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Home > News > Industry Activities > Enterprises to enjoy more benefits at Hainan free trade port

Enterprises to enjoy more benefits at Hainan free trade port

By Xinhuanet , 2020-06-09 04:45:21

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Market entities will enjoy a batch of benefits in investment, tax and market access when doing business at the Hainan free trade port, Shen Xiaoming, governor of Hainan, said Monday.

License application and government approval will not be required for industries that are not prohibited by law or mandatory standards, Shen told a press conference in Beijing.

Foreign investment will be subject to a management system combining pre-establishment national treatment and a negative list designated for the free trade port, further reducing restrictions and prohibitions on the basis of free trade zones, Shen said.

Domestic firms registered in the free trade port will be encouraged to raise funds by issuing shares abroad. The free trade port will also offer tax benefits for firms operating in sectors such as tourism, modern services and new and high technology by exempting enterprise income tax for the income from their direct investment overseas.

The southern island province will further open the tertiary industry by significantly reducing restrictions on market access. Efforts will be made to deepen opening up in the sectors such as shipping, telecommunication, business services, finance, medical care, education, culture and sports, said Shen.

Foreign securities, futures and fund management institutions are encouraged to establish wholly-owned or joint-venture financial institutions, while overseas universities or vocational colleges specializing in engineering, technology, agriculture and medicine can independently run schools in Hainan, Shen said. Enditem

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