Drawing up further regulations covering company registrations. Those rules must cover issues including penalties for companies that provide false information or don't register at all.
Lowering companies' operating costs. Abolishing the minimum capital requirement was meant to lower barriers to entry and stimulate the private economy. The intent of the reform will be thwarted if an investor can register a company with just 1 yuan in paid-in capital but then must spend more than 1 million yuan to rent operating facilities that comply with other regulations.
There's a need to revise all the related laws and regulations to reduce the cost of operations for companies so that the purpose of the reform will be truly achieved.
The author is an associate professor of civil and economic law at the Beijing Technology and Business University. These views do not necessarily reflect those of China Daily.
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