14 Dec 2016
New Entry-Exit Measures to Woo Foreign Talent
Designed to support Shanghai’s efforts in building itself as a tech innovation hub, new entry-exit measures of the Ministry of Public Security went into force recently. Dubbed the “Ten New Measures”, the new entry-exit policies aim to attract foreign talent to set up new innovative businesses in China by making it easier for foreign investors to apply for permanent residence, as well as encourage foreign students to study and start new innovative businesses in the country.
In attracting foreign talent to start new innovative businesses, a mechanism is now in place for qualified, high-calibre foreign talent (and their spouse of foreign nationality and dependent children) to directly apply for permanent residence in China upon the recommendation of the management committee of the Shanghai Zhangjiang Independent Innovation Demonstration Zone or the China (Shanghai) Pilot Free Trade Zone. As well, the processing time for permanent residence applications will be shortened from six months in the past to 50 working days.
Meanwhile, China has also relaxed the conditions for foreign citizens of ethnic Chinese background with doctoral student or above education attainment to apply for permanent residence. Preferential treatment will be given to foreign investors applying for permanent residence. First, the minimum investment amount is lowered from US$2 million to US$1 million. Second, the definition of investor is relaxed. Investors making investments through companies of which they are controlling shareholders in the capacity of natural persons are eligible to apply for permanent residence under the new policies.