The Authority of the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone released three major supportive polices Nov. 22 to promote the development of financial industry, industrial agglomeration and talents in the area.
For financial companies and institutions in Qianhai, the specific types of subsidies are as follows.
A subsidy of two million yuan (US$313,175) will be given to major financial cooperation platforms and financial infrastructure in the Guangdong-Hong Kong-Macao Greater Bay Area.
Financial institutions who rent or purchase more than 3,000 square meters of office space of the Qianhai Shenzhen-Hong Kong International Financial City for three years, and fintech subsidiaries of Hong Kong virtual banks will receive a maximum subsidy of three million yuan. For Hong Kong-funded financial institutions, the subsidy will be given by 120 percent.
For QFLPs(Qualified Foreign Limited Partner) and WFOE PFMs(Wholly Foreign Owned Enterprise Private Fund Management), a subsidy of 500,000 to one million yuan will be give.
Fintech accelerators in Shenzhen and Hong Kong, and Qianhai-based companies who issues cross-border green bonds will receive two million yuan.
Hong Kong-funded commodity spot trading venues, recognized green financial institutions and listed companies will receive 15 million yuan, one million yuan and two million yuan, respectively.
Financial holding companies and commercial banks from the Chinese mainland, Hong Kong, Macao and foreign counties who set up subsidiaries and branch banks in Qianhai will receive a maximum subsidy of 10 million yuan.
Qualifiers for the subsidies should be enterprises registered, operating and paying taxes in Qianhai.
The supportive policy is applicable for financial institutions that registered in or moved to the original Qianhai after Jan.1 this year or those registered in or moved to expanded Qianhai, which now occupies 120.56 square kilometers after Sept. 6.
Qianhai to subsidize financial companies
The Authority of the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone released three major supportive polices Nov. 22 to promote the development of financial industry, industrial agglomeration and talents in the area.
For financial companies and institutions in Qianhai, the specific types of subsidies are as follows.
A subsidy of two million yuan (US$313,175) will be given to major financial cooperation platforms and financial infrastructure in the Guangdong-Hong Kong-Macao Greater Bay Area.
Financial institutions who rent or purchase more than 3,000 square meters of office space of the Qianhai Shenzhen-Hong Kong International Financial City for three years, and fintech subsidiaries of Hong Kong virtual banks will receive a maximum subsidy of three million yuan. For Hong Kong-funded financial institutions, the subsidy will be given by 120 percent.
For QFLPs(Qualified Foreign Limited Partner) and WFOE PFMs(Wholly Foreign Owned Enterprise Private Fund Management), a subsidy of 500,000 to one million yuan will be give.
Fintech accelerators in Shenzhen and Hong Kong, and Qianhai-based companies who issues cross-border green bonds will receive two million yuan.
Hong Kong-funded commodity spot trading venues, recognized green financial institutions and listed companies will receive 15 million yuan, one million yuan and two million yuan, respectively.
Financial holding companies and commercial banks from the Chinese mainland, Hong Kong, Macao and foreign counties who set up subsidiaries and branch banks in Qianhai will receive a maximum subsidy of 10 million yuan.
Qualifiers for the subsidies should be enterprises registered, operating and paying taxes in Qianhai.
The supportive policy is applicable for financial institutions that registered in or moved to the original Qianhai after Jan.1 this year or those registered in or moved to expanded Qianhai, which now occupies 120.56 square kilometers after Sept. 6.