Tianhe district offers incentives to IAB industry
Tianhe district of the southern Chinese city of Guangzhou announced a series of special policies recently, in support of the city's highlighted IAB industries.
IAB refers to the industries of next generation of information technology, artificial intelligence and biological medicine.
According to the a policy aimed at promoting technological innovation, Tianhe district will offer an annual rent subsidy of 100,000 yuan ($15,100) for software companies whose annual operating revenue reaches 10 million yuan.
Companies newly settled in Tianhe district whose annual operating revenue reaches 10 million yuan and renting area less than 1,000 square meters will be offered a maximum of 500,000 yuan rent subsidy annually for three consecutive years. For companies whose operating revenue increases 50 million yuan year-on-year will be offered a subsidy of up to 30 percent the amount it contributed to the local economy with the maximum amount each year being 3 million yuan.
Tianhe district also released a policy to encourage enterprises to increase their investment in research and development (R&D). For companies that have newly set up research institutions, a subsidy of 10 percent of the company's previous year R&D investment will be offered to the company's core R&D team. For companies that increase their R&D investment amount by 2 million yuan will be offered 3 percent of their R&D amount. The maximum amount of subsidies is 500,000 yuan.
Green channels will be offered to companies that build key technological projects and set up new R&D institutions in terms of offering approval for construction projects and granting rights to land use.
Tianhe district is the only pilot zone for regional brand construction of an internet industry cluster and is home to a total of 5,099 software and technological companies.