Chinese government rolled out tremendous incentives to encourage both Chinese and foreign entrepreneurs to contribute to the country’s economic development. For the ambitious and passionate talents, one of the benefits they can acquire from the Chinese government could be up to 30,000 yuan as financial support to start a business.

It’s a national project called “Startup Makes Employment”, which started from 2015, with a fund of 2.5 billion yuan infusion and an initial period of 5 years. With a series of policies put into implementation to push up the employment, the result is incredibly effective. 

How much can a company obtain?

  1. A company with not more than 3 employees, 2,000 yuan per person.
  2. A company with more than 3 employees, a total of 6,000 yuan for the first three persons, the staff that exceeds 3 is 3,000 yuan per person for the exceeding number. The subsidy would not exceed 30,000 yuan.

Meet three requirements

  1. The company shall constantly buy at least 3-month social insurance for its staff.
  2. The company shall have an at least 1-year labor contract with its staff.
  3. The project is applicable to the companies, which is in 3 years since its registered date.

Required documents

  1. Original Business License and Photocopy with the company seal;
  2. Original Bank Account Opening Permit and Photocopy with the company seal;
  3. Tax Registration Form, and Photocopy with the company seal;
  4. Staff social insurance payment record for 3 years;
  5. Commitment Letter with the legal person’s signature and the company seal;
  6. Employment Registration Form, verified by public employment organization;

Submit all the documents to the local Human Resource Department and it approximately takes 2 to 3 months to finish the whole procedure, the time spending on it would be a bit different by regions.

Original article shared in hitouch consultancy, China.

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Author Damien Chow