On October 8th, Changzhou Dongfang Xincheng Real Estate Development Co., Ltd. and other four enterprises received the first batch of new-type business licenses coded with the Unified Social Credit Code.
The Unified Social Credit Code is a 18-digit number which replaces the former composition of business license registration number, organization code certificate and tax registration number. The implementation of One License & One Code registration system further reduces the cost of business registration. In addition, the public can query a company’s credit information through its business code, which will help improve information transparency of the market trading.
This reform of registration system involves all types of enterprises, farmer cooperatives and resident representative offices of foreign enterprises (including subsidiaries). The renewal of existing business licenses is expected to be completed by the end of 2017, which does not charge any fees.
During the transition period, the original business license, organization code certificate and tax registration certificate can still be used. From January 1, 2018, only the new-type business license coded with Unified Social Credit Code will be valid.
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