International 4A-grade advertising agencies nurtured in the Hengqin New Area will be subsidized with 5 million yuan ($752,670), and domestic ones will receive 2 million yuan ($300,931) to build up the advertising industry, according to newly issued stipulations.
Hengqin plans to build an international high-end ad industry cluster area with further relaxed restrictions on advertising groups, simplified procedures for registration of foreign-funded ad businesses, and removal of examination and approval red tape for foreign-funded ad companies.
In addition, greater support will be given to small-sized meager-profit-making ad companies in terms of partnership between Hengqin, Hong Kong, and Macao counterparts; innovation, development of public service, establishment of association, financing, setting up of venture capital fund, and government acquirement of public service advertising.
Companies can enjoy tax relief along with rewards and subsidies. Subsidies ranging from 20 to 50 percent of discounts will be granted for venue rental and exhibition of large-scale advertising exchanges held in the Hengqin New Area. Meanwhile, ad companies registered and operating in Hengqin will receive tax and housing allowance advantages.
Moreover, ad agencies settled in the advertising base will be rewarded with the portion of cultural undertaking construction fees they pay to the local treasury.
To attract more ad talents, Hengqin vows to give rewards and preferential arrangements such as prior residence registration and preferential routing for their children to enter neighboring schools.
Industry insiders say the stipulations are of great significance for accelerating innovative development of Hengqin’s advertisement industry, cultivating highly professional, innovative, and internationally competitive ad firms, and boosting a new-round development at the Hengqin New Area.