Expats Living in Shanghai

2012-10-12 09:21

SHANGHAI is beefing up efforts to attract more multinational companies to locate or upgrade their regional headquarters in the city by giving more incentives and offering more convenience, the Shanghai Commission of Commerce said yesterday.

If a multinational company plans to set up a new headquarters at Asia level or above in Shanghai which employs more than 50 staff, it can get 8 million yuan (US$1.3 million) for the following three years to assist its operations, up from 5 million yuan, the commission said.

It has updated a guide to the establishment of MNCs' regional headquarters in Shanghai, which was last amended in July 2008.

If existing headquarters with more than 50 employees are upgraded to the Asia level or above, the companies will receive 3 million yuan, according to the commission.

The extra convenience will come in the form of longer visas for company executives, an increase in the quota for headquarters to exchange foreign currencies or use the yuan, and a rise in the number of executives who can apply for foreign expert certificates.

"Such measures are among the latest efforts of Shanghai to further develop its 'headquarters' economy," said Wang Xinpei, the commission's vice chairman. "Shanghai government will continue to update related rules timely, making them accommodate the needs of foreign investors."

Neighboring Jiangsu Province have also unveiled supportive policies recently to persuade foreign companies to set up headquarters there, an indication of the increasing competition among regions to attract foreign companies.

"Shanghai still holds abundant advantages in providing professionals, information, capital and infrastructure," Wang said. "Also, Shanghai aims to become a global financial and trading center by 2020, which offers a lot of opportunities for foreign investors."

Shanghai also unveiled an updated version of rules encouraging foreign companies to set up research and development centers in the city. If foreign R&D centers import equipment for scientific research, they can qualify for tax exemptions.

By the end of last month, 393 MNCs have set up their regional headquarters in the city.

Source:Shanghai Daily

 

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