Guangzhou Daily: New measures to support young HK, Macao entrepreneurs in Huangpu

Guangzhou's Huangpu district and Guangzhou Development District recently rolled out 10 measures to support innovation and entrepreneurship among Hong Kong and Macao youth.

A subsidy of up to 10 million yuan ($1.46 million) will be granted to enterprises in the district that purchase technological achievements and innovations from Hong Kong and Macao youth and their teams.

Business start-ups, innovation stimulation, platform construction, financing, office subsidies, internships and employment, cooperation and exchange, living security and other supports are provided in order to solve problems for Hong Kong and Macao youth and create a youth innovation and entrepreneurship flagship in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA). The measures are also applicable to youth from Taiwan.

The policy benefits Hong Kong and Macao residents or Mainland graduates from Hong Kong and Macao universities with a higher education degree. Candidates must obey the law, adhere to the "one country, two systems" principle, and have not violated laws and regulations.

Up to 200,000 yuan of subsidies will be granted to Hong Kong and Macao youth start-up projects that have won listed awards in innovation and entrepreneurship competitions and settled in the district.

For those start-up programs winning support from the HK Youth Development Fund, HK Innovation and Technology Support Programme and Macao Young Entrepreneurs Aid Scheme and settling in the district, a 1:1 fund will be given in accordance with the funding standards of the Hong Kong and Macao governments.

For those innovation incubators, enterprises and institutions set up by HK and Macao youth, a 100 percent office space rental subsidy will be granted for the first two years and 50 percent for the third year.

Up to 5 million yuan funding will be provided for eligible innovation incubators by Hong Kong and Macao youth. A matched reward will also be given to the incubators by HK and Macao youth that are on the national, provincial and municipal outstanding list.

Huangpu district will also set up 1 billion yuan GBA youth innovation and entrepreneurship funding, and provide such services as introduction to Angel Investment, equity investment and post investment appreciation. One-million-yuan loans with discounted interest will also be offered annually.

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