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Policies to accelerate Liangjiang's finance industry development

Updated: 2020-04-17

english.liangjiang.gov.cn

The following policies are formulated to attract various financial institutions and build Liangjiang New Area into an important functional financial center core area in China. These policies are applicable to financial institutions registering, operating, and paying tax in Liangjiang New Area.

Article 1 For enterprises established in Liangjiang New Area with main businesses applying to the catalogue of encouraged industries for West China Development, the income tax shall be levied at a reduced rate of 15%.

Article 2 For newly introduced corporate financial institutions established with the approval of the state financial regulatory authorities, a one-time settlement award of up to 30 million yuan ($4.24 million) can be offered. For the first level branches of those financial institutions, and other corporate financial institutions that meet certain conditions, a one-time settlement award of up to 15 million yuan can be applied for.

Article 3 Newly introduced corporate financial institutions that register, operate, and pay tax in Liangjiang New Area shall be offered different amounts of rewards.

Corporate financial institutions and their first level branches, as well as corporate institutions serving as trading venues, will be offered bonuses in the first five years of their establishment based on their contribution to Liangjiang New Area's economic development. The bonuses are 80 percent, 70 percent, 60 percent, 50 percent, and 50 percent of its contribution to Liangjiang's economic development.

For small loan companies, financing guarantee companies, equity investment enterprises, investment enterprises, factoring companies, financial leasing companies, and other financial institutions, as well as financial back-office service institutions, those with paid in capital of 200 million yuan or more (100 million yuan or more for factoring companies) or with a contribution of 5 million yuan or more to Liangjiang New Area’s economic development will be offered bonuses in the first five years of their establishment. The bonuses are 80 percent, 70 percent, 60 percent, 50 percent. and 50 percent of its contribution to Liangjiang's economic development.

After five years of establishment, the new financial institutions enjoying the aforementioned bonuses in this article will be offered bonuses of 50 percent of their contribution to Liangjiang's economic development if their contribution in the current year is 100 million yuan or more and has increased from the previous year.

Article 4 For financial institutions that meet article 3, senior managers (no more than 10) with an annual salary income of more than 300,000 yuan can apply for the following talent reward funds: in the first five years since the institutions’ establishment, the bonus is 100 percent of the contribution to Liangjiang's economic development based on their salary, and the bonus will be directly transferred to their personal account.

Article 5 For corporate financial institutions and their first level branches that do not enjoy the above articles or have enjoyed the bonuses mentioned in the first and second paragraphs of article 3 for five years, if they have increased their contribution to Liangjiang's economic development compared with the previous year, the following bonuses for increased contribution shall be offered: institutions that contributed 10 million yuan to 50 million yuan with a year-on-year growth rate of 8 percent will be offered 100 percent of the contribution based on the salary income of their senior management team; institutions that contributed 50 million yuan or more with a year-on-year growth rate of 5 percent, the bonus will be 200 percent of the contribution based on their senior management team's salary income; and the bonus will be directly transferred to their personal accounts.

Article 6 For newly introduced banks, securities companies, futures companies, insurance companies and their first level branches leasing or purchasing office buildings or business places, as well as other corporate financial institutions and their first level branches that have reached a certain scale or conditions leasing or purchasing designated buildings in the Jiangbeizui and Zhaomushan areas, a fund of 50 yuan per square meter every month will be offered based on the self-using areas will be offered for three years. The fund should be no more than 3 million yuan per year and not exceed the actual rent expenditure of the institution. For the self-using areas in purchased buildings, a fund of 1,000 yuan per sq m up to 10 percent of the purchasing price will be offered. Institutions can also enjoy both funds totaling no more than 20 million yuan.

Article 7 Liangjiang will give: 2 million yuan for enterprises listed on the new third board; 5 million yuan for enterprises listed on domestic or foreign stock exchanges; 5 million yuan in total for enterprises switched boards on domestic or foreign stock exchanges; and 3 million yuan for enterprises moving into Liangjiang after being listed on stock exchanges.

Article 8 Liangjiang will offer priority for families (including spouses and minor aged children) of high-end talents meeting the requirements of article 4 in the transfer of permanent residence, employment, and education.

Article 9 The term "financial institutions" mentioned above includes financial institutions approved to be established or registered by the state financial regulatory authorities, other licensed financial institutions, as well as institutions in relevant fields with their main business identified as financial activities.

Article 10 Projects or items meeting the requirements of Liangjiang's other supporting policies will be offered with the highest bonus with no repetition, unless otherwise specified. The related tax shall be paid by the enterprises, institutions or individuals enjoying the bonuses.

The measures shall be implemented from Aug 1, 2017 to Dec 31, 2020.

[This English version is only for reference. To learn more, please refer to the authoritative Chinese version.]

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