Shanghai provides boost for headquarter setup

Shanghai recently launched the Opinions to Encourage the Establishment of Headquarters of Privately-owned Enterprises, which will further improve the recognition standards of company headquarters.

As the country's second supportive document for headquarters of privately-owned enterprises, the Opinions is aimed at strengthening support for financial and talent policies and improve the business environment.

The Opinions measures the development level of privately-owned enterprises in multiple dimensions including scale, growth and stability and sets up the headquarters recognition standards in consideration of total assets, continuing operation, business revenue and other aspects.  

According to the Opinions, the privately-owned enterprises which are established in Shanghai as trading headquarters or listed by the All-China Federation of Industry and Commerce (ACFIC) as China's top 500 private enterprises, top 500 private manufacturing enterprises or top 100 private enterprises in the service industry will be directly recognized as the headquarters of private enterprises without assessment.

The document clarifies that the city will actively expand its financial services and explore more financing channels for privately-owned enterprises, on the premise of controllable risks and sustainable business.

The document will also enhance support to introduce more senior management talent and professional technicians. For example, foreign personnel needed by privately-owned enterprises can apply for a multiple entry visa with a validity of no more than one year and an intended stay period of less than 180 days.

By the end of April, market subjects in Shanghai grew 7.46 percent from a year earlier to 2.59 million with privately-owned enterprises in the majority.