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Shanghai helps new firms to settle in

    Shanghai has cut the time and paperwork needed for newly registered firms to start operation as the tax authorities bid to improve business and create an innovative environment.

    Domestic and foreign companies now need a day to complete procedures, down from the previous minimum of three days. The number of forms to be submitted has been slashed from 10 to one, officials of the citys tax bureau said yesterday at a briefing. Companies can either apply online or at service halls of the tax bureau.

    The move, which covers 10 areas including business information and the category of tax and fees the company should pay, aims to shorten the time needed for new companies to start operation and lower costs for them, Li Junshen, chief accountant with the Shanghai Bureau of Local Taxation, said.

    Official data showed the bureau handled tax issues for over 235,000 newly registered firms.

    The bureau has streamlined its internal system to link with other government departments.