well as bank account opening can be completed without having to show up in person.

A staff member (R) from Sanya guides an investor on the online business registration process. [Photo/hinews.cn]