Pingtan Comprehensive Pilot Zone, Fujian province, recently unveiled new measures to simplify procedures for the cancellation of company registration, local news portal ptnet.cn reported on March 2.

The measures aim to lower the cost for companies seeking to be dissolved, local officials said.

The measures will see that the seven steps for cancellation are cut to only three, including declaration of dissolution, liquidation of the company, and the application of cancellation.

In addition to simpler procedures, the materials required are also less than before, cut from 13 down to six.

Now, it only takes a company 13 days to complete the entire process, 36 days shorter than before, officials said.

The new measures only apply to limited companies and partnership firms. Foreign-funded and state-owned enterprises, and those whose registered capital is at or above five million yuan ($763,000), shall follow the original procedures.