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Zhongguancun: Starting Business Gets Easier
Beijing government is taking steps to simplify the procedure for enterprises to get a license in the Zhongguancun High-Tech Zone, the so-called "China's Silicon Valley," which is located in the northwest of the 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.
Under the new rules:
* applicants will receive licenses within 10 working days, compared with the previous 30 working days.
* no restriction on investors using their technological rights as part of their registered capital.
* natural legal persons are allowed to be partners in Sino-foreign joint ventures or cooperative businesses.
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