Select districts in Shanghai are piloting a new 'business startup visa' which will enable foreign entrepreneurs to live in China while establishing a business, according to China Briefing.
In May 2018, Shanghai's Public Security Bureau introduced a new 'Private Residence Permit (Entrepreneurship),' commonly known as the 'startup visa" (創業簽證), which allows foreigners to set up their very own innovative startup in the city.
The visa is initially valid for one year but can be extended and even turned into a work permit once the company is established.
The 'startup visa' is available to individuals that may have otherwise been excluded from other visa categories, such as recent graduates without enough work experience, individuals over the age of 60 and foreign students.
It also enables investors to conduct auxiliary business activities before the company is legally established, such as market research, staff recruitment and lease searching.
The new 'startup visa' is the latest in a long line of city policies aimed at stimulating economic development through the attraction of top international talent.
Earlier this year the city also introduced preferential visa and green card policies and improved business establishment incentives for high-level foreign talent.
But Shanghai has a fight on its hands, with Beijing and Yunnan province just two of a number of Chinese regions also launching visa incentives in an attempt to convince foreign talent to set up there instead.
[Image via Pixabay]