For many of those of you living outside of China looking for the best cities and regions in Asia to set up a company, the southern Chinese city of Shenzhen (SZ) may not be as familiar to you as the cities of Hong Kong, Beijing and Shanghai, but it is this 'migrant city', with its humble beginnings, that has been gaining a lot of steam over the past decade as the business place to be.
Established in 1979 by the famous statesmen Deng Xiaoping, Shenzhen has grown exponentially over the past 35 years, a city that became not only one of China's first and most successful Special Economic Zones, but also one of the most powerful Chinese cities to date, and its rise to further honour and glory doesn't seem like it is going to be stopping anytime soon.
According to results revealed by the Chinese Academy of Social Sciences earlier in May this year, Shenzhen was named as the most competitive city in China for business, overtaking Hong Kong and dethroning the business powerhouse for the first time in a decade.
The survey ranks 294 cities across China and includes Taiwan. It credited Shenzhen's focus on innovation, and the immense financial support the city has invested in developing organizations working in innovation and technology as the reason for its ascent.
Shenzhen's dedication to innovation may be one of the prevailing factors in helping it reach for the skies, but it is certainly not the only one. In this blog I am going to walk you through 6 great reasons why YOU should consider opening a Shenzhen company if you're interested in starting a business in China!
As a Special Economic Zone (SEZ), Shenzhen has enjoyed special economic policies and flexible government measures that has helped make it the financial juggernaut that it is today. Foreign companies that have invested in the SEZ enjoy tax incentives that make setting up shop in the region a favorable choice.
The establishment of the QianHai Zone (above) within Shenzhen is just another case of preferential policies being implemented to strengthen ties with HK, and provide foreign investors looking to set up a Shenzhen company in the zone with:
Lower labour costs
Lower rental costs
Closer proximity to mainland China manufacturing
Lower corporate taxes for businesses
Many financial incentives for businesses and individuals
A huge shopping complex is also being built in this zone, with more than 20 Hong Kong brands making the way over the border and commencing business on December the 7th 2015.
Whilst the setting up of a WFOE in China is perhaps one of the most popular business vehicles to choose from, there are different types of companies foreign business people can set up, each with their own unique benefits and drawbacks.
The varied selection on offer makes things incredibly easy to set up a company in any shape or size on this side. It gives business people free reign to choose a type of company that looks after their personal and business interests. Check out our services page to find out more on the different types of companies one can register in Shenzhen when planning on doing business in China.
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