Beijing streamlines company registration process to attract foreign investment

Foreign investors applying to start a company in Beijing can now complete the entire registration process online, making it the first city in China to offer this service and demonstrating its determination to attract foreign investment.

The entire registration process has been shortened from between two to three months to just one day for the fastest option, according to Yang Xiuling, director of the Beijing Municipal Development and Reform Commission, at a press conference held on Thursday.

By the end of 2023, Beijing was home to 245 regional headquarters of multinational companies and 149 foreign research and development centers, according to the commission.

"In recent years, Beijing has carried out a series of measures to make it simpler and easier for foreigners to settle down in the capital or for foreign companies to set up R&D centers in the city," she said. "The service has been continuously improved and completed."

Beijing has recognized 122 overseas professional qualifications and has fully implemented a one-stop application process for both work permits and work-type residence permits in order to bring convenience to foreign professionals.

The processing time for these permits has been reduced from 17 working days to five working days.

Beijing Capital International Airport and Beijing Daxing International Airport have established demonstration zones for foreign visitor payment services, handling a total of 450,000 foreign card transactions in total.

In the realm of cross-border trade facilitation, Beijing has also introduced several reforms. For instance, the number of handover procedures for domestic export goods at ports has been reduced from four to one. 

Additionally, an electronic freight platform connecting Beijing Capital International Airport and Beijing Daxing International Airport has been established, providing "one-stop" services such as waybill declaration and cargo tracking, reducing the average time for vehicle entry and exit by 50 percent.

Over the past seven years, Beijing has implemented over 1,500 business environment reform measures and the result is obvious.

On average, 337 new science and tech companies are established daily in Beijing, equating to one new tech company being founded every five minutes.

Li Boyu contributed to this story.