Hainan approves first two companies for Sansha city

Posted on September 19, 2012

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Provincial officials in Hainan Province have approved the registration of two enterprises in Sansha, the country’s newest city established on July 24 on Yongxing Island, which also administers three other islands in the South China Sea.

A ceremony was held on July 24, 2012, to mark China’s establishment of Sansha, a city on Woody Island in the disputed Paracel archipelago, which belongs to Vietnam.

A construction company and a tourism company were registered in the province on August 23 and September 6, indicating the city is open to investors.

The provincial industry and commerce administration was quoted by the Xinhua News Agency Tuesday as saying that approvals of enterprise registration have to be issued at the provincial level until the city’s own administration is fully established.

Considering the limited office space available in Sansha, enterprises registered there are allowed to set up their offices in other cities, said the administration.

Wen Zheng, director of the administration’s office in charge of enterprise registration, said applications and enquiries from investors wanting to set up enterprise in Sansha have started to flock in after the State Council approved establishing the city in June.

“Investors are welcome to play their part in promoting the city’s economic growth, as special channels will be set up for investors, and administrative procedures will also be streamlined to facilitate the registration process,” Wen said.

The two companies were approved after fishermen from 22 households on Yongxing Island, where the city government is based, were granted an individual business license on July 13, days before the city was officially founded.

Whether foreign-funded enterprises should be given approval in Sansha will be discussed after the city’s administration is established.

According to regulations of the State Administration for Industry and Commerce, foreign-funded enterprises are allowed to register in prefecture-level cities and above in the country.

People’s Daily Online

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Posted in: Economy, Politics