What is commercial factoring? Simply put, the seller sells the goods to the buyer, and the seller can transfer the accounts receivable generated from the sales or contracts in the course of trade to the factoring company, and then the factoring company will provide the cash flow for the seller to be used for purchasing and production in advance, so as to avoid the problem of enterprise capital turnover during the period from the generation of accounts receivable to the recovery. But engaged in accounts receivable business, involving many industries.

Registration process of commercial factoring company:

(1) Pre-approval of application name

To register a commercial factoring company, an enterprise first needs to apply for online "name pre-approval" through the industrial and commercial administrative centers of various functional areas under Tianjin Binhai New Area, which usually takes 2-3 working days. (Tianjin and Shanghai have issued rules and requirements; None in Shenzhen)

(II) Qualification examination and approval. After the name is approved, the enterprise needs to submit relevant materials to the Binhai New Area Administrative Licensing Service Center for acceptance and registration, which will be uniformly approved by the Binhai New Area Administrative Examination and Approval Bureau. Generally, there are the following steps:

1. The material review enterprise first needs to submit the factoring company's application for establishment, feasibility study report, articles of association, relevant certificates of investors, financial statements, senior executives' resumes and other supporting materials online.

2. After government interview and material review, domestic commercial factoring companies need to be interviewed by the regional commercial factoring authorities, while foreign factoring companies do not. (There is no such step in Shenzhen)

3. Capital verification: Although the registration of industrial and commercial enterprises has changed from paid-in system to subscription system, commercial factoring companies registered in Tianjin and Shanghai still need to carry out capital verification. Among them, the registered capital of domestic commercial factoring companies is not less than 50 million yuan, and it is required to pay in full at one time; Foreign-funded commercial factoring companies require that the initial investment ratio should not be less than 15%, and all the capital should be replenished within two years.

(3) After going through the relevant registration procedures and the enterprise passes the examination and approval, the Municipal Commission of Commerce will issue a Letter of Reply to the enterprise, which will also be copied to the Municipal Administration for Industry and Commerce, the Finance Bureau and other departments for other special procedures. The enterprise shall apply for the exclusive license of commercial factoring with the Reply Letter, and the business license has a fixed content and format (the same in Tianjin and Shanghai; Shenzhen has no reply letter and no special license); Foreign-funded commercial factoring companies will also obtain the Certificate of Approval for Foreign-invested Enterprises, from which enterprises will go through filing procedures at the foreign exchange bureau.

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