IT’S a good time to be a Chinese startup. The Shenzhen government recently unveiled a raft of policies meant to encourage startups and self-employment, Shenzhen Economic Daily reported yesterday.
The policies are expected to be implemented Oct. 1, according to the city’s human resources and social security bureau.
Self-employed people with start-ups can apply for guaranteed loans of up to 200,000 yuan (US$31,319) per person, a rise of 100,000 yuan. Co-founded start-ups can apply for bundled loans of up to 2 million yuan.
The interest of their loan, no more than 3 percent higher than the benchmark interest rate set by the People’s Bank of China, will be paid by the government for two years.
Subsidies will be provided for startups to lease offices in government-approved incubators, which will be 1,200 yuan per month for the first year, 1,000 yuan and 700 yuan per month for the second and third year, the Daily report said.
Self-employed individuals who start businesses in other places can apply for rent subsidies of up to 6,000 yuan a year for up to three years.
Startups that create jobs will be offered subsidies of 2,000 yuan per employee if no more than three people are hired, and 3,000 yuan for each additional person if there are more than three employees. The subsidies will be capped at 30,000 yuan for each company.
Self-employed people who attend start-up trainings can also apply for a subsidy of up to 2,500 yuan per person, and up to 100 outstanding startup operators will be given 5,000 yuan per person for attending high-level trainings or exchange programs.
Under the guidelines, additional grants of 50,000 to 200,000 yuan will be provided for startup projects that win top three places in national or provincial startup competitions.