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Business formation accelerates as authorities cut red tape



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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TML announce launch of new residential Lumi products



Steve Griffiths TML

A new, Lumi-branded, residential product has been launched by The Mortgage Lender, following a rise in demand from borrowers who have been financially impacted by the pandemic.

TML say that the range is available up to 75% loan to value, across four Lumi categories and caters for customers with defaults, CCJs, and mortgage arrears. It also offers enhanced credit criteria for unsecured arrears, bankruptcy and payday loans when compared to TML’s core range.

Lumi products are available for employed, self-employed and complex income applicants. The minimum loan is £25,001 and the maximum loan is £1m with rates starting at 4.98% for a two-year fix and 5.29% for a five-year fix at 70% loan to value.

Steve Griffiths, The Mortgage Lender sales and product director, said: “Now more than ever lenders need to have criteria that caters for a wide range of customer circumstances and recognise that the last 12 months has been financially difficult for many people.

“Our Lumi range, which is available through specialist distributors, takes a pragmatic approach to the real-world experience many of our broker partners are presented with when they are sourcing a mortgage for their clients.

“It offers fair rates combined with a flexible approach to underwriting that provides a stepping-stone for home-movers or those remortgaging and, in some cases, credit repair.”

Doug Hall, 3mc director, adds: “We are seeing increasing numbers of customers whose financial situation has been impacted by the Coronavirus pandemic who need products that are appropriate for their circumstances now.

“Through sharing our knowledge and challenges with lenders, like TML, the specialist lending sector is proving it can meet those needs in a responsible way. The launch of Lumi is great news for brokers and customers. It shows lenders are listening and able to respond to the market, improving customer choice and competition.”

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how to boost a bad credit rating



HOLLAND, Mich. — Your credit score is just a number, but it can make a difference in your ability to get a loan, house, or even a job ,and after a tough year for finances, now is an important time to pay attention to your score.

“You need to have options, and you need to be able to have access, and all of that boils right back down to your credit score,” says Bree Austin-Roberts, a credit expert and founder of Lakeshore Credit Management and Repair Services in Holland. “I think it was a reality check for a lot of people to saying, ‘Hey, it’s time for me to start thinking about my financial situation.’”

Bree’s story is similar to so many of her clients. A few years ago, before she founded her credit repair business, she and her family were evicted from their apartment. Searching for a house and facing homelessness, Bree noticed a similar roadblock everywhere she looked.

“The credit became a problem,” she said. “It always boiled back down to the credit.”

Bree buckled down on payments and in no time had raised her credit score enough to move her family into a home and start up her business. Now helping others achieve the same success, Bree says a few simple adjustments can make a big difference. Her first call was to the three major credit bureaus to check the accuracy of her score.

“Like 80 percent of people in the United States have something that’s inaccurate on their credit report, but a lot of people don’t know because they don’t monitor their credit.”

So start by checking with TransUnion, Equifax and Experian on the accuracy of your score.

If you’re having a tough time making payments this year on bills or installment loans (which Bree says you should always have at least one of), try contacting your creditors to see if they can delay payments or work out some sort of payment plan that works for you.

“Directly related to the pandemic, a lot of lenders are being very lenient,” said Bree.

In addition to making all your monthly credit card payments on time when you can, Bree says it also matters how often you use your credit card, and on what. She says most repair experts will recommend you keep your card usage below 30 percent, but Bree recommends a lower limit for her clients.

“When you’re in the building process, you want to keep it 10 percent or below,” she said. “If you’re planning on making a major purchase in like 30 to 60 days, you probably want to keep your credit card balances between 1 and 3 percent.”

Other tips include becoming an authorized user on a loved one’s credit card. If they have good credit, spending responsibly on their account could help boost your score faster. Just have them ask their bank or credit union about adding you as an authorized user.

You can also open a secured card on your own. A secured credit card is essentially a prepaid card that ensures you don’t miss payments.

And remember: no credit doesn’t mean good credit. Lenders want to see you can responsibly handle debt.

“Having something to report is positive, but it’s the amount that reports that shows your credit worthiness,” said Bree.

What it boils down to, Bree says, is having good habits and sticking to them. Building or rebuilding credit is a marathon, not a sprint, and Bree says patience is key.

“I was never always a credit expert. It was trial and error,” she said. “I have been there before, and it doesn’t take much to end up right back there again if you’re not budgeting well–if you’re not being credit conscious.”

You can reach Bree at [email protected] or on her website or her Facebook and use the hashtags #lakeshoreCredit and #CreditQueen to join the conversation with her.

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Adam Reich On His Journey From A Bodybuilder To Building His Own Empire And Making People Financially Independent



Adam Reich

Adam Reich was born on December 17th, 1985, and brought up in Long Island, New York. Gym and fitness lover, Adam Reich, founder of True Credit Repair, Passive Profits Ecom Automation, ReinventU wellness center, and Health Supplements didn’t always have it all. He found a great deal of success in bodybuilding competitions when he was young. He was falling short of turning professional and thus, in the time that he had, he built a late online personal training business with over 100 subscription-based clients. In 2014, Adam Reich was blessed with twin daughters and a few months later, he had to go take up a job for the New York City department of corrections on Rikers Island. He worked 16 hours a day for 5 years straight surrounded by a bunch of violent people. It was an unsafe job. Adam Reich got fed up and decided to invest all the little money he had onto himself. He worked hard and invested all of his time to finally have something of his own and he did, not just one but multiple companies with 7 figure turnovers.

Adam believes that the success he has had by far is because of the client relations and the results and satisfaction that he and his company have given over time. He believes that he should treat his clients exactly how he would expect to be treated as a customer himself. The reason behind investing in a credit repair agency was because Adam Reich first paid to have his credit repaired by the same parent company and 4 months later his credit soared from 550 to 740 and that opened a plethora of financial opportunities for himself. All of his companies are driven by customer satisfaction. He has learned that he must never over-promise to make a sale. He provides a service to his clients that he is proud of but sometimes he tends to over-deliver but he has learned from his past mistakes. Adam Reich believes that delivering a product is important but what’s more important is building a brand along with a reputation as this would help him and his company in the longer run.

Since Adam Reich realized his worth was more than that 9 to 5 job, within 6 months, he left the prior job to invest in himself, moved to Boca with his family, and built a beautiful life in South Florida. It has been great for Adam since then as he has been able to increase his salary tenfold and all the credit goes to his determination and hard work. He also worked towards making it easier for his clients to change their financial situation by providing them with abundant opportunities. That’s all that Adam has always wanted, to help others better their situations. He has had the time to experience a 9-5 job and knows how it feels to miss important events and not being able to spend time with family because of lack of financial freedom which is why he has built this empire so that nobody else has to go through what he went through.

Adam Reich has always kept his priorities straight and his clients are everything to his brand. He goes out and about for them and relates with each individual. He believes in the saying, “show me your friends and I’ll show you you’re future” and that’s why he surrounds himself with the right people always. Since he moved down to South Florida from New York, he has made sure to keep the right people beside him who give him the motivation he strived for. Adam Reich even met his fellow investors at that time and is friends with them. These are the people he used to look up to and hoped to become like them one day. To the colleagues in his industry, Adam Reich wants to mention that people should focus their energy more on customer service. Building results and winning client’s trust is very important to go far ahead in this business.


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