A total of 577 people applied to register companies at the newly launched Shanghai pilot free trade zone (FTZ) on October 8, the first day for registration.

Meanwhile, 1,480 people visited the zone's service lobby asking for advice and information that day.

Sun Baohua, a businessman from Wenzhou in neighboring Zhejiang Province, was the first person to apply for a registration.

Sun, who owns a micro-financing company, has rented a 20-square-meter warehouse in the zone as his office. He is expected to get his business license within four days.

"The financial institutions allowed to run businesses in the zone are all big companies," said Sun. "While my company caters for small and medium-sized enterprises with lower interest rates."

The Chinese Government officially inaugurated the 29-square-km Shanghai FTZ on September 29.

Testing of a convertible yuan and a wider opening of 18 service sectors are expected in the zone, which could usher in wider economic reforms across the country.