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Near 2000 Individual-funded Enterprises Now Reported in Shanghai
The last few months have seen a monthly number of about 500 individual-funded enterprises to be launched and these have come to add up to a total of as many as 2000 in Shanghai now.
Since implementation of "Individual-funded Enterprise Law" on February 1st, the first month saw only 167 such establishments by individual investors in Shanghai for hesitations over investment risks and other unspeakable fears and risks.
On account of this, the Shanghai Industrial and Commercial Administration enhanced propaganda to make public the characteristics and conditions for license application and work out detailed rules for implementation to lower the standard of "entry into business". In the meantime, various administrative organs of tax, technical supervision coordinate with each other helping in solving problems and difficulties arising in opening bank accounts and receipt receiving for value-added tax.
These measures arouse the enthusiasm of investors in setting up individual business. Manufacturing and service dominate the individual-funded enterprises developed. With these are also 1100 individual-funded enterprises launched in the production type engaging in furniture, garment processing; 229 are of the service-type going in for cleaning, clothes dry wash, express, picture studio and others.
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