Yichang is about to officially implement reform on registered capital registration system on Mar. 1 according to the deployment of reform on registered capital registration system by Hubei Province. 6 measures (e.g. abolition of enterprise annual inspection) to ease the industrial and commercial registration conditions and 7 new measures to strengthen supervision (Eg. the credit information of market players being made to public) will be included in the reform.

　　Ease market access

　　The registered capital registration system will be instituted. The paid-in capital of a company will not be included in the industrial and commercial registration items, and capital verification report will not be needed except for the 27 industries stipulated by laws, administrative regulations and the state council still need to pay in and register. The registration of company\'s registered capital will be eased. Restrictions on minimum registered capital, down payment ratio, cash ratio of registered capital, payment deadlines will be abolished. Residence registration conditions are about to be eased. At present, the Provincial Industrial and Commercial Bureau is formulating specific operation methods to stop annual inspections of enterprises and check the business license of individual business, establish and implement enterprise system of the annual report to the public, annual reporting system of individual business and farmer specialized cooperatives, enable the new business license and advance electronic registration gradually. New patterns of registration services are going to be initially built in this year. Supported by electronic business license, the new services include online application, online acceptance, online auditing, online public announcement and online licensing, etc.

　　annual inspection canceled

　　Annual inspection of enterprises and license inspection of individual businesses will be eased. Enterprise system of the annual report to the public, annual reporting system of individual business and farmer specialized cooperative will be established and implemented. Enterprises and individual businesses should be responsible for authenticity, legitimacy of their annual reports. Industrial and commercial administration office will make selective examination to their annual reports.

　　Implementation of registered capital registration system

　　Except for the minimum amount of registered capital to specific industries stipulated by laws, administrative regulations and the state council, restrictions on the minimum registered capital, the first investment proportion, ways of investment and period of investment will be canceled since Mar. 1. These items will be independently agreed by the shareholders or promoters and recorded in articles of incorporation. The investors can agree on the total amount of the registered capital independently, which will greatly decrease the initial cost of startup entrepreneurs.

　　Issuing new licenses

　　It was learned from the Municipal Industrial and Commercial Bureau that all business registration windows are going to provide check-in service to all the market players in the city since Mar. 1, all the measures will be officially implemented according to the new reform measures. The new business license will be issued to newly registered market players. The existing 15 kinds of business licenses will be unified as one type. The heading is “business license”. “Two-dimension Code”, “Date” and “Time Limit” will be added to it. Market players will feel fully the convenience and efficiency of the registration system after the reform.

　　7 “Tough Regulation” measures to expand social supervision

　　The market players credit information system is about to be set up. Credit supervision to market players will be strengthened. Criminal punishment will be intensified. Social organizations will exercise their functions of self-discipline and supervision. Enterprises will strengthen the management of themselves. Market players will strengthen the supervision of operation. Residence management of market players will be enhanced, etc.

　　After the establishment of credit information publicity platform on market players, the registration, registration and supervision information of market players, annual report, permissions obtained information, credit supervision information will be published on the platform, open to the public. Business exception list and blacklist will be carried out. Chain response mechanism and overseas recovery and security mechanism will be set up. The situation of “illegal action is restricted everywhere” will be created. (Reporter: Long Yizhou, Correspondent: Bian Cheng)