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China's "Silicon Valley" More Accessible to Entrepreneurs
The Beijing municipal government is taking steps to simplify the procedure for enterprises to apply to set up operations in the Zhongguancun Hi-Tech Zone, known as " China's Silicon Valley," which is located in the northwest of this national capital.
According to the local administration for industry and commerce, the new rules allow a much wider range of business activities, simplify the procedure for issuing licenses, and encourage the introduction of venture capital and the setting-up of joint ventures.
Applicants will receive licenses within 10 working days, compared with the previous 30 working days, under to the new rules.
Unlike other places, Zhongguancun grants local companies the freedom to choose their scope of business, which is an international practice. Moreover, there is no restriction on investors using their technological rights as part of their registered capital.
In Zhongguancun natural legal persons are allowed to be partners in Sino-foreign joint ventures or cooperative businesses. Foreign companies are encouraged to open branches in the hi-tech zone.
In addition, a supervision system has been set up for applicants and the public to monitor the activities of government departments concerned.
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