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Help for students to set up own businesses

LOCAL industrial and commercial authorities are to exempt university students from company registration fees if they open a company within two years of graduation.

The students will also be freed from the lower limit of registered capital, the Shanghai Industrial and Commercial Administrative Bureau said.

"In Shanghai we will see more than 200,000 graduates looking for a job by July this year," said Hu Yanzhao, vice mayor of the city, at the bureau's annual planning conference.

Fang Huiping, director of the bureau, said the bureau would also help migrant workers and the unemployed create their own business. "We will lower the cost of registration for self-employed companies and simplify the registration procedure," she said.

In addition, foreign investors who launched projects but who could not inject the necessary capital in time because of the financial crisis can put in the later.

Pudong Labor and Social Security Bureau aims to support 500 graduates in starting their own businesses this year.

A business subsidy ranging from 5,000 yuan (US$731.5) to 10,000 yuan and two-year rent subsidies will be provided to each graduate who starts up in business for the first time. Free instruction and training will also be offered to students to help them start businesses.

Nearly 200 college graduates from families living below the poverty line in Pudong will also be helped to find jobs and internships this year as a top priority.


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