New paperless online system for foreign projects

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Market regulators in Shanghai announced on Tuesday that they have launched a fully paperless system that allows foreign investors to go through the application process for projects quickly and with “zero contact” over the Internet.

Jason Ibrahim Dwi, an Indonesian who has lived in Shanghai for many years, recently applied for registration of a management consulting company in Shanghai. It has obtained an e-commerce license under the system.

He originally planned to set up the new company in late March, but that was disrupted by the resurgence of COVID-19.

“Shanghai will always be an international city, and it’s very attractive and very comfortable,” he said. “I think it will continue to grow.”

In the past, foreign investors seeking to invest and set up businesses in Shanghai were required to submit paper applications, such as investor qualification notarization and certification documents.

The new system meets foreign investors’ demand for paperless and online processing during the COVID-19 pandemic, breaking the bottleneck of registration services, the Shanghai Administration for Market Regulation said.

The administration said it would expand its services to also include the modification and cancellation of foreign-invested companies.

Shanghai continued to improve its foreign investment environment. By the end of May, the city had registered 98,000 foreign-funded enterprises, the country’s leader, according to the administration.

Of these, 856 are regional headquarters of multinational corporations.

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