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Today is the first working day with the new Chinese business registration system in effect. We’ve translated a Chinese news piece about the changes below.
The digitisation system and QR codes on the business license are particularly interesting. Hopefully this will usher in greater transparency and openness in China’s business environment.
Starting from the 1st of March, China will put a new version of the business license into use.
Unlike the old business license with its horizontal format, the new one has a vertical format and is the size of an A3 sheet of paper. The new business license reduces and merges its presentation of different business entities into one format with eight specifications. The unified term “Business License” will be used instead of various terms such as “Enterprise and Corporation Business License”.
On the new format business license, the ‘paid-up capital’ field has been removed. Apart from including the ‘name’, ‘legal representative’ and ‘business scope’ fields, a QR field has been added, making it possible to go directly to the website of the company information system and look up information about the company. The two sides of a deal only need to scan the QR codes on each other’s business license, and they can find out about their authenticity. Normal consumers can also use the same method to check the authenticity of a company’s business license.
On the 18th February, the State Council officially launched the “Plan for the Reform of the Capital Registration System”, specifying that the reforms to the capital registration system would be fully implemented on 1st March.
The plan puts forward five aspects for improvement of the business environment:
One of the most common ways to pay a Chinese supplier is to make a China T/T Payment, but it is not a method that comes without risk.
We regularly see cases where Chinese suppliers request payments to individual accounts, third parties, offshore accounts and offshore entities, rather than to their own Mainland Chinese corporate bank accounts.
Before sending a China T/T payment, pause and take a moment to make these 4 simple checks - they will help you ensure your payment is really going to the correct Mainland China entity.
In recent years freight trains from China have been capturing newspaper headlines by arriving in more and more countries.
Perhaps there is no more striking example of this then when the first China to Spain cargo train returned to Yiwu having covered a world record 16,156-mile round trip in 2015.
Read this article to learn about China's push for international rail cargo and find our which countries have already received freight trains from China.
With multiple international codes, hundreds of area codes and numbers of different lengths, making sense of China phone codes can be challenging.
Determining if a Chinese phone number is a mobile or a landline, and knowing where in the country it is located can be a useful way to better understand who you are dealing with.
If you want to learn more about China phone codes, including international codes, area codes (both 2-digit and 3-digit) and mobile codes, then this article is for you.