The Qingdao Area of the China (Shandong) Pilot Free Trade Zone, or Qingdao FTZ, decided to pilot a new regulation on market entity registration on Oct 8, with the goal of streamlining the processes of market entities' registration processes by simplifying procedures and incorporating online options.

The Qingdao Area of the China (Shandong) Pilot Free Trade Zone holds a news conference on Oct 8 to introduce a new pilot regulation on market entity registration. [Photo provided to chinadaily.com.cn]

It is part of the consistent efforts made by the Qingdao FTZ to provide better services for market entities and to improve its business environment.

The regulation, which Qingdao FTZ officials said is the first of its kind in China, covers various business registration applications of market entities, ranging from their establishment, modification, and cancellation.

According to the regulation, market entity registration applicants should be accountable for the authenticity, legality, and validity of their submitted materials. In addition, authorities should immediately approve the application once the submitted materials are complete.

The authorities should also strengthen oversight and management of market entities, as well as introduce third-party organization to assess business credit of enterprises, the regulation states.

Liu Tao, an executive from Fengyishun (Qingdao) Holding Group Co Ltd, said that the new regulation will save time and labor for enterprises, especially start-ups, enabling them to focus on their main businesses.

Located in Qingdao West Coast New Area, the Qingdao FTZ is at the forefront of the city's opening-up process.

The 52-square-kilometer area comprises the Qingdao Qianwan Free Trade Port Zone, the West Coast Area Integrated Free Trade Zone, the Qingdao Economic and Technological Development Zone, as well as the Qingdao International Economic Cooperation Zone (Sino-German Ecopark).

Since it was unveiled at the end of August in 2019, the Qingdao FTZ has added more than 20,000 market entities. To date, the total paid-in foreign investment in the area has reached $538 million since January this year.