GOVERNMENT subsidies for the preparatory period of startups opened by returned overseas professionals and teams will be increased to 30 million yuan (US$4.75 million), doubling the amount in 2015, according to the city’s human resources and social security bureau, local media reported yesterday.

The bureau has simplified the application procedures, optimized review flow and shortened the granting period to ensure that applicants can get their subsidies in a timely manner.

Interested applicants can apply at https://sz12333.gov.cn/lxrysb before the deadline of March 31 and provide printed application materials to one of the bureau’s subsidiary offices, located in each district and new area, by April 6.

According to the regulation on granting subsidies to startups initiated by returned overseas professionals, which was amended in 2016, the city grants subsidies amounting to 1 million yuan, 500,000 yuan and 300,000 yuan, depending on the project value, to encourage returned professionals and teams to start businesses in Shenzhen. For some excellent projects, subsidies can reach 5 million yuan following a review by experts.

So far, the bureau has given out subsidies to 947 enterprises started by returned professionals.

The seed funding could help solve the financing difficulties faced by overseas returnees who want to start businesses in Shenzhen. Some of the companies supported by the fund, including Netac, Thunder, HYK Gene, Royole Appotronics and Orbic, have become backbone enterprises in independent innovation and industrial upgrading.

In 2017, the bureau gave out subsidies to 63 such enterprises, 10 more than the previous year. The applicants covered various industries, such as bio-pharmaceuticals, electronics, new materials and energy, and artificial intelligence.

(Han Ximin)