Favorable policies attractive to HK entrepreneurs
The number of Hong Kong-invested companies registered in the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone has been growing fast since the zone was established 11 years ago as the business environment in Qianhai has continuously improved.
Currently, Qianhai is home to about 11,500 Hong Kong-invested companies. These companies’ registered capital in Qianhai has reached 1.28 trillion yuan (US$196.86 billion) and the actual utilized Hong Kong capital accounts for 92.4 percent of Qianhai’s total actual utilized overseas capital.
“Registering a company in Qianhai can be completed in one day and Hong Kong entrepreneurs can get their company bank accounts opened without traveling to Shenzhen,” said Wang Kai, president of the Greater Bay Area Youth Innovation and Entrepreneurship Center (YIE), a startup incubation platform at the Qianhai Shenzhen-Hong Kong Youth Innovation and Entrepreneur Hub (E-hub).
According to Chu Kejun, director of the Qianhai Registration Department of the Enterprise Registration Bureau of the Shenzhen Market Supervision Bureau, the bureau has joined hands with Qianhai authorities to launch a series of measures to streamline its business registration procedures. Qianhai has also opened an exclusive service window for the registration of Hong Kong companies.
“When the service window receives a registration application from a Hong Kong-invested company, our bureau will review and approve the application in one hour. Dozens of Hong Kong companies benefit from this service every week,” Chu said.
Since YIE’s establishment in 2019, it has introduced 56 startups from Hong Kong, Macao and Taiwan to Qianhai.
Costume designer Ruby Fong moved his startup company to YIE in May this year. She said she felt a strong entrepreneurial atmosphere at YIE and the E-hub, and made friends with many young elites in Qianhai. “Corporate services are convenient in Qianhai as the entrepreneurial park is close to the Qianhai electronic one-stop service center. In addition, the center will specially designate a staff member to process my service applications and provide guidance on issues I don’t know much about,” Fong said.
Qianhai’s favorable policies and its continuously deepening partnership with Hong Kong also attracted some more established Hong Kong companies to the area.
The Ho & Partners Architects Engineers & Development Consultants Ltd. relocated its Shenzhen office to the Qianhai Shimao Tower in November 2019.
Wang Long, the company’s board and design director, said Qianhai has provided many supportive policies to companies in the professional service industry.
“Hong Kong talents and companies can enjoy a 15-percent personal and corporate tax rate, respectively. In addition, there are many other subsidies covering Hong Kong talents’ work and life in Qianhai, such as low-rent housing and transportation allowance.”
“As Qianhai continues to lower its thresholds for cross-border Hong Kong professionals on the Chinese mainland, we believe more and more construction professionals from Hong Kong will be attracted to Qianhai, which is conducive to promoting the interconnection and exchange between Shenzhen and Hong Kong in the field of architecture and design,” Wang said.