Hengqin issues policies to support Macao youth in innovation and entrepreneurship

To encourage and support the high-quality development of Macao youth start-ups, the Livelihood Affairs Bureau of the Guangdong-Macao In-Depth Cooperation Zone in Hengqin has issued the "Measures to Promote Innovation and Entrepreneurship among Macao Youth in the Guangdong-Macao In-Depth Cooperation Zone in Hengqin," which comes into effect on February 1, 2024, and provides a full chain of incubation services for Macao youth to innovate and startup businesses in the Cooperation Zone.

Following the requirements, conditions, and procedures of the Measures, the Livelihood Affairs Bureau of the Cooperation Zone will designate a number of entrepreneurship bases for Macao youth start-ups and create a cluster for Macao youth entrepreneurs. For startups of different business forms and at different growth stages, the bases will provide Macao youth with fully-furnished office spaces as well as comprehensive public service venues and facilities.

The measures have comprehensively enhanced support for Macao youth start-ups and further lowered the startup costs. For enterprises with 51 percent or more of shares held by Macao youth, if they are qualified to settle in the entrepreneurship bases, they can obtain a rent reduction and exemption for a maximum of 36 consecutive months.

The Livelihood Affairs Bureau of the Cooperative Zone will conduct a unified accounting of rent reduction and exemption based on the actual number of people who meet the conditions of signing a labor contract with the enterprise, paying personal income tax in the cooperative zone, and participating in social insurance.

In addition, to further reduce the cash flow pressure of startups, the measures have fully optimized the mode of realizing the policy support. Macao youth startups will be able to obtain direct rent relief; they only need to pay basic expenses such as property, water and electricity as well as their rent after reduction and exemption to operate in the cooperation zone. The Livelihood Affairs Bureau of the Cooperation Zone will disburse rent subsidies to the entrepreneurship bases quarterly.

The Livelihood Affairs Bureau of the Cooperation Zone has released the application guidelines of the Measures and has recently launched the application of the first batch of "Macao Youth Innovation and Entrepreneurship Bases". The qualified operators of commercial office buildings in the cooperation zone will submit relevant application information to the bureau under the requirements of the application guidelines. The bureau will organize and hold an expert assessment meeting and conduct on-site verification of the applied buildings. For more information, please contact the Bureau at 0756-884-1227.