Guizhou accelerates privately owned business transformation

For the promotion of real economy development, Guizhou has recently launched an implementation plan for privately owned businesses to transform and upgrade into companies.

The plan supports privately owned business meeting the standards of small and micro-sized enterprises involved in agriculture, industry, wholesale, retail transportation, warehousing, accommodation, catering, information transmission, software and IT services, leasing and commercial services, and other industries in transforming into companies according to total assets, employees and other indexes.

Privately owned businesses involving wine, tobacco, tea, medicine, food, tourism, logistics and big data, and privately owned business registered as ordinary value added tax payers with large scale operations are included in the plan.

In addition, privately owned businesses which involve industries that require the form of the organization to adhere to specific laws, or a business intending to transform into a company according to its self-development demands, can apply to join the plan too.

To optimize the transformation procedure for privately owned businesses, Guizhou government will provide instructions and services for company name and trademark registration, one-time examination and approval, and online services to make the process more convenient for applicants.

With the reform of the commercial system in Guizhou, the total number of privately-owned businesses reached 1.9 million at the end of September this year.

Guizhou Industry and Commerce Bureau will keep optimizing the business environment, strengthening supervision, and establishing a service guarantee mechanism to reach the goal of privately owned companies increasing by over 12 percent per year and the total market volume increasing by over 11 percent per year.