In a move aimed at streamlining business registration processes for foreign investors, Hainan Province has announced the use of Permanent Residence Identity Cards (PRIC) for foreign nationals seeking to establish enterprises within its jurisdiction.
Effective December 1st, 2023, the new version of the PRIC will allow foreign individuals investing and establishing enterprises to forego notarisation certification when submitting their identification documents.
According to officials from the Hainan Provincial Market Supervision Bureau, all enterprise registration windows across the province are now equipped with offline reading devices for the PRIC, facilitating seamless offline real-name authentication processes.
Additionally, the bureau has reportedly integrated a PRIC reading module into the “Hainan e-Registration” platform, enabling foreign permanent residents to submit their identification materials through photo upload, thus enhancing accessibility and convenience for foreign investors.
“We provide comprehensive training to our staff to ensure they are proficient in handling PRIC-related procedures, offering efficient consultation and business verification services,” said a bureau official.
The Provincial Market Supervision Bureau aims to further optimise the registration process for foreign-funded enterprises, extend the pilot program for electronic circulation of notarised documents, and explore online verification and electronic signature mechanisms for individuals from Hong Kong, facilitating fully electronic registration for Hong Kong-funded enterprises.
The bureau plans to collaborate with immigration management, big data, and business environment departments to enable more foreigners to electronically sign and authenticate their identities online when using “Hainan e-Registration” with valid documents, with the aim of enhancing the ease of doing business for foreign entrepreneurs.
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