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 incentive living and working in the vibrant city. These incentives offered by the Shenzhen municipal government aims at creating an better entrepreneurial and environments for foreign talents.
Amendments to Housing Fund regulation
The management committee of the Shenzhen Housing Accumulation Fund has made changes to its regulation, including amendments to introduce foreign nationals in the housing fund plan. The amendments came into effect on June 1, 2017, affecting both businesses and individuals in the city.
Individuals with the correct credentials are able to enjoy the benefits of the fund the same as Shenzhen residents, and along with their employers, can contribute a portion of their salary to the fund tax-free. Inclusion in the plan is not mandatory, and is used as an incentive.
Simplified Business Registration Procedures
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 cancEled. 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 Talents
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 (USD450,000);
Class B: RMB 2 million (USD300,000);
Class C: RMB 1.6 million (USD240,000).
Shenzhen now is considered as the financial capital of Southern China being home for innumerable tech firms, accelerators and start-ups alike. It is an ideal place for business startups and enterprise who are going to enter into China. Tannet provides a full range of services for clients ranging from company registration, accounting & tax filing and human resources, and intellectual property protection.
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