For Hong Kong enterprises looking to expand into Shenzhen, in addition to vast market opportunities, the series of entrepreneurship, rental, talent subsidies, and tax incentives offered by the Shenzhen and Greater Bay Area governments are significant benefits that reduce operating costs and attract outstanding talent. Understanding and utilizing these policies will inject strong momentum into the development of Hong Kong enterprises in Shenzhen.
I. Entrepreneurship and Rental Subsidies for Hong Kong Enterprises
Various districts in Shenzhen, especially the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone (hereinafter referred to as "Qianhai") and the Hetao Shenzhen-Hong Kong Science and Technology Innovation Cooperation Zone (hereinafter referred to as "Hetao"), offer generous entrepreneurship and rental support to Hong Kong-funded enterprises.
1. Qianhai Shenzhen-Hong Kong Youth Innovation and Entrepreneurship Hub
• Features: The Qianhai Shenzhen-Hong Kong Youth Innovation and Entrepreneurship Hub is an incubation platform specifically designed for Hong Kong and Macao youth to innovate and start businesses. It provides one-stop services and targeted subsidy policies [15].
• Subsidy Contentഃ
◦ Rental Subsidies: Eligible Hong Kong and Macao youth innovation and entrepreneurship enterprises that lease self-occupied office space within the entrepreneurship incubation centers in the Qianhai Cooperation Zone can receive rental subsidies of up to RMB 300,000 per year [13] [14].
◦ Entrepreneurship Funding: Enterprises with original technological products with independent intellectual property rights, where Hong Kong residents account for no less than 50% of the employees, and have received equity investments from professional investment institutions or funding from the HKSAR Government, can receive additional support [15].
◦ Other Funding: The Qianhai government has distributed tens of millions in subsidies to support the establishment and development of Hong Kong enterprises, with direct grants that do not require repayment [12].
2. Hetao Shenzhen-Hong Kong Science and Technology Innovation Cooperation Zone
• Features: The Hetao area aims to strengthen Shenzhen-Hong Kong cooperation and promote scientific and technological innovation. Its policy package is designed to leverage the strengths of Hong Kong and Shenzhen [9].
• Subsidy Contentഃ
◦ Corporate Income Tax Incentives: Hong Kong residents working in the Shenzhen park, even if their employer is not registered in the Futian Free Trade Zone, may still be eligible for individual income tax incentives under the "Hong Kong people, Hong Kong tax" policy [10].
◦ Rental Subsidies: Eligible Hong Kong-funded institutions can receive support at a standard of RMB 1,500 per square meter, with a maximum of RMB 15 million, disbursed in equal installments over three years [7].
II. Talent Recruitment and Living Subsidies
Shenzhen not only attracts businesses but also endeavors to attract and retain talent, especially Hong Kong talent.
1. Guangdong-Hong Kong-Macao Greater Bay Area Individual Income Tax Incentive Policy
• Purpose: For high-end and in-demand overseas talent (including Hong Kong, Macao, and Taiwan residents) working in the Greater Bay Area's mainland cities, a financial subsidy is provided for the portion of individual income tax paid in the nine Pearl River Delta cities that exceeds 15% of their taxable income [6].
• Application Conditions: Applicants must meet identity, work, and integrity conditions. The application period for the 2024 tax year is typically from June 1st to July 31st [6] [11].
• Applicability: This policy significantly reduces the tax burden for Hong Kong employees working in Shenzhen and enhances the attractiveness of positions.
2. Support funds for employment and entrepreneurship development for young people from Hong Kong and Macao
• Objective: To encourage young people from Hong Kong and Macao to work and start businesses in Qianhai.
• Subsidy content: Young people from Hong Kong and Macao who sign a labour contract of one year or more with an employer in the Qianhai Cooperation Zone and whose social security is in the Qianhai Cooperation Zone at the time of application can apply for relevant support funds [8].
• Living and accommodation subsidy: Up to RMB 3,000 per month [13].
3. Entrepreneurship-driven employment subsidies
• Objective: To encourage start-up enterprises to create more employment opportunities.
• Subsidy content: Shenzhen provides entrepreneurship-driven employment subsidies, granting subsidies to eligible start-ups based on the number of people they employ [16].
III. Other related funding and services
• Entrepreneurship funding projects: The Shenzhen Human Resources and Social Security Bureau provides multiple entrepreneurship subsidies, including start-up subsidies, entrepreneurial office rental subsidies, and entrepreneurship incubation subsidies [16] [17].
• Guangdong-Hong Kong-Macao Greater Bay Area Youth Entrepreneurship Funding Scheme: The Hong Kong government has also launched relevant schemes to provide capital funding of up to HKD 600,000 for youth entrepreneurship projects, along with entrepreneurial guidance and business tips [18].
Conclusion
As a core city in the Greater Bay Area, Shenzhen provides comprehensive support policies for Hong Kong-funded enterprises. From office rent to talent recruitment and tax incentives, these subsidies and grants significantly reduce operating costs and the difficulty of attracting talent for Hong Kong enterprises in Shenzhen. Hong Kong enterprises should actively research and apply for these policies to transform them into actual competitive advantages, achieving new breakthroughs in Shenzhen, a hotbed of innovation.
References
[6] Shenzhen Greater Bay Area Individual Income Tax Incentive Policy 2024 [7] Shenzhen Qianhai Authority on Printing and Distributing "Shenzhen Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone Promotion ... [8] Qianhai Hong Kong and Macao Youth Employment and Entrepreneurship Development Support Funds [9] Hetao Shenzhen-Hong Kong Science and Technology Innovation Cooperation Zone Joint Policy Package [10] Hetao Cooperation Zone Enterprise Income Tax and Individual Income Tax Preferential Policies Implemented [11] Shenzhen accepting applications for Greater Bay Area 2024 individual income tax subsidies [12] 📣 July-August Shenzhen will open applications for talent entrepreneurship subsidies for Hong Kong enterprises! See ... [13] Set up a company in Shenzhen Qianhai, government funding helps you start a business! Real money - Instagram [14] Summary of preferential policies and subsidies for Hong Kong, Macao and Taiwan residents to start businesses in Qianhai, Shenzhen - Zhihu Column [15] Join Dream Works [16] Entrepreneurship Subsidy-Shenzhen Human Resources and Social Security Bureau Website [17] 2024Shenzhen Entrepreneurship Funding Project Application Guide-Entrepreneurship Subsidy Project Application Guide [18] Guangdong-Hong Kong-Macao Greater Bay Area Youth Entrepreneurship Funding Scheme