To encourage foreign enterprises to invest in Beijing, the city announced on June 29 that Multinational corporations (MNCs) which set up headquarters in Beijing can receive a maximum subsidy of 10 million yuan.
A "green passage" system will also be established for enterprises attracting talented personnel to Beijing. The system allows senior executives of MNCs to easily settle down in the city.
MNCs newly-established in Beijing or their regional headquarters relocated to the city after 2009 are entitled to a 10 million yuan subsidy if they have a registered capital of 1 billion yuan or more.
The subsidy will be granted over three years on a 40:30:30 percent ratio basis. Starting in 2009, MNCs which realize annual revenue of 1 billion yuan or above for the first time will receive 10 million yuan, to be granted over three years on a 40:30:30 percent ratio basis.
Cash awards will also be offered to a senior executive officer of regional headquarters. The award will amount to 80 percent of the principles' contribution to local fiscal revenue during one fiscal year and will be no more than 500,000 yuan.
"Senior executives working at MNCs' regional headquarters and their research and development organizations are not restricted by current regulations when applying to settle down in Beijing." The Measures not only relax restrictions for domestic senior executives to move to Beijing, but also facilitate the entry of regional headquarters' foreign staff into China, said Shu Wei, deputy director of the Beijing Municipal Commission of Commerce.
Regional headquarters senior executives can apply for an entry visa which is valid for up to five years. Foreign staff who need to urgently travel to China can also apply for visas at Beijing Capital International Airport by showing relevant documents.
Regional headquarters which newly register to set up in Beijing or relocate to the city are entitled to rent subsidies for their office space for three consecutive years. The subsidies will amount to 30 percent of the first year's annual rent, 20 percent of the second year's annual rent, and 10 percent of the third year's annual rent.
The maximum subsidized space is 3,000 square meters. At present the pilot subsidized rent program has only been implemented in Chaoyang District.
Beijing currently has 164 foreign enterprises functioning as regional headquarters, according to the Beijing Municipal Commission of Commerce.
By People's Daily Online
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