In this article, we discuss the new regulation regarding the administration of registration of market entities in China and the provision of suspending business operations without losing license for a period up to three years, a policy initially piloted in Shenzhen SEZ.
On July 27, 2021, Premier Li Keqiang signed a State Council decree unveiling a new regulation on the registration and administration of market entities, the Administrative Regulation of the People’s Republic of China on the Registration of Market Entities, which will take effect on March 1, 2022.
As the first legal document to uniformly regulate the registration and administration of all types of market entities, the Regulation will likely streamline market entities’ registration processes, lower institutional costs, provide legal safeguards for market entities, and promote fair competition among market entities, domestic or foreign.
The Regulation has a total of six chapters and 55 articles, which set out unified provisions regarding the registration standards, the registration procedures, supervision and administration, and legal liabilities for improper behaviors, etc. Below we introduce the main points in the Regulation that businesses need to know.
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