Shanghai municipal government has announced a total of 40 policies to further open up the service industry of Shanghai. Shanghai Dongjin find below as the main points.
- The requirement on the total asset of foreign investors when to set up investment companies in Shanghai is reduced to no less than $200 million in the last year before the application, and the requirement for the number of the established WOFEs in China has been cancelled.
- The municipal government will study the possibility of setting up wholly foreign-owned performance agencies in Shanghai and it can provide the service to the nationwide.
- The municipal government will study the possibility of setting up wholly foreign-owned travel agencies in Shanghai which can provide the outbound tourism (except for to the Taiwan city).
- It is allowed to set up wholly foreign-owned companies involving in audio-visual products production (limited to sino-foreign cooperation, with the Chinese party having the dominant right of operation and the right of final judgment of content) in the Shanghai National Music Industry Base, Zhangjiang National Digital Publishing Base, Jinshan National Green Creative Printing Demonstration Park and Bonded Area in the Free Trade Zone in Shanghai.
- The municipal government will study the possibility of setting up Sino-foreign joint ventures, Sino-foreign cooperation and wholly foreign-owned cultural relics auction enterprises in the free trade pilot zones. The scope of the auction is limited to works of art collected abroad and created by non-Chinese artists who have passed after 1949.
- The municipal government will study the possibility of setting up wholly foreign-owned companies involving in the development and application of human stem cells, gene diagnosis and treatment technologies.
- “One license with several business addresses” policy will be applicable to the chain enterprises in regional headquarters.
- The municipal government will study the possibility for the foreign exhibition companies to hold the show independent in the specific show centers such as national exhibition center (Shanghai), Shanghai New International Expo Centre.
- It is encouraged the development of intellectual property pledge financing. It is to explore and promote the financing and leasing of intangible assets such as copyright, patent right and trademark right.
- The municipal government will study the possibility in the free trade zone of allowing the overseas professionals to participate in the qualification examinations for real estate appraiser, registered urban and rural planner and auctioneer;
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Mr. Mike Chang
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