Shenzhen splashes startup cash

Shenzhen wants everyone to be an entrepreneur, it seems. The city has doubled basic allowances for “startups” and widened their definition to include, well, just about the entire population that works for itself, rather than for corporate titans such as Huawei, Tencent, and Ping An, from what we can see.

According to the Shenzhen Daily News, the basic subsidy for “start-up enterprises”, which can be individuals, has been doubled, from RMB 5,000 to RMB 10,000 yuan. In the case of “partnerships”, i.e., limited liability companies, it goes from RMB 50,000 to RMB 100,000.

The list of who qualifies is long. It includes SMEs (small and micro enterprises), individual “industrial and commercial households”, and “private non-enterprise units” registered within the past three years in Shenzhen.

Individuals, who must have a local hukou (household registration) include: 

  • Graduates of ordinary colleges, vocational schools, and technical colleges, within 5 years of graduation;
  • Returned overseas students, within 5 years of graduation;
  • Students from ordinary universities, vocational colleges, and technical colleges in Shenzhen;
  • Hong Kong and Macau residents within the legal working age;
  • Registered unemployed persons;
  • Rehabilitation of retired military personnel;
  • With the military family;
  • Disabled.

There are some other hoops that have to be jumped through relating to applications, such as bank accounts and social security records. Read more here (in Chinese). 

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