Individual Online Stores Required to Apply for Business Registration
Jan. 26 – The State Administration for Industry and Commerce has announced tentative measures that requires individuals opening online stores in the country to apply for a business registration.
The new measures will be carried out before March 15, 2010. Individuals wanting to open online stores must register their business using their real names. In addition, companies managing online business transactions are now required to contribute a 17 percent value-added tax.
With 380 million internet users in the country, China’s online market still offers pent up potential. Online marketing research company iResearch says that online revenue generated in the country from advertising, games and shopping amounted to RMB74.3 billion or US$10.9 billion last year, an increase of 30 percent. The company forecasts that online revenues this year will continue to grow increasing by 51 percent to RMB112.3 billion.
For business compliance assistance in China email firstname.lastname@example.org.
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