The investing advantages for Fujian FTZ
- November 24, 2017
- Posted by: Yolandy
- Category: Business
Convenience for Investment
Simple Business registration: Business registration fully applies the service mode of “one declaration form, one window for all procedures, one license and code, one stamp needed for approval, one day end”, the duration for business registration is shortened from the original 29 days to 1 day.
Fewer procedures for foreign investment record: the pilot zone sets up the “one declaration form system” for foreign enterprises, which combines all the filling information needed by department of business, industry and commerce, quality testing and tax into one form, so that during business registration foreign enterprises could finish foreign investment record at the same time.
Shorter period for project approval: for investment project, “one window for all procedures system” is implemented. The enterprise only needs to summit the application at one window of the comprehensive service hall, and then the application materials will be delivered to backstage departments of business reform and development, land, planning, environmental protection to go through joint approval. Within this system, the number of application materials reduce from 250 to about 19, and project approval term shortens from average 1 year to less than 93 working days.
Foreign Investment Admission
The pilot zone implements a national treatment plus a negative list management model for foreign investment prior to entry, and a record system for those outside the negative list. At present, the list of prohibited foreign investment under simplifying has only 122 rules, the industries available for foreign investment has looser restrictions than other areas in China.
Efficient customs clearance
Learning from Singapore’s experience, Fujian Free Trade Zone builds the “single window” network system in China’s forefront of international trade. The import trade declaration data only needs to be entered on a window of network, and then it will be transferred to the port supervision department of customs, inspection and quarantine, maritime affairs, border defense, so as to finish the customs clearance procedures.
Many innovative practices can be seen on international financial business such as cross-border RMB business, interest rate liberalization, foreign exchange management system and cross-strait security business cooperation, which makes the international financing more convenient and channels broader.