September 30 2018

Shanghai Administration for Industry and Commerce Optimizes Procedures to Halve Time for Business Cancellations

Shanghai Administration for Industry and Commerce issued on September 6, 2018 the Guideline about Further Reforming the Exit Mechanism for Market Entities. According to the guideline, traditional problems that have obstructed business cancellations will be addressed, and fewer documents will be required for simple cancellation procedures. After an one-stop business cancellation platform is launched, the time for business cancellation is expected to be halved.

It's learned that the city's industry & commerce administration is working with tax, customs, financial and human resources authorities to build the online business cancellation platform, which is expected to be operational by the end of this year. After the platform opens, the time for business cancellations for Chinese companies will be reduced by 14 business days, and the time will be cut by 17 working days for foreign enterprises to be canceled.