Shenzhen's Qianhai hub opens massive facility to help out budding entrepreneurs

The Shenzhen hub of Qianhai yesterday opened a 58,000 square metre area designated for young entrepreneurs from Hong Kong and elsewhere to start their businesses, but at least two Hongkongers who visited the site expressed concern about policy implementation and fierce competition.

The area, named "Qianhai Shenzhen-Hong Kong Youth Innovation and Entrepreneur Hub", was among a series of 50 initiatives and proposals announced by Shenzhen officials on Thursday to foster cooperation in Qianhai between the service industries of both areas.

The hub includes office and residential buildings as well as education, exhibition and sports facilities. Entrepreneurs aged 18 to 45 who start businesses there will pay no rent for their first year and will only pay half rent the following year for office and residential space.

They will also enjoy Qianhai's special 15 per cent profit tax rate. The normal rate is 25 per cent. Individual income tax will be capped at 15 per cent, compared with 45 per cent elsewhere on the mainland.

After officiating at the hub's opening ceremony in his first official visit to Qianhai, Chief Executive Leung Chun-ying said he understood many young people were hopeful about the project.

"I hope young people in Hong Kong can visit Qianhai and other places outside Hong Kong more often," Leung said. "Hong Kong's economic composition is relatively homogeneous, so leaving Hong Kong would help you to explore opportunities that fit your interest and ability … We should not limit our vision to our 1,100 square kilometres of land."

William Tsang, a manager from a Hong Kong-based online company, visited the hub yesterday with a business delegation.