A company representative shows a new business license at a service center at the Pingtan Free Trade Zone, May 4. [Photo/ptnet.cn]

Pingtan issued the first simplified business license in China on May 4, ptnet.cn reports.

The new license integrates the old business license, the certificate of organization code and the certificate of taxation registration into one certificate using a new "social credit code".

The applicant only needs to fill out an online form with required documents for business registration and then submit it to the service center.

The reform slashed the application time of such from 26 days for domestic companies and 46 days for overseas ones to a staggering three hours.