Shanghai Free Trade Zone grants its first all-in-one license to a local company
The Shanghai FTZ has issued its first all-in-one license to Sinopec Shanghai Gaoqiao Petrochemicals Company.
General Administration of Quality Supervision, Inspection and Quarantine, the state body in charge of customs inspection and quarantine, authorized the zone to combine licenses from different departments into one. This means that manufacturing businesses no longer need to apply for each permit separately, the zone authorities will review all company's manufacturing facilities and products just once, they can also decide whether to exempt a company from license renewal inspections. The new practice will save companies both time and application costs.
The Shanghai Pilot Free Trade Zone was opened in 2013 and was seen as a milestone in doing business in China offering a number of tax advantages. Last year the authorities have already shortened license approval time from 60 to 30 days.