HAIKOU /China/, October 25. /TASS/. The Yazhouwan innovation zone in the city of Sanya on the southern coast of Hainan Island will simplify the examination of investors' documents. That's according to the Hainan Daily newspaper.

According to the newspaper, the management of the administrative service center of the science city plans to provide maximum assistance to interested companies in complying with formalities. Businesses can get advice on registration and other procedures, including remote consultations with explainer videos.

Local authorities will assist organizations planning to settle in Yazhouwan, provided their activities are in line with Hainan's strategic development interests, in obtaining licenses and obtaining tax and insurance documents. The zone's administration promises support for opening bank accounts.

Official calculations show that such assistance has helped the innovation zone residents cut the cost of registration procedures by about 1.2 million yuan (about $170,000). Due to optimization of intra-departmental processes the document processing time was reduced from 3-5 days to one working day.

Yazhouwan is located on the coast of the South China Sea and is one of 11 key innovative development projects of Hainan Free Trade Port. This zone designated for science-intensive enterprises and other infrastructure facilities exceeds 26 square kilometers. The zone is home to one of China's leading selective breeding bases and a deep-sea research center.