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New financial zone to woo cross-border enterprises

2019-August-19       Source: Chinadaily.com.cn

Hengqin New Area will provide handsome office facilities rent and purchase and talent subsidies to enterprises that locate in the upcoming Guangdong-Macao Cross-Border Financial Cooperation (Zhuhai) Demonstration Zone.

Hengqin New Area will provide handsome office facilities rent and purchase and talent subsidies to enterprises that locate in the upcoming Guangdong-Macao Cross-Border Financial Cooperation (Zhuhai) Demonstration Zone.

More supportive policies are in line for Hengqin enterprises licensed by Hong Kong, Macao, or overseas investors and engaging in Macao-characterized financial business or financial services. Included are their associated enterprises, according to a just-released document titled Tentative Methods for Hengqin New Area to Support Development of the Guangdong-Macao Cross-Border Financial Cooperation (Zhuhai) Demonstration Zone.

Eligible enterprises that have an authorized area in the demonstration zone will receive a monthly rent subsidy of 100 yuan ($14) per sq m for at most 36 months. The amount can be increased to no more than 200 yuan ($28) per sq m for companies with Hong Kong/Macao financial licenses, or for bellwethers fitting in the development direction of the Macao-characterized financial industry.

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Hengqin-Free Trade Zone Shizimen area [Photo by Li Jianshu / Zhuhai Daily]

The rent subsidy can be applied quarterly. It will not exceed the actual payment of the enterprises, which should be no higher than market prices.

A company's first self-use office space purchase in the pilot zone will be granted a one-off subsidy amounting to 5 percent of the purchase price. The maximum subsidy won't exceed 1 million yuan ($141,960), and the office may not be rented or sold to others for 10 years from the date of receiving the subsidy.

Macao financial institutions sanctioned by the Monetary Authority of Macao can settle in the demonstration zone under a cross-border office mode.

Furthermore, employees in the demonstration zone can receive a rental subsidy or apply for a talent apartment. They can also commute by cross-border shuttle buses or apply for exit-entry rights for their automobiles.

Settlement guide for different kinds of financial institutions:

1. Financial leasing category

Paid-in capital to the facility should be no less than 10 million yuan ($1.4 million). Corporate shareholders' main businesses should be in sound condition, while natural-person shareholders should have rich experience in financial leasing and have no illegal record.

Enterprises must have a complete organizational structure and interior management system. At least 10 employees should work in the demonstration zone, including professionals in finance, law, and accounting, and two senior management staff with no less than three years of work experience in the financial sector.

2. Financial technology category

The main business of the enterprises should be financial technology. Its products and technology should be innovative and have huge development prospects.

At least 10 employees should work in the demonstration zone, three of whom must be core team members with no less than three years each of research experience in financial technology.

3. Private fund management institutions

The facility should have a paid-in capital of no less than 10 million yuan, and its private fund manager should be registered at the Asset Management Association of China.

At least eight employees should work in the demonstration zone, of whom two must be team members with no less than five years of experience each in financial and private funds, and having managed private or venture capital funds of more than 500 million yuan ($71 million).

The subsidy for private fund management institutions established by key financial institutions can be discussed based on concrete situations and is subject to approval by the Leading Group of Hengqin New Area to Propel Financial Industry Development.

4. Wealth management category

The wealth management scale of the facility should be no less than 500 million yuan.

At least eight employees should work in the demonstration zone, two of whom should be board directors and senior management staffs with no fewer than five years of experience each in wealth management.

5. Professional service institutions

Institutions, think tanks or industrial organizations approved by the Leading Group of Hengqin New Area to Propel Financial Industry Development are capable of providing professional services such as consultations on legal or financial matters, intellectual property, human resources, and entrepreneurial incubation issues.

(cityofzhuhai)

Editor: Will

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