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Guangzhou Looks to Accelerate Development of Professional Services Sector

High-end professional services companies in Guangzhou will receive a range of government cash bonuses as part of an initiative designed to drive growth in the sector. Among the incentives on offer are awards related to community and economic contribution, income generation and trademark registration.

More specifically, the measures on offer include:

  • High-end professional services enterprises established after 1 January 2017 that have attained the stipulated business revenue will be given awards of up to RMB10 million a year, commensurate with contributions to the local economy and community, for three consecutive years.
  • High-calibre professional talent employed by qualified enterprises will be given awards of RMB60,000-100,000 annually if their annual taxable income from wages and salaries exceeds RMB600,000. There is no limit on the number of recipients and, at the same time, they may also benefit from other preferential policies extended to employees of companies headquartered in Guangzhou.
  • Enterprises awarded a famous trademark accreditation for the first time will receive lump sums as follows: China Famous Trademark: RMB1 million; Guangdong Famous Trademark: RMB300,000; Guangzhou Famous Trademark: RMB100,000.

Details of the proposals were released in the Guangzhou Municipal Government’s 30 September directive, Opinions on Accelerating the Development of High-End Professional Services, which outlined plans to raise standards in 10 professional services sectors, including trade agencies, the law, accountancy, auditing and tax consultancy. The measures took immediate effect and will remain in force for three years.

For further details (in Chinese), please access the following link:

Opinions of the General Office of the Guangzhou People’s Government on Accelerating the Development of High-End Professional Services (Sui Fu Ban Gui No. 22 [2018])

 

Content provided by Picture: HKTDC Research
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