Hangzhou offering huge subsidies to help foreigners start business

Eastern China’s city of Hangzhou is about to roll out a series of competitive policies to attract global talents, said Communist Party of China Hangzhou Committee Tuesday.

According to the policies, foreign entrepreneurs can get financial aid of as much as 100 million RMB ($15.8 million).

It is learnt that foreign talents will be divided into 5 grades in accordance with their academic ability, skills and contribution.

A Party official of the city named Chen Jian noted that foreign talents could enjoy facilitated exit & entry services in Hangzhou, including permanent resident application, residence permit and port visas.

Foreigners starting business in Hangzhou can enjoy subsidies ranging from 200,000 to 5 million RMB after evaluation. Those extremely outstanding ones can get as much as 100 million RMB.

So far, Hangzhou has introduced a total of 29,000 high-level overseas returnees and 15,000 foreign talents. In addition, 4,980 enterprises in the city are registered by foreigners.