Shenzhen will implement the revised regulations encouraging multinational corporations to establish headquarters enterprises in the city starting Friday, according to the latest government gazette. The regulations will be effective for three years.
According to the regulations, the headquarters enterprise of a multinational corporation refers to the regional headquarters, headquarters-type institutions, and business division headquarters established by the multinational corporation. Among them, the business division headquarters of a multinational corporation is a newly introduced category, aiming to promote the diversified operation of multinational corporations in Shenzhen.
Adjustments have been made to the recognition criteria for headquarters enterprises. The asset requirements for enterprises applying to establish regional headquarters and headquarters-type institutions have been lowered to US$100 million and US$50 million, respectively, down from the previous thresholds of US$200 million and US$100 million.
U.S.-based benemoth retailer Costco Wholesale Corp. settles its South China headquarters and its first warehouse club in the region in Shenzhen's Longhua District. Wang Haolan
For multinational corporations applying to establish regional headquarters, the requirement that the authorized management enterprise must be established in Shenzhen has been eliminated.
The revised regulations also introduce various facilitative measures to attract and retain top-tier talent.
For instance, senior executives of multinational corporations’ headquarters enterprises, as well as individuals contributing significantly to enterprise development and technological innovation, will be eligible for talent rewards according to relevant regulations. Additionally, talents in these enterprises are eligible to apply for leasing or purchasing in Shenzhen’s affordable housing schemes in accordance with relevant regulations.
Personnel of multinational corporations’ headquarters enterprises can enjoy convenient services such as a green channel for document processing, as per the regulations.
For senior foreign management personnel working long-term at multinational corporations’ headquarters enterprises, visas with the same duration will be issued to their family members according to relevant regulations. The processing time will be reduced from seven working days to three working days.