Qianhai offers subsidies to shipping firms

Shipping firms that are registered and have been in operation for at least one year in Qianhai is now eligible for a subsidy of up to 3 million yuan (US$422,100) from the Qianhai authority in accordance with the implementation measures on subsidizing high-end shipping and related services companies in the free trade area that have come into effect this month.
The measures, which remain valid until Dec. 31, 2021, will provide high-end shipping companies with the financial support to boost the development of the shipping industry in Qianhai, which is positioned as an important base of the global services trade and an international port hub.

Shipping companies that engage in ship surveying, ship transaction, international ship management, ship finance lease, passenger and cargo ship businesses, tramp shipping operation, freight futures trading, ocean engineering, shipping agency, marine insurance, maritime law practice, sailor training, or seafarer assignment are eligible for a subsidy ranging from 500,000 yuan to 3 million yuan depending on last year’s revenue and economic contribution to Qianhai.
The financial incentives are designed to encourage domestic shipping companies to set up their regional headquarters for international shipping business, and Hong Kong shipping companies to set up shipping management firms in Qianhai.
According to the measures, companies will receive a one-time subsidy of 70 yuan per gross tonnage for the ships they registered in Qianhai or Shenzhen. Those with mortgage registration of Qianhai- or Shenzhen-registered ships for international shipping will be eligible for a one-time subsidy of 2 percent of the amount of claims, capped at 2 million yuan.
Companies are not allowed to change the port of registry for the Qianhai- or Shenzhen-registered ships they receive the subsidies in the following five years.
Companies that engage in ship transaction through the Qianhai Ship-trading Platform will receive a subsidy of 0.1 percent of the trade amount of the previous year, up to 3 million yuan.
Under the measures, financial support will also be offered to individual sailors to encourage wider participation in the industry.
Sailing is a unique occupation, and sailors are socially isolated and mobile; they endure high risks and hardship during sailing. And they are not able to enjoy any social benefits during sailing. The financial support for sailors aims to encourage wider participation in the occupation and increase the pool of high-end sailing talents.
According to the measures, sailors who obtain key sailing credentials, such as certified captains, chief engineers and certified marine surveyors, will receive a subsidy of 50,000 yuan. The authority will offer financial incentives of up to 6 million yuan annually to shipping companies that have provided professional training for their employees in the previous year. And those whose employees have overseas seafarer credentials approved by the maritime authority will be subsidized 1,000 yuan per person and the financial support will be capped at 3 million yuan per year.