Qianhai FTZ Company Registration
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The Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone has been developing very rapidly in recent months.
Qianhai is a hot potato right now. New companies and facilities are opening and new policies are drafted every few months. The queue of the companies applying to set up shop in the zone is so long that the Qianhai Authority office in Hong Kong has a huge backlog. There is a palpable sense of excitement in the air. Many businesses—whether they are large multinationals or small enterprises in Hong Kong—are eager to find out how they can benefit from the new policies tailor-made for the zone and the new potentials that the vast mainland consumer market is about to unleash.
To shed light on the scale of opportunities and the latest developments at the Qianhai Cooperation Zone, and to explore the future potentials it offers, you can know more about Qianhai in the following part.
The Allure
When Qianhai became part of the “Twelfth Five-Year Plan” four years ago, it had two strategic goals: to develop the cooperation between Shenzhen and Hong Kong in all areas of modern services; and to be a testing ground for opening China’s financial system. Are things moving in the direction toward these goals?
The Qianhai Court has been established. An incubation center, E-Hub, measuring 200,000 square meters in usable area, has recently opened its doors to entrepreneurs, offering coworking space, incubation partners, exhibition halls and training facilities. Banks such as Citibank and the Bank of East Asia has set up branches there. Important Chinese e-commerce players such as TMall and JD Worldwide, have also set up their operations in the zone. In addition, a building with e-services counters putting all relevant government departments, such as immigration, tax and company registrar, under the same roof, is ready to serve all incoming companies.
The unique advantages that companies can enjoy at Qianhai are tax incentives, capital support program, development opportunities, an incubator for entrepreneurs, as well as efficient and simple government services—which, as he pointed out, are not easy to find outside of the zone.
The tax incentives for registered companies in the zone take the form of a 15 percent corporate tax subject to certain requirements. While the finance industry does not enjoy any tax incentives, it has a lower entry barrier in conducting business there.
Another incentive is capital support in the form of rental or building grants, which amount to a certain percentage of a company’s registered capital. The finance industry enjoys a higher percentage but companies are required to stay in Qianhai for at least seven years. Alternately, some companies would enjoy interest subsidy by the government after taking out a loan.
Besides these incentives, the main allures for Hong Kong businesses to set up shop in Qianhai are the capacity for expansion (much more land space and easy access to a big pool of talents from the mainland); geographic proximity to Hong Kong; and policies that allow certain things to be done much more easily than anywhere else in mainland China.
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