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Individually-owned Business Opens up Further to Hong Kong

The State Administration for Industry and Commerce (SAIC) recently released the Opinions on Further Lifting Control Over Application by Hong Kong and Macau Residents for Registration of Individually-Owned Businesses in the Mainland. The document eases the requirements for registration, examination and approval for foreign investment, verification of identity and other aspects to encourage Chinese nationals among the permanent residents of Hong Kong and Macau to set up business in the mainland.

Starting from 1 June 2016, Hong Kong and Macau residents applying for the establishment of individually-owned businesses in all provinces, autonomous regions and municipalities directly under the central government are no longer subject to examination and approval for foreign investment (except for franchise). Administrations for industry and commerce of counties, autonomous counties, cities not divided into districts and municipal districts where such individually-owned businesses carry out operation shall directly register such business in accordance with the relevant laws, administrative regulations and rules of the mainland. Registration authorities may, as needed, entrust local administrations for industry and commerce to register individually-owned businesses established by Hong Kong and Macau residents.

Other requirements lifted include: Individually-owned businesses established by Hong Kong and Macau residents are limited to one-man business in terms of composition and have no limits for the number of employees and business area. Chinese nationals among the permanent residents of Hong Kong who apply for the establishment of individually-owned businesses in accordance with the relevant laws, administrative regulations and rules of the mainland are no longer subject to identity verification.

Content provided by Picture: HKTDC Research
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