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Shanghai beefs up benefits to MNIs
By Wang Yanlin |
October 11, 2012, Thursday
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Online Edition
Online Edition
SHANGHAI is beefing up efforts to attract more multinational companies to locate or upgrade their regional headquarters in the city, the Shanghai Commission of Commerce said today.
If a multinational company plans to set up a new Asia-level headquarters or above in Shanghai, it can receive 8 million yuan (US$ 1.27 million) in each of the following three years to assist its operations 鈥 up from the previous 5 million yuan.
Also, if the existing headquarters are upgraded to Asia-level or above, the companies will receive 3 million yuan as a once-off incentive.
The local government will award a 10 million yuan once-off payment for country level investment-oriented headquarters that were certified after July 7, 2008 and whose annual sales surpassed 1 billion yuan that year, or those certified before the date but whose annual sales exceeded 1 billion yuan for the first time in 2008.
This was announced when the commission updated and detailed its guidance on the establishment of MNC regional headquarters in Shanghai, which was last amended in July of 2008.
"Such measures are among the latest efforts of Shanghai to further develop its headquarters economy," said Wang Xinpei, the commission's vice chairman. "Shanghai government will continue to update related rules timely, making them accommodate the needs of foreign investors."
Not long ago, neighboring Jiangsu Province also announced a slew of supportive policies to attract foreign companies setting up headquarters there, reflecting increasing competition among cities to become the top headquarters destination.
"Shanghai still holds abundant advantages in providing professionals, information, capital and infrastructure," Wang said. "Also, Shanghai aims to become a global financial and trading center by 2020, which offers a lot of opportunities for foreign investors."
There will be more convenience for senior headquarters company executives to issue visas of longer time, along with more quotas allowed for headquarters to exchange foreign currencies or use the yuan. Additionally, more executives can now apply for "foreign expert certificates" for better social welfare coverage, according to the new rules.
If a multinational company plans to set up a new Asia-level headquarters or above in Shanghai, it can receive 8 million yuan (US$ 1.27 million) in each of the following three years to assist its operations 鈥 up from the previous 5 million yuan.
Also, if the existing headquarters are upgraded to Asia-level or above, the companies will receive 3 million yuan as a once-off incentive.
The local government will award a 10 million yuan once-off payment for country level investment-oriented headquarters that were certified after July 7, 2008 and whose annual sales surpassed 1 billion yuan that year, or those certified before the date but whose annual sales exceeded 1 billion yuan for the first time in 2008.
This was announced when the commission updated and detailed its guidance on the establishment of MNC regional headquarters in Shanghai, which was last amended in July of 2008.
"Such measures are among the latest efforts of Shanghai to further develop its headquarters economy," said Wang Xinpei, the commission's vice chairman. "Shanghai government will continue to update related rules timely, making them accommodate the needs of foreign investors."
Not long ago, neighboring Jiangsu Province also announced a slew of supportive policies to attract foreign companies setting up headquarters there, reflecting increasing competition among cities to become the top headquarters destination.
"Shanghai still holds abundant advantages in providing professionals, information, capital and infrastructure," Wang said. "Also, Shanghai aims to become a global financial and trading center by 2020, which offers a lot of opportunities for foreign investors."
There will be more convenience for senior headquarters company executives to issue visas of longer time, along with more quotas allowed for headquarters to exchange foreign currencies or use the yuan. Additionally, more executives can now apply for "foreign expert certificates" for better social welfare coverage, according to the new rules.
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