Domestic Enterprises Import And Export Qualification Relaxed

From September 1st this year, China will substantially relax the standards of non foreign investment enterprises, namely domestic enterprises, and engage in import and export business, and place the authority of approval and registration in place.

The Ministry of Commerce of China has issued a notice on adjusting the qualification and approval procedures for import and export business.

The notice shall apply a unified policy to all domestic funded enterprises registered in China, including state-owned enterprises and private enterprises, in the management of import and export business qualifications.

The policy stipulates that, from September 1st, the registered capital requirement of domestic enterprises applying for import and export business qualification will be reduced from no less than 5 million yuan (not less than 3 million yuan in the Midwest) to no less than 1 million yuan (not less than 500 thousand yuan in the Midwest), and the requirement for the original establishment time to be more than 1 years shall be abolished. The registered capital requirement of the production enterprise that applies for self import and export business qualification will be reduced from no less than 3 million yuan (no less than 2 million yuan in the Midwest) to no less than 500 thousand yuan RMB.

In addition, while relaxing the requirements for the registered capital of enterprises, the authority to approve registration has been put down to the local level.

According to the Ministry of Commerce officials, China has fulfilled its commitments ahead of schedule in accordance with the timetable for accession to WTO.

The introduction of the policy of relaxing the qualification criteria for import and export operation of non foreign enterprises will play an active role in the development of China's foreign trade and economic cooperation.