Earlier this month, it was
reported that the Chinese local government in Huangpu, Guangzhou, is piloting a company registration blockchain platform. The authority hopes to encourage economic development by making starting a business more accessible and efficient.
In China, a physical company seal, or ‘chop’, is needed to notarize official documents as signatures are not legally binding. The seals need to be engraved so that each is unique, then are kept under lock and key. In fact, multiple seals are necessary for different purposes, such as contracts, legal documents, and invoices. Getting the seals made is one of many time consuming processes in company registration.
In Huangpu, China, establishing a company previously required several other time consuming processes such as seal engraving, tax registration, and organizing market supervision and banking. Now, the district allows such licenses and tax claims to be submitted digitally, reducing the time to start a business to just one day.
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