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Yiwu Issued the First Hong Kong Individual Business License

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Yiwu Issued the First Hong Kong Individual Business License

Issue Time:2016-09-22

Recently, Mr. Wu Ruihao, a Hong Kong Resident, obtained his Individual Business License from the Market Supervision Administration of Yiwu and became the owner of the first Hong Kong Individual Business License in Zhejiang Province.

It was learned that Wu Ruihao had a foreign trade company in Hong Kong and had been purchasing commodities in Yiwu for 13 years. His customers had a large demand and special requirements for plastic bags, and plastic bags purchased from the market could not fully meet their requirements, so customization was often needed. In case of a rush order, if the goods could not be produced in time, the shipment of other orders in the same container would be affected. "Fortunately, everything from raw materials to product equipment is available in the Yiwu market, making procurement convenient," Wu Ruihao said, "backed by the market, I need not to worry the sales of products, so I decided to set up my own factory to produce plastic bags according to the requirements of customers and inquired whether that was possible at the Foreign Capital Counter in the Market Supervision Administration. Finally, I got the red envelope of policy."

According to information, more and more Hong Kong and Macao residents were launching their businesses in mainland China like Wu Ruihao. To inspire the enthusiasm of Hong Kong and Macao residents for entrepreneurship in the mainland, the State Administration for Industry & Commerce of China issued the Opinions on Expanding and Opening up the Registration Management over the Applications for Establishing Individual Businesses in the Mainland by Hong Kong and Macao Residents. Since June this year, the business scope for the individual businesses of Hong Kong and Macao residents has been further expanded, from original commerce, residents' service, and planting and breeding industries to current 135 industries covering manufacturing, freight transport and warehousing, and sports broker, and the restrictions on employees' number and business area, as well as the requirement for identity certification of Hong Kong residents, have been canceled.

Since 2005, Hong Kong and Macao residents have been allowed to establish individual businesses in any district, city, and province in the mainland, and there have been 20 Hong Kong and Macao individual businesses in total in Yiwu. It is introduced by the principal of the Foreign Capital Section of Market Supervision Administration that thanks to the convenient policies and inclusive atmosphere of Yiwu, there is an increasing number of Hong Kong and Macao residents starting their businesses here, among which those applying for establishing individual businesses only take up a small portion and more Hong Kong and Macao investors select to found foreign-funded companies and foreign-invested partnerships in Yiwu. So far, there have been more than 1,297 foreign-owned enterprises (comprising of foreign-funded companies and foreign-invested partnerships) whose investments are from Hong Kong and Macao in Yiwu, amounting to one third of the total foreign-owned enterprises throughout the city.

It was also learned that by the end of Aug., there had been 222 new foreign-funded companies founded in Yiwu, with a year-on-year growth rate of 181%; 929 foreign-funded companies in total, with a year-on-year growth rate of 43.4%; and 2,632 foreign-invested partnerships, with a year-on-year growth rate of 6.6% and occupying over 70% of the total number in the whole country.

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