Registration and Confirmation System Stimulates Vitality of Market Entities in Beijing Free Trade Zone
Date: 2022-10-17
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On October 8, according to Beijing Municipal Administration for Market Regulation, more than 2,300 companies in Beijing have registered through the confirmation system since the the registration and confirmation system for market entities was launched on September 1. The vitality of market entities in the free trade zone has been stimulated, demonstrating the initial results of the reform.

Starting from September 1, 2022, domestic enterprises (excluding listed ones) legal persons in the Beijing Free Trade Zone and their branch offices can choose the market entity registration and confirmation system for establishment, modification (filing), and deregistration. Compared with the general registration model, the registration and confirmation system provides more convenience.

For example, in terms of application materials, applicants who choose the confirmation system for registration only need to submit a letter of commitment. Documents such as shareholder meeting resolutions, board resolutions, equity transfer agreements, and appointment documents for directors, supervisors, and senior management are not needed. Further streamlining the registration process has saved time and reduced pressure for applicants and facilitated market players to invest and start businesses.

In addition, registration has become easier. The confirmation system features online service. Applicants can complete the application on an online platform, and there is no need for them to go back and forth between offices and submit paper materials. The registration authority has published on the online platform the list of registration materials and the template for the letter of commitment, which can be downloaded and referred to.

The confirmation system has also emphasized the role of integrity publicity. Not reviewing articles of association, the system encourages market entities to publish information including articles of association, actual business and operation venues, featured business activities, and shareholders of non-listed joint stock companies on platforms such as Enterprise Credit Information Publicity Systems, so as to make it easier for trading counterparties and the general public to access relevant information, guide market entities to do business in accordance with law and in good faith, and increase information transparency for ensuring transaction security.

(Reporter: Du Yan)