Hengqin model
The Hengqin New Area’s Administrative Committee announced 16 new policies that will make it more convenient for foreigners to enter and stay in the region.
The new policies were approved by the China’s Ministry of Public Security and apply to all of Guangdong’s free trade zones.
Under these new policies, requirements for foreign investors applying for Chinese residence permits have been eased.
In the past, foreign investors were required to invest at least USD2 million to apply for the residence permit. This minimum investment has now been halved.
Another change indicates that applicants for residency no longer need to attain a certain level or hold a certain position in a company in order to apply for the permit.
The age restriction has also been removed. Qualified overseas-Chinese and foreigners can apply directly for a five-
year working residence permit.
From now on, foreign students studying outside China can apply for internships at all of Guangdong’s free trade zones.
Zhuhai Public Security Bureau speaker Hu Lin said that foreign professionals, who currently live in Macau, Hong Kong or Taiwan, are also allowed to take their domestic helpers to China, as long as the requisite documents are brought along with them.
Besides the new policies, the committee also announced the results of its taxation convenience survey.
Currently, Hengqin is completely switching to an electronic tax system, which allows all taxation services in the region to be conducted through electronic devices.
Earlier, Hengqin had adopted mainland China’s first tax convenience index assessment system. PricewaterhouseCoopers Shenzhen has given Hengqin 90.84 points out of 100 in terms of its taxation convenience level.
The committee claims that the region is considered advanced in terms of taxation convenience. JZ
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