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Business formation accelerates as authorities cut red tape

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Shanghai registered 37,539 new enterprises in May, a rise of 19.1 percent from the same period last year, thanks to a continuously improving business environment, the city’s market watchdog said on Wednesday. 

The daily number of newly registered companies in the city hit 1,976 last month, up 31.6 percent, the Shanghai Administration for Market Regulation announced. 

“Shanghai’s new business entities maintain good momentum despite the epidemic,” said Chen Xuejun, director of the administration. 

“Authorities have improved the system, reformed procedures and cut the amount of materials required to be submitted when people establish new companies in the city,” Chen said during a radio program. 

In April, Shanghai’s market watchdog introduced the synchronous issuance of electronic operating licenses and seals to further cut red tape for enterprises.

Previously, companies were allowed to apply for electronic seals only after they received physical licenses and seals, which are mandatory in order to operate a business, said Chen.

Under the new move, electronic licenses and seals are automatically generated when a company’s business operations are approved, and they can receive both at the same time via mobile phone, he said.

The e-versions of licenses and seals have the same legal power as physical licenses and seals, the administration said. 

Business licenses have been issued to 130,800 companies under the new system as of June 5, according to the administration. 

Authorities in the city have also cut unnecessary market access and operation thresholds to spur the vitality of the market, the administration said. 

Multiple approval materials involving different government authorities have merged into a single permit service for companies when they apply to open restaurants, cafes, supermarkets and groceries to simplify application materials and cut review and approval time, the administration said. 

The concurrent examination and approval of licenses for health product manufacturing, wine sales and food operation is promoted with the goal of single application and synchronous processing, Chen said. 

“The license involves different permits such as health and fire, and different government authorities, and the information-sharing mechanism makes it convenient for applicants,” said Chen. 

Paperless online review and approval have been deepened to prevent the risk of cross-infection during the novel coronavirus epidemic, said Chen. 

In one case, an enterprise in Jing’an District obtained a business license under this model as its four shareholders were in different locations such as Beijing, Shanghai and Zhejiang Province, making it inconvenient for identity authentication.

In the past, they needed to submit materials at service windows, but the new practice allowed them to do the procedures online, said the administration. 

Authorities in the city have also used remote online reviews of enterprises’ applications of relevant qualifications, according to the administration.

To help enterprises resume operation and production, the administration released nine policies on credit repair such as streamlining procedures for companies producing prevention items for the coronavirus which apply to be removed from the abnormal operation list if they submit all required materials and affirm they are real and legal, the administration said. 

“Authorities will also use information technologies such as the Internet, big data and artificial intelligence to promote innovation in administrative approval system,” said Chen.

Those who can submit e-versions of certificates will be exempted from submissions of real ones, and the target is electronic, convenient and standard administrative review and approval of market supervision and management affairs, the administration said. 

Paperless online review and approval will proceed in registration affairs and administrative review and approval items in areas like food and industrial products, and the scope of online review and approval will be expanded, covering registration affairs such as the change of operation periods, according to the administration. 

Meanwhile, food-manufacturing companies in Shanghai will apply a Hazard Analysis Critical Control Point system this year to ensure food safety, the administration said. 

The system is the most economic and effective food safety control system recognized internationally, and it ensures food safety by identifying detailed hazards and key control measures during the food-manufacturing process, said Chen. 

Food safety is addressed through the analysis and control of biological, chemical and physical hazards from raw material production, procurement and handling, to manufacturing, distribution and consumption of the finished product under the system. 

Market watchdog officials have busted 442 cases regarding the epidemic with inspections covering 670,000 business venues and companies, and officials have handled 40,011 complaints and tip-offs about coronavirus from consumers, retrieving economic losses of more than 100 million yuan for them, according to the administration. 

Among the 442 cases, 160 involved price violations like gouging and 107 involved quality violations such as making and selling fake or substandard products, according to the administration. 

Among these cases, 293 concerned masks, with violations involving gouging, producing substandard masks and fabricating production dates. Meanwhile, 55 cases were about gouging prices of agricultural products. 

Nearly 70 cases regarded new sales channels like online stores, businesses on social software and express delivery platforms, the administration said. 

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California’s vague new financial regulation law – Orange County Register

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Assembly Bill 1864 didn’t get much media or public attention as it zipped through both houses of the Legislature on the last day of the 2020 session.

Superficially, it appeared merely to reconfigure the state’s financial regulatory agencies into a new entity called the Department of Financial Protection and Innovation.

However, those in California’s vast financial industry were paying lots of attention because the bill creates an entirely new regulatory regime with broad powers, including fines of up to $1 million a day, to police financial players that hitherto have had little oversight.

The official rationale for the legislation is that President Donald Trump’s administration neutered the federal Dodd-Frank Wall Street Consumer Financial Protection Act of 2010, so the state must step in with an equivalent to guard against predatory financial practices that harm consumers.

The new California Consumer Financial Protection Law gives the reconstituted agency authority to go after “abusive practices” whose definition in the law is fairly vague. Thus, the agency itself will define the term as it also decides which businesses will face its scrutiny.

It appears that the new law will affect firms involved in debt settlement, credit repair, check cashing, rent-to-own contracts, payday lending, student loan servicing and financing for retail sales. However, its primary target seems to be financial services offered by non-banks, particularly what are called “fintech companies” that offer bank-like services via the Internet without maintaining physical offices.

Fintechs, many of them based in the San Francisco Bay Area, have blossomed in recent years as part of the digital economy, competing with traditional brick-and-mortar banks. Their disruptive nature is not unlike the challenge that technology-based ride services such as Uber and Lyft pose to taxicabs and buses.

Late-blooming changes in AB 1864 exempted traditional financial firms that are already regulated, such as banks and credit unions, from the new consumer protection law, leading some analysts to conclude that its unstated aim is to help them stave off competition from new kids on the financial block.

The vagueness of the new law was encapsulated in what Gov. Gavin Newsom said during a signing ceremony. The new law and the new department, he said, will “create conditions for innovation to flourish in a way where we can steward that and we can just work against its excesses. So we support risk-taking, not recklessness.”

Newsom also signed two other financial protection measures, one that requires debt collectors to be licensed beginning in 2022 and the other creating a Student Loan Borrower Bill of Rights.

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Erie Homecoming 2020 to take place virtually

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Erie Homecoming 2020: “Erie’s Economic Evolution” is happening this week.

Erie Homecoming is an event that shares the vision of where we are going as a business community and the specific projects that will be taking us there.

Yoselin Person was live outside of the Erie Regional Chamber to tell us more about what’s taking place at this year’s homecoming.

Get your favorite hot drink because Erie Homecoming is happening virtually. 

Rooms full of people just aren’t happening in the midst of a pandemic, so Erie Homecoming is an event that will inspire you from comfort of your home or office.

The purpose of homecoming is to give attendees the opportunity to learn how they can invest in the Erie community.

During this two day event, you will be able to learn how you can invest the time, talent and treasure in creating a more diverse and prosperous Erie community.

Erie’s Black Wall Street will be featured this year. It’s a nonprofit organization that’s known for improving black business.

“So, having it geared towards helping black businesses expand and spread their wings, I think that’s amazing,” said Alexandria Ellis, owner, She Vintage.

Ellis began her business six months ago. She says Erie Black Wall Street is a safe space where black entrepreneurs can connect and collaborate with others.

The organization also helps others with credit repair.

“They’ve helped me by connecting me with resources if someone is looking for a nail tech or a boutique that’s black owned, they have connected customers of their clients to me through their organization,” said Ellis.

Speakers from the black owned organization will speak about creating regional equity.

There will also be a discussion about Flagship Opportunity Zones and what it means in terms of tax and other investment incentives.

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RiverBend Growth Association announces new members | Business

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RiverBend Growth Association encourages use of face coverings

The RiverBend Growth Association announces its new members:

5 Diamond Campground

Brian Campbell and Matt Diamond

2 Fun Lane

Hartford IL 62048

(618) 254-1180

facebook.com/5-Diamond-Campground-103976501423687

Alton Pride Inc.

Jason Heeren, director of sponsorship

P.O. Box 662

Alton IL 62002

(618) 204-7420

https://altonpride.com

Alton Pride is a charitable and educational organization established to bring awareness, understanding, and advocacy to the LGBTQ+ community with an emphasis on the specific needs of the youth within the community. We are setting ourselves apart from other Pride organizations by focusing on giving back to our community, rather than hosting just a parade or festival. We will be depositing a majority of event proceeds into a structured account funding our goal to develop a local teen suicide prevention line and a teen resource center to help youth in need.

 

Imo’s Pizza – Bethalto

Lori Bromberg, president/treasurer and managing partner

515 N. Bellwood

Bethalto IL 62010

(618) 258-0011

www.imospizza.com

Bethalto Imo’s is owned by Charles and Barbara (Babs) Pelan. Barbara was a nurse and Charles has had a varied career but has always had an entrepreneurial spirit. He and Babs purchased the Bethalto Imo’s in 2013 and seeing the success of the brand and the store in Bethalto were anxious to purchase the Edwardsville Imo’s franchise in 2014.

Their daughter, Lori Bromberg, is the managing partner and provides leadership and daily oversight to the business. Lori has a bachelor of science degree in management and has 31-plus years in corporate leadership roles, including customer experience, supply chain, distribution strategy, change management, hr/talent management, training and safety. Lori also is a certified mentor for SCORE providing mentoring and coaching to small businesses.

While it is our goal to have a financially successful business, we believe the cornerstones to achieving success is ensuring a superior product and customer experience, investment in our employees, positive contributions to our community, while demonstrating a strong commitment to safety. We pride ourselves on our commitment to Imo’s corporate mission, “To maintain the Imo’s tradition of uncompromising quality, pride in Imo’s products, and passion for success and for customers to experience a genuine, original St. Louis pizza of the highest quality, served in a pleasant atmosphere or at home, so that they too will have reason to say: “Imo’s is my favorite pizza.”

If you frequent our Bethalto location, we will be moving down the street a little over a mile, still on 111, within the next month or so.  We will continue to have delivery and pick-up as well as offer new patio seating.

 

Lewis and Clark Community College Foundation Inc.

Mark Kratschmer, president

5800 Godfrey Road, ER 0210

Godfrey IL 62035

(618) 468-2010

www.lc.edu/About_the_Foundation/

The Lewis and Clark Community College Foundation is a nonprofit corporation organized under the laws of the state of Illinois. The foundation supports Lewis and Clark Community College and its students through scholarships, awards, and other assistance.

Piasa Body Art

Cody Hinkle, owner

560 E. Broadway

Alton IL 62002

(618) 462-1720

Alton’s best body art shop, offering tattoos and piercing services. Now with The Salon for all your hair care and barbering needs!

Prosper Credit Consultants

Jerheart Huntley, owner

525 Wyss Ave.

Alton IL 62002

(877) 503-7465

prospercreditconsultants.com

Credit repair that works! Prosper Credit Consultants uses the most innovative processes to make sure our clients are educated on how credit repair works! Prosper Credit Consultants is dedicated to educating our clients on how to get and keep good credit! We have become a one-stop shop for all things from credit repair, building credit for beginners, trade lines, putting our clients in position to purchase that new car, and home they want. Give us a call (877) 503-7465 or set up a free credit consultation.

The RiverBend Growth Association is the chamber of commerce and economic development organization for the 12 communities known as the Riverbend.  For more information about the Growth Association, visit www.growthassociation.com or call (618) 467-2280.

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