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Qianhai Looks to Fund Development of High-End Greater Bay Area Maritime Services Sector

The Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone Authority has announced plans to help fund the development of the Guangdong-Hong Kong-Macao Greater Bay Area into a high-end maritime services centre.

Under the terms of the initiative, such funding may be awarded to suitably qualified maritime enterprises with a focus on ship inspections, shipping exchanges, international shipping management or one of a number of related services. Eligibility also extends to suitably qualified individuals, as well as to any other service entity or shipping enterprise deemed likely to contribute towards the successful development of China Qianhai as a port of registry.

Additionally, every applicant – whether a business or an individual – needs to be registered within the Qianhai Cooperation Zone as a trading entity and for tax purposes. They also need to demonstrate that they have the appropriate financial controls in place and have had no criminal convictions within the preceding five years.

This initiative was formally launched on 1 September this year and will run until 31 December 2021.

Full details can be found in the Implementation Rules for the Special Support Fund for the High-End Maritime Industry (Shen Qian Hai Gui No. 10 [2019])

Source: Shenzhen Municipal People’s Government

Content provided by Picture: HKTDC Research
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