The Ministry of Industry and Information Technology has unveiled guidelines for a trial scheme allowing foreign companies to provide value-added telecommunication services at the Shanghai free trade zone.
According to the 13-point guidelines, which cover approval procedures, qualifications and and other requirements, the authority to approve applications will be transferred to the Shanghai Communications Administration from the ministry, while the waiting period for the approval will be significantly shortened, the ministry said in a statement posted on its website Tuesday.
A foreign firm must have a registered capital of at least 1 million yuan (US$160,649) with adequate site and facilities inside the zone as well as an information security system in place. Investors and managers of the firm must not have any record of breaching regulations for the telecom sector.
The administration must decide within 60 days after receiving an application, and in case of an approval, should issue an operating license effective for three years, the statement said.
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