East China’s Jiangsu province has launched an upgraded version of the “Opinions on Encouraging Multinational Corporations to Establish Regional Headquarters and Functional Institutions in the Province” to further bring financial and policy support to multinational companies that are based in Jiangsu.
Jiangsu will give multinational companies more generous financial support. For the regional headquarters and functional institutions of multinational corporations recognized after January 1, 2018, a one-time start-up subsidy of not more than 6 million yuan and 2 million yuan will be given respectively, which will be issued in the ratio of 40%, 30%, 30% over the course of three years.
Capital increase and expansion incentives will be given to the regional headquarters and functional institutions of multinational corporations that have been subsidized for three years and will expand their investment in Jiangsu that measure up to a certain amount of annual capital increase.
In the meantime, Jiangsu will simplify immigration procedures and formalities for work permits. In the future, foreign employees who have made temporary entry for a number of times may apply for a multiple-entry visa that is valid for 1 to 5 years and no more than 180 days per stay. Foreign employees who need to stay in Jiangsu for a long time can apply for an expat residence permit for up to 5 years with an expat work permit.
(Source: ourjiangsu.com)
