1. What the World Bank's Business Ready (B-READY) mainly assesses:

• Regulatory framework: Business entry regulations, covering the legal characteristics of the regulatory framework required for business start-ups to apply for advanced experience, and whether there are restrictions for domestic and foreign private firms.
• Public services: Availability of digital public services and transparency of information for business start-ups.
• Efficiency: Time and cost required for domestic and foreign enterprises to enter the market.

2. Key points, cases, and relevant legal policies (Coming soon)

3. What efforts have been made in Shanghai:

• In January 2024, the new identity verification system for registration was launched to create a safe and trusted business environment.
• On May 29, 2023, the online service platform "Shanghai Online Business Registration" (https://yct.sh.gov.cn/portal_yct/) was launched, providing all types of online services for various domestic and foreign firms throughout the whole cycle. It integrates such functions as foreign investment information report, pre-inspection of simple cancellation objections, and registration file inquiry and processing. Firms can also enjoy one-stop handling of diverse matters such as tax, employment insurance and housing funds.
• The Shanghai local channel for electronic business licenses was launched, integrating the issuance of electronic seals pioneered by Shanghai, paperless bank account opening, telecom broadband services, and other functions via mobile terminals. In 2023, the use of electronic business licenses in Shanghai exceeded 58 million, ranking first in China.
• In terms of business information transparency, such information as the classification of environmental impact assessments, publicly funded programs to support small and medium enterprises, the annual number of newly registered companies, female business owners and directors is made public on the "Shanghai Online Business Registration".
• It now issues an "Enterprise QR Code" to all business entities in Shanghai and has established a unified "QR Code" style of electronic business license and paper business license. The public can directly scan the QR code on the license to obtain business information, such as its registration, permissions and regulations.
• In terms of the time and cost required for business entry, "One Window, One Form" and "One Procedure in One Day with Zero Cost" have been fully implemented across the whole process of starting a business.

4. What Shanghai has achieved:

• The whole process of starting a business in Shanghai takes only "One Procedure in One Day with Zero Cost". Both domestic and overseas investors can use the online service platform "Shanghai Online Business Registration" to enjoy the one-stop handling of the formalities to start a business, all electronic for the whole process.
• According to Doing Business 2020 released by the World Bank, the rank of procedures, time, and cost of starting a business in China has risen from 93rd place in 2017 to 27th in 2019, reaching the world's advanced level.