The Inner Mongolia autonomous region initiated a five year plan at the beginning of the year to facilitate entrepreneurship through 2020, in an attempt to increase employment sharply within five years, the Inner Mongolia Daily has reported.

The plan, named "Starting Businesses in the Inner Mongolia autonomous region", covers six aspects, including provision of working space, training, financing services, help for young people in innovation and entrepreneurship, and working out measures for migrant workers who come back home to start a business.

Based on the plan, the region is expected to have 300,000 new start-ups and create one million jobs by 2020, as the policies, services, and environment for entrepreneurship mature.

Maker space in rapid development

In the next five years, the region will establish over 10 market-oriented and professional makerspaces in its league cities in cooperation with some entrepreneurship investment and service institutions.

The focal points will be cultivating makers and incubating emerging industries such as the Internet, big data, computing, energy saving, and environmental protection.

Start-up companies may get subsidies from governments for working space rents, network fees, and software.

Incubation bases

In addition to capital and projects, incubation sites are also important for start-ups. The region encourages the use of commercial buildings, factory workshops, logistics warehouses, and residences for new businesses.

It plans to build over 100 incubators and innovation parks by 2020, with 20 to offer training, projects, and financing services.

Building a team for training and teaching

Universities and colleges in the Inner Mongolia autonomous region will open entrepreneurship training classes for students and the region will set up a high level team of instructors. Some entrepreneurship bases will be established for training and practice.

Available financing services for start-ups

According to the five year plan, six categories of people will enjoy a two-year loan for starting a business. They are the registered unemployed, university graduates, people difficult to employ, ex-serviceman, people released upon completion of a sentence, and farmers and herdsmen.

University and college graduates can apply for a loan of up to 500,000 yuan ($76,300), and others for 100,000 yuan.

Subsidies for youth startups

Young people, especially university and college graduates, are encouraged to start a business within the autonomous region to take advantage of a series of policies on training, capital support, working space, and tax reduction.

Brands created by university graduates will get capital support. Start-ups operated for over one year by university graduates who are within five years of graduation will be granted subsidies.

Migrant workers who return home to start a business will enjoy partial tax and fee reduction

Migrant works coming back home to start a business can enjoy tax reduction and fee exemption if they meet the policy standards.

The plan notes that farmers and herdsmen can develop cooperatives and family agriculture and animal husbandry, working on food processing or leisure projects. It encourages businesses to explore the Internet market for traditional hand-made ethnic crafts and green agricultural and animal products.