Shenzhen has been implementing a variety of preferential policies and subsidies to attract high-level foreign talent to the city in the last few years. This year, regulations have been amended and policies have been promulgated to incentivize living and working in the vibrant city.
Business registration and deregistration of contributions simplified
Another amendment to the Shenzhen housing fund simplifies administrative procedures, namely the requirements for application materials for businesses to pay contributions to the housing fund.
The requirement of companies to provide a business license and proof materials of change of information (relating to economic, qualification credentials, or the organization code of the business license) when processing registration or deregistration of contributions towards the housing fund, have been cancelled. Now the Shenzhen Housing Accumulation Fund Center utilizes the governmental information sharing platform to search and verify credentials, greatly simplifying the administrative procedure.
Subsidies for high level foreign talent in Shenzhen
As part of its 2017 Interim Measures for Attracting High-Level Foreign Talents, the Shenzhen Municipal Government is offering a series of subsidies of up to RMB 3 million for foreign talents in possession of a Permanent Residence Permit.
Subsidy amounts are awarded in increments to talents classed in three tiers. Further subsidies cover spouse’s employment expenses, education for children, residence permits of both the beneficiary and dependents, medical care, social insurance, and tax.
The cash subsidies are as follows:
Class A – RMB 3 million (US$450,000)
Class B – RMB 2 million (US$300,000)
Class C – RMB 1.6 million (US$240,000)
The tier system assesses candidates on a variety of criteria, such as membership, fellowship or chairmanship of academies of science or engineering, innovative group programs, scientific journals, and famous academic organizations or universities, etc. in specified countries.
Support for high-level talent teams in innovation and startups in Shenzhen
A series of support subsidies have been made available this year under the Shenzhen Municipal Government’s ‘Peacock Initiative’, a program started in 2011 for attracting high-level foreign talent in the field of entrepreneurship and innovation in Shenzhen. Subsidies are available for teams engaging in startup businesses in the fields of IT, new-gen IT, biology, new energy, energy conservation, new materials, environmental protection, marine sciences, aerospace engineering, health, robotics, wearable equipment, smart equipment, and other emerging industries.
A maximum of RMB 100 million (US$15 million) per award is available for teams, with an average award of RMB 20 million (US$3 million). For teams who display potential, but did not successfully apply to join the Peacock Initiative, awards of up to RMB 5 million (US$750,000) are offered.
The recent relaxation of national visa application procedures provides talented foreign individuals with simplified, accelerated, and more efficient approval processes, on top of monetary support and grants. Meanwhile, certain policies in the city help ease the hiring process and contribution towards social security funds for businesses. This means that both businesses and individuals should be aware of the incentives out there, and to make the most of them. (Source: Shenzhen Daily)
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