# Policy and regulatory basis

China Banking Regulatory Commission Guiding Opinions of the People's Bank of China on the Pilot Program of Small Loan Companies

To apply for the establishment of a small-sum loan company, a formal application shall be submitted to the competent department of the provincial government. Upon approval, the applicant shall apply for registration at the local administrative department for industry and commerce and obtain a business license. In addition, the relevant materials shall be submitted to the local public security agency, the local office of the China Banking Regulatory Commission and the branch office of the People's Bank of China within five working days.