A raft of benefits

The State Council approved the overall development plan for the Shenzhen-Hong Kong modern service industry cooperation zone in Qianhai on Aug 26, 2010.

In the plan, Qianhai will be built into:

- an innovation area for modern service industry sectors

- a cluster for the development of modern services

- a pilot area for close cooperation between the Chinese mainland and Hong Kong

- a leading area for industry upgrades in the Pearl River Delta.

It was folded into the China (Guangdong) Pilot Free Trade Zone in March.

Some of the incentive policies for Qianhai include:

- Income for insurance companies registered in Shenzhen that they receive from providing international shipping insurance services to corporations registered in Qianhai is exempt from business tax.

- Income of corporations registered in Qianhai that provide offshore and outsourcing services is exempt from business tax.

- Modern logistics corporations that are registered in Qianhai and meet specific conditions can receive business tax benefits.

- Corporations that have passed evaluations can enjoy a corporate income tax rate of 15 percent.

China Daily

(China Daily European Weekly 12/04/2015 page28)