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Hainan's new high-tech companies to receive lump sum payments of up to $ 773,000

Companies that meet a number of requirements can apply for relevant financial support

HAIKOU, September 1. /TASS/. New high-tech companies registered on Hainan can receive a lump sum payment of up to 5 million yuan (about $ 773,000) as support, reported

The program to stimulate high-tech companies in the province will kick off on September 11. The specific amount of payments will be determined by 5% of the company's investment in fixed assets or 10% of its investment in research and development within 12 months after registration in the province. The maximum payout is limited to 5 million yuan.

Companies that meet a number of requirements can apply for relevant financial support. Among them, in particular, the mandatory registration as a high-tech company with the receipt of all the necessary documents from a local regulator, as well as applying for the appropriate benefits within two years after moving to Hainan.

On June 1, 2020, the Chinese government published a development program for Hainan's free trade port. Particular attention in this document is paid to setting up a high-tech industry, tourism and modern services. The provincial government has already taken a number of particular measures to develop these areas, including tax incentives for companies and other mechanisms to financially support said companies.