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Huangpu expands "Cross Border Pass" service into Europe

2021-July-9       Source: Newsgd.com

Guangzhou's Huangpu District has recently expanded the "Cross Border Pass" service into Europe, which offers overseas investors commercial services such as business registration, license transfer and opening a bank account.

Guangzhou's Huangpu District has recently expanded the "Cross Border Pass" service into Europe, which offers overseas investors commercial services such as business registration, license transfer and opening a bank account. It allows investors to open a company in Guangzhou although they could not be in China due to the recent travel restrictions.

If an individual or enterprise in Europe have the intention to invest or open a company in Huangpu, they could now submit the required documents through the European branch of Guangzhou Kerui Investment Service Company. The Huangpu District Market Supervision Bureau will open a 'green channel' and finish the examination process in half a day as soon as they have received the documents.

Having gained the approval, the applicant could entrust a person in the Chinese mainland or Kerui Company to collect the business license and seal. The applicant could also log on to the "Guangzhou 'Business One Link' For Starting A Business (廣州市開辦企業一網通)" website to download the result and open a bank account through the European branches of the Industrial and Commercial Bank of China (ICBC).

The Huangpu District Market Supervision Bureau signed a strategic cooperation agreement with Guangzhou Kerui Investment Service Company and the Guangzhou Development District branch of ICBC.

The Guangzhou Municipal Government launched the "Cross Border Pass" commercial service in 2018, which provides Hong Kong investors and entrepreneurs with one-stop commercial services through the cooperation with Hong Kong Chong Hing Bank. Thus far, the service has expanded to Europe, Singapore and the United States of America. Other Guangdong cities including Zhuhai, Dongguan and Jiangmen also launched similar service to attract foreign investment despite of the travel restrictions related to the COVID-19 pandemic.

According to the Guangdong Department of Commerce, the province's foreign direct investment (FDI) saw a 33 percent growth year on year in the first five months of 2021, hitting 73.56 billion yuan. The number of new foreign invested projects also grew 51.9 percent year on year to 6731 at the same period.

Author: Natalie (intern)

Editor: Wing, Jasmine, Jerry

Editor: Will

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