According to a reform plan on the system for registration of registered capital that was published by the State Council, annual inspection on enterprises has now been turned into a system using annual reports.
From March 1, the Department of Industry and Commerce revoked such inspections for companies that have business licenses – such as limited liability companies, incorporated companies, legal persons of unincorporated businesses, partnership enterprises, individually-owned enterprises and branches, and foreign enterprises in China, and so on.
For details about annual reports, please see the website of Shanghai’s municipal department of industry and commerce.
Edited by Lin Hong and Brian Salter