China Qianhai and Shekou FTZ to
Remove Access Restrictions for HK and Macao Investors
Recently, the Standing Committee of Shenzhen Municipal People's Congress officially approved and issued a new regulation on China (Guangdong) Pilot Free Trade Zone Qianhai and Shekou Area of Shenzhen (hereinafter referred to as the Regulation), which will take effect from 1 October 2020.
The Regulation grants Qianhai and Shekou FTZ more rights to carry out exploratory and innovative measures. The following highlights are quite eye catching:
1. Exploring the possibilities of removing market access restrictions for Hong Kong and Macao entities that invest in Qianhai and Shekou FTZ, promoting the management of negative lists and full liberation of cross-border service trade with Hong Kong and Macao.
2. Proposing “no violation, no intervention” policy in the management of foreign investment access for the sake of liberalization of international investment.
3. Hong Kong and Macao business entities will be allowed to engage in relating business activities as long as they are registered in Qianhai and Shekou FTZ.
4. Medicines (excluding vaccines) and medical appliances that have been approved for sale in Hong Kong and Macao but have not been registered in the mainland will be allowed to be used in medical institutions in Qianhai and Shekou FTZ for urgent clinical purposes.
5. Proposing that talent in finance, taxation, architecture, planning, accounting, legal, design, patent agency, tour guide and other fields with overseas professional qualifications, may provide services in Qianhai and Shekou FTZ after registration and their overseas working experience will be regarded as domestic working experience.
6. Supporting the implementation of skilled immigration pilot, simplifying the procedures for employment, exit and entry of foreign talent and encouraging foreign technical talent to apply for permanent residence in China.
Kaizen will keep a close eye on the implementation of the various innovative measures proposed by the Regulation and the promulgation of relevant supporting polices and rules.
KAIZEN Group is equipped with experienced and highly qualified professional consultants and is therefore well positioned to provide professional advices and services in respect of the formation and registration of company, application for various business licences and permits, company compliance, tax planning, audit and accounting in China. Please call and talk to our professional consultants for details.
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