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Guizhou Opened Wider to Investors
Southwest China's Guizhou Province has adopted special policies to attract more domestic and overseas investors.
Businesses funded by domestic and overseas investors which operate for more than 10 years will be exempted from income tax in their first two profitable years. Local income tax will be returned to the enterprises in their third to fifth years of profitability.
Businesses in operation for more than 15 years in some fields will be exempt from paying income tax in their first two profitable years.
Those fields are energy, transportation, water conservation, infrastructure, the environmentally friendly business and tourism development. Local income tax paid by the firms will be returned to them in their third to 10th years of profitability.
Domestic and overseas firms that use non-cultivated land to set up agricultural development projects will be exempt from paying agricultural taxes in the first three to five years, starting from their first profitable year.
Domestic and overseas enterprises can participate in the restructuring of State firms in Guizhou. Those who buy or merge with Guizhou enterprises can apply for new names for their businesses or use their original names.
Overseas investors that have established more than three enterprises in China of a certain size or those with more than US$30 million invested can apply to set up investment companies.
Charges on water, power and gas supply as well as telecommunications on overseas-funded firms will be the same as the charges for Guizhou enterprises. People from overseas who invest in Guizhou, and their spouses and children, will enjoy the same treatment as local residents with regards to seeing a doctor, going to school, travelling and shopping.
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