[Legal News] Shanghai: Business Licenses Will Be Revised from September 1st
2022. 8. 31
[Legal News] Shanghai: Business Licenses Will Be Revised from September 1st
Based on the ‘Notice of the General Office of the General Administration of Market Supervision on the Adjustment of Business License Facade Matters’ issued by the State Administration for Market Regulation (“SAMR”), the front and back of the business licenses for market entities in Shanghai will be adjusted from September 1st, 2022.
● Adjustment of Matters Recorded in the Business License
The business license of companies, non-company corporate entities, partnerships, branches and other types of market entities will no longer record the information items of “business term”, “operating term” and “partnership term”; the business license of partnerships and sole proprietorship enterprises will now bear the information item of “capital contribution”. Furthermore, the names and the location will also be adjusted accordingly in the business licenses of certain types of market entities.
● Market Body Identification Code
After September 1st, market entities' paper and electronic business licenses will be unified with the "market entity identity code" (the "enterprise code"). The wider public will be able to scan the enterprise code through the use of WeChat, Alipay, electronic business license APP and other mobile applications, and read the information associated with the enterprise code.
● Business License Replacement
From September 1st, adjusted business licenses will be issued to all market entities that have been granted permission to be established by the registration authority. The market entities in Shanghai can directly apply for the new version of business license, or continue to use the original business license until they apply for change of registration, filing or replacement of business license, and then exchange for the new version of business license.
Thus, replacing the business license immediately is not compulsory, and companies can decide whether to immediately replace their business license with a new one, depending on their needs. The use of the enterprise code will also safeguard the legitimate rights and interests of the public and optimize the business environment.
