In the tide of globalization, China, as the world’s second largest economy, has always been a hot land in the eyes of many foreign entrepreneurs. In recent years, the Chinese government has introduced a series of policies and measures in order to attract more foreign talents and investment. Especially in March, 2024, a new policy was released to provide more convenience and opportunities for foreigners to start businesses in China. This article will provide an in-depth look at the new policy and provide a comprehensive guide for foreigners interested in starting a business in China.
I. Overview of the new policy
The latest policy mainly focuses on the simplification of the visa application process, the optimization of the entrepreneurial environment, tax incentives, financial support and other aspects of a comprehensive adjustment and optimization. The policy clearly states that it aims to attract foreign innovative talents and entrepreneurial teams, support foreigners to set up science and technology enterprises in China, and promote the transformation of scientific and technological achievements and industrial upgrading.
II, the optimization of visa policy
The new policy made significant improvements to the visa policy for foreign entrepreneurs. First of all, the Startup Visa has been launched to provide more convenient visa application services for foreigners who intend to come to China to start their own businesses. Applicants are required to submit a business plan, and after being reviewed and confirmed by the relevant departments, they can obtain a residence permit of up to 5 years. In addition, foreigners who have successfully started businesses in China and made significant contributions to local economic and social development will also be provided with a “green card” application channel.
III, the optimization of entrepreneurial environment
The policy emphasizes the importance of providing a good business environment for foreign entrepreneurs. Governments at all levels will set up special service Windows to provide one-stop services, including company registration, tax registration, social insurance and other matters. At the same time, a guidance service center for foreign entrepreneurs will be established to provide consulting services in legal, financial and market areas.
IV, Preferential tax policies
The new policy provides a series of tax incentives for foreign entrepreneurs. For qualified science and technology enterprises, tax incentives such as income tax deduction and additional deduction of research and development expenses will be granted. In addition, there are corresponding preferential measures for the personal income tax of foreign entrepreneurs, aiming to reduce their start-up costs and increase the attractiveness of entrepreneurship.
V, Financial support and technical services
The policy also proposes financial support measures for foreign entrepreneurial projects. The government will set up a special fund to give financial support to qualified entrepreneurial projects. Banks and investment institutions will also be encouraged to provide loans and financing services to foreign entrepreneurs. In addition to financial support, the government will also provide technical service support, including the transformation of scientific and technological achievements and the docking of innovative resources.
VI, Sharing successful cases
Since the implementation of the new policy, several foreign entrepreneurs have successfully set up their own businesses in China. For example, John Smith from the United States, relying on the support of the new policy, set up an innovative enterprise in Beijing focusing on artificial intelligence technology. John said the new policy has provided him with great convenience, not only in terms of visa application, but also in terms of initial funding and technical support.
VII, Conclusion
The introduction of the New Deal undoubtedly provides a broader stage and more opportunities for foreigners to start businesses in China. The huge potential of the Chinese market, coupled with strong government support, will attract more foreign innovative talents and entrepreneurial teams. This is a great time for foreigners to start a business in China. In the future, we look forward to seeing more successful cases and witnessing the continuous optimization of China’s entrepreneurial environment and the continuous improvement of the internationalization level.