Liangjiang sees significant growth in number of business entities

The Digital Economy Industrial Park in Liangjiang New Area. [Photo/WeChat account of Liangjiang New Area]

Liangjiang New Area witnessed remarkable growth in the number of business entities operating in the area in the first half of the year, with 14,827 new business entities established, marking a 5.53 percent year-on-year increase, according to authorities.

The number of newly registered enterprises grew by 6.99 percent year-on-year, while as of the end of June, the total number of operating business entities in the area reached 153,809, an 11.12 percent year-on-year increase.

The surge in the number and performance of market entities can be attributed to the continuous optimization of the business environment in the area, including lowering market entry thresholds, simplifying procedures, and enhancing service efficiency to facilitate the efficient entry of business entities.

Liangjiang has pioneered an administrative adjudication mechanism for enterprise name disputes, fully implementing a self-declaration system for enterprise names and significantly reducing the time needed to complete the application process.

The area has also deepened reforms to facilitate enterprise establishment and the separation of permits and licenses, achieving reductions in the number of steps, materials, time, and costs, with the entire process able to be completed within one day. The online processing rate for enterprise establishment has reached 99 percent.

In terms of data interoperability, the area has been focusing on the needs of enterprises, implementing the pre-establishment national treatment plus negative list system for foreign investment.

This has enabled the cross-border information flow of notarized commercial registration documents for Hong Kong investors, greatly enhancing the convenience of cross-border enterprise establishment.

As of the end of June, the area had 1,182 foreign-invested enterprises, 60 of which were new, year-on-year increases of 2.78 percent and 9.09 percent, respectively. The new foreign-invested enterprises primarily originated from Asia and were concentrated in the wholesale and retail, scientific research, and technical services sectors.

In addition, Liangjiang has devised a "one application, one location completion" system for cross-district enterprise migration, with applications now able to be processing on the same day. This has further enhanced the convenience of cross-regional migration by reducing the number of steps and the need for multiple visits.

The area recently held an inter-departmental meeting to support the development of individual businesses, providing assistance in market access, operating costs, financial support, and fair competition.

Liangjiang will introduce a systematic work plan for the transformation of individual businesses into enterprises, proposing new measures in financial support, consumer attraction, and training.

The area will also establish service stations to promote the development of individual businesses, offering one-stop services and consultations on market access and business operations.