From 1 January 2014, China will be commissioning of the new version of the commercial registration license. There will be five different changes in the new licenses:
From 1 January 2014, China will be commissioning the new version of the commercial registration license, the use of the old license will be stop. The deadline for the replacement will be before 31 December 2014. Enterprises can submit application to change into the new license starting from 1 January 2014. Enterprises are recommended to apply for the change before the old licenses expire to prevent being charged with penalties hassle of replacing the outdated licenses.
2) Two-dimensional code license
New technology has been used in the new licenses which involves two-dimensional code. User will be able to immediately check all the online registration information of the company just by swiping the two-dimensional code into the reader.
3) No annual inspection required
The new version of the license does not require annual inspection. Once you receive the new license, you will notice that there will not be any annual inspection stamp, you will not be require to head down to the Industry Bureau to get the inspection stamp annually. The new license only requires you to do an online annual reporting once a year between March and June.
4) Subscribed registered capital
The new license introduces simplification in registered capital, paid-up capital disappear and business scope. The registered capital and paid-up capital will not be displayed on the license anymore, this information will be accessible through the website. The main objective of this change is to let SMEs owner to focus on core business competencies instead of spending time deciding on the registered capital of the company. Now business owner will only need to list down the main business operation and will not be required to write a detailed description on specific content categories of the business scope, business are now allowed to operate outside their business scope without additional registration, this will greatly facilitate business as it will reduce the time spend on making registration every time they changes their business scope.
5) Single address in multiple licenses
An address can appears in more than one new commercial registration licenses, this allows business with investment relationship to register under the same address. Unlimited number of businesses are allowed to be registered under the same address in government- approved Professional Parks.