Subsidies offered for returnees’ startups

Writer: Zhu Chenming  | Editor: Holly Wang  | From: Shenzhen Daily | Updated: 2019-12-06

Shenzhen will offer 27.2 million yuan (US$3.8 million) in subsidies for 55 enterprises being started up by overseas returnees, according to a report by Shenzhen Economic Daily, quoting Shenzhen Human Resources and Social Security Bureau.

In order to attract and support overseas returnees to start their enterprises in Shenzhen, the bureau has set the allowance standards for starting up enterprises from 300,000 yuan to one million yuan depending on the project qualifications. Outstanding projects can receive up to five million yuan in financial aid after assessment.

The application period for project subsidies for the year 2019 started May 1. Nine enterprises each received one million yuan in subsidies, 22 enterprises each got 500,000 yuan and 24 enterprises each got 300,000 yuan following assessment by Shenzhen Science, Technology and Innovation Commission.