The adjustment of policies to exempt requirements for guarantee funds, letter of guarantee or guarantee insurance for yachts entering or exiting Shenzhen will lower the customs clearance costs and stimulate the yacht industry in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), a release from Shenzhen Customs said Wednesday, when elaborating the policy adjustment of the State Council.
On March 17, the State Council approved adjusting and implementing related administrative regulations in Shenzhen. In customs supervision, yacht owners don’t need to provide customs with guarantee funds, letter of guarantee or guarantee insurance. This will lower the customs clearance costs and efficiency, which previously take five to 10 days for customs to complete reviewing application papers.
Other measures regarding exit, entry and quarantine remain unchanged. Yacht owners should file their digital exit-entry applications in advance. Yachts registered outside the mainland may enter via Shenzhen and stay in the mainland for 30 days for each entry. Mainland-registered yachts need to reenter the mainland within 30 days of an exit. Yacht owners are required to report and accept quarantine and dispose of their garbage and waste according to law.
Along the city’s 260-kilometer coastline, a total of six yacht clubs housing around 620 yachts dot the city’s east and west sea areas. They include Shenzhen Bay Marine Club, and Shenzhen Airport Visun International, Dameisha , Qixing Bay, Longcheer and Dapeng yacht clubs. The six clubs provide a total of 1,365 berths, and around 120 companies are engaged in the yacht business, including 50 in yacht leasing.
Quoting a source from Shenzhen Maritime Administration, www.szzting.com, the city’s largest yacht leasing platform, showed a total of 55,658 yacht trips were made in Shenzhen waters, carrying 455,516 people in 2019. Business has been, however, greatly affected since the pandemic started in 2020.