Shanghai FTZ Issues First All-In-One License
by Lorys Charalambous, Lowtax.net, Cyprus
20 March, 2017
The Shanghai Pilot Free Trade Zone has issued its first ever all-in-one license to Sinopec Shanghai Gaoqiao Petrochemicals Company.
The all-in-one license means that manufacturing businesses no longer need to apply for a permit for every new product. Zone authorities can now review a company's manufacturing facilities and all its products just once before granting the all-in-one license. They can also decide whether to exempt a company from license renewal inspections on the basis of their past quality records.
Zone authorities said the new practice will save companies both time and application costs.
The issue of the first all-in-one license follows changes to the licensing process authorized by China's General Administration of Quality Supervision, Inspection, and Quarantine, the state body in charge of customs inspection and quarantine.
The Shanghai Pilot Free Trade Zone was created in 2013 and offers companies a number of tax preferences. It comprises a bonded area, high-tech park, financial area, and an export processing zone.
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