Subsidy applications for young entrepreneurs now being accepted

Applications by entrepreneurs under age 40 in Zhuhai, Hong Kong or Macao for up to 5 million yuan ($745,767) in project subsidies are now being accepted, according to the Zhuhai human resources and social security bureau.

All applicants must meet the following requirements: (1) the applicant should be one of the top three founding shareholders of the enterprise they established and should work as a deputy general manager or above or hold a technical position with equal status. The company should be registered in Zhuhai as an independent legal person and the applicant should have personally paid-in capital of no less than 300,000 yuan; (2) the applicant should be included in the local social insurance system, pay personal income tax in Zhuhai, and have worked in Zhuhai for no fewer than six months; (3) the project should present a high technical level with good market prospects and be in accord with the city's future development direction; (4) the company must have been established on or after January 1, 2016 and have an operations site as well as equipment and personnel matching the size of the project.

Experts will grade projects into A, B, and C levels in terms of technical level, feasibility, and innovation, considering them for subsidies of 1 million yuan, 500,000 yuan, or 150,000 yuan. Especially outstanding projects can be granted up to 5 million yuan, according to a bureau official.

Those who receive a subsidy of 500,000 yuan for their project must have personally paid in capital of at least 500,000 yuan and those receiving 1 million yuan or above must have personally paid in capital of at least 1 million yuan. What's more, developers at those levels should demonstrate that they have a stable core team with at least three full-time staff members.

Grants of 150,000 yuan or 500,000 yuan will be given to enterprises in a lump sum whereas large amounts, 1 million yuan or more, will be paid in two tranches -- 60 percent in the first stage and the rest as the project develops. 

The application form may be downloaded at www.zhrsj.gov.cn and submitted to the Zhuhai Human Resources & Social Security Bureau between March 25 and 29.

Zhuhai attracts diverse talents and encourages them to start their own businesses. [Photo courtesy zhrsj.gov.cn]