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Shenzhen Loosens Control on Import & Export Operating Rights
According to a report from Shenzhen Trade Development Bureau, any enterprise of this special economic zone and those inland enterprises stationed in Shenzhen can be licensed import and export operating rights within five days if their registered capital amounts to 2 million yuan.
Recently, the Shenzhen Trade Development Bureau has relaxed its control over import and export operating rights for some enterprises, leading the country in the change from the examination and approval system to the ratification system in relation to foreign trade operating rights.
Inland enterprises which go to engage in import and export business in Shenzhen, refer mainly to subsidiaries or branches set up in Shenzhen by these enterprises, each of which has an export volume exceeding US$10 million or import and export volume being well over US$20 million, The requirement for this is that these subsidiaries or branches shall each have registered capital in Shenzhen not less than 2 million yuan. Any inland enterprise which tallies with the aforesaid requirements can get license after fulfilling the ratification formalities in five workdays.
According to reports, for production enterprises registered in Shenzhen, which have enjoyed independent import and export management rights for mor than one year and do have gained achievements in this regard, when they renew their import and export declaration, their registered capital can be reduced from the originally specified 3 million yuan to 2 million yuan.
By PD Online staff member Li Yan
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