April 21 marks one year since the Guangdong Free Trade Zone was set up. The zone consists of three hubs in the province, and in the cities of Guangzhou, Zhuhai and Shenzhen. By the end of last year, the Free Trade Zone’s GDP exceeded 200 billion yuan. A total of 56,000 companies have registered in the FTZ over the year, spurred on by local authorities’ endeavors to simplify business procedures.
He Bingzhi runs an e-commerce firm in Zhuhai, he was among the first ones to register a company in the city’s free trade area in 2015. Before long he received a specially made “ID card” for newly-registered companies.
This is a real “all in one” card. It looks similar to an ordinary debit card, but it is more than a bank account. It can also be used as an electronic license for the company, with information of the company’s qualification as well as tax and credit records.
With this smart card, He no longer has to prepare paper files while doing business at banks and official departments. More importantly, corporate banking services can now be done via ATM machines at any time of the day.
“Without this card we would have to come to the corporate banking counter before 5 pm and on work days only. But now the card has freed us from that,” said He Bingzhi, GM of Zhuhai Hengqin 100 BGBG Co.
Hengqin free trade area was the first one nationwide to issue smart cards like this to companies, it is also a pioneer in allowing registration through bank branches.
“We have seven collaborating banks, if someone wants to set up a company he can submit required information in advance online through the branches of any of the seven banks instead of coming to Hengqin, therefore saving much time,” said Wu Chuangwei, director of Industry & Commerce Admin., Zhuhai Hengqin New Area.
Some 700 smart cards have been issued in Hengqin. The new registration system has been selected as one of the eight exemplary innovative cases in Free Trade Zones across China last year. Similar simplified procedures have also been implemented in the other two pilot areas in Guangzhou and Shenzhen, to guarantee efficiency and convenience.
“We have gained experience from our ventures to ease investments, open financial markets as well as provide legal services and attract more talents. With this we’ll continue to create a business-friendly environment,” said Zheng Jianrong, office director of Guangdong Pilot Free Trade Zone.
More than 56,000 businesses are running in the Guangdong free trade zone and most of their registration was completed within one day. The FTZ is ready to bring more vitality to the regional economy.
