Hengqin to offer subsidies up to RMB60m for financial institutions
Measures to support financial institutions in the Guangdong-Macao In-Depth Cooperation Zone in Hengqin will take effect from November 7, according to a statement issued by the Hengqin government.
The measures are intended to encourage the growth and development of enterprises and foster deeper cooperation between Hengqin and Macau.
Almost all financial businesses, including licensed institutions, private investment funds of local organizations, and other recognized financial institutions, will be eligible for subsidies of up to 60 million yuan.
Financial institutions will be supported across a range of operations, including settlement in the zone, capital raising, mergers and acquisitions, housing and such.
Financial enterprises in Hengqin can receive up to 50 million yuan depending on their operations, the statement read.
To introduce more Macau-funded financial institutions to the zone, eligible companies will be granted 1.2 times the relevant support standard with a maximum 60 million yuan for settlement in Hengqin.
Tailored measures for cross-
border insurance and foreign-funded equity investment enterprises are to be determined according to the status quo of the financial industry in the zone.
Insurance institutions in Hengqin that operate insurance businesses for cross-border motor vehicles and cross-border medical care for Hong Kong and Macau residents will be awarded 5% of their annual premium income, with the subsidy for each company capped at 10 million yuan.
Up to 500,000 yuan will be given to enterprises that have acquired pilot licenses for wholly foreign-owned enterprise private fund management, qualified foreign limited partners, or qualified domestic limited partners since the establishment of the zone according to the actual amount raised.
Further, financial institutions, industrial associations, and social organizations in Hengqin will be subsidized up to 100,000 yuan for each forum, special training session, and exchange activity jointly organized with Macau counterparts.
