Shanxi to attract enterprises with incentives
The Shanxi Department of Finance and the Shanxi Department of Commerce recently issued incentive policies to attract more key enterprises in North China's Shanxi province.
Through rewards, Shanxi aims to stimulate the enthusiasm of enterprises, improve the quality of enterprises, cultivate more market players, and enhance the competitiveness of the regional economy.
To help Fortune Global 500 enterprises and China's top 500 enterprises to set up regional headquarters, functional headquarters, procurement centers, settlement centers, and independent accounting subsidiaries in Shanxi, start-up subsidies will be given according to the scale of enterprise construction investment.
If the enterprises build their own production plants in the province, a one-time start-up award of up to 10 million yuan ($1.44 million) will be given according to the scale of investment in fixed assets.
For Fortune Global 500 enterprises and China's top 500 enterprises that set up operations in Shanxi, awards will be offered according to the provincial tax retention portion of their annual comprehensive tax payments.
For local companies that introduce upstream and downstream enterprises through business investment, incentives on contract signing, settlement, production, and fund-in-place will be given.
If the introduced enterprise is registered as a foreign-invested one, the enterprise which introduces the enterprise will be awarded 0.01 yuan per $1 of actual overseas capital in place.
Once the introduced projects begin production, an award up to 500,000 yuan for each project will be given to the enterprise introducing the project.