Shanghai free trade zone Incentives

Shanghai free trade zone Incentives

Shanghai free trade zone Incentives
Tax cuts and exemption
 
Tax Exemption: Customs duties and import taxes are exempt for goods transferring between the free trade zones and overseas destinations.
 
Tax Rebate Upon the Entry: 
Domestic merchandise that enter the Yangshan Free Trade Port Area, Shanghai Waigaoqiao Bonded Logistics Zone and Shanghai Pudong Airport Free Trade Zone is regarded as having been exported and exporters can enjoy a tax rebate.
 
Exemption of Business Tax:
Taxation of business income and revenues in international shipping, transporting, warehouse, and international shipping insurance are exempt for companies registered in the Yangshan Free Trade Port Area.
 
Tax Rebate from Home Port: 
Cargos that start from other domestic ports bound for Yangshan Free Trade Port Area or Shanghai Pudong Airport Free Trade Zone to be transported to overseas destinations can have their tax rebated as soon as the goods leave the home ports.
 
Free Deposit Bank Accounts:
Companies registered in the free trade zones do not need contract deposits in their bank accounts nor do they have to go through the contract verification system for processing trade.
 
Port Supervision
 
Customs: 
Companies registered in the free trade zones can make customs declaration of their imported goods collectively; goods that need to transfer to waterways, airways and railroads can enjoy optimized and simpler customs clearance procedure.
 
Inspection and Quarantine:
The commodity and quarantine are preset, and some of the imported commodities can be pre-inspected and pre-quarantined when they are on the entry record to further shorten the time and reduce the procedures in supervision.
 
Foreign Currency: 
Foreign exchange cancellation is not implemented in the zones and foreign exchange values can be fully retained by the enterprises. The flexible and convenient foreign exchange policy is adopted according to Administrative Measures on Foreign Exchange in Bonded Supervion Area.
 
Others
 
Extension of Bonded Cargos:
At Shanghai Waigaoqiao Free Trade Zone,cargos that have been imported and have made customs declaration as well as domestic merchandise waiting for export can be  stored, processed or sold together with other bonded goods.
 
Offshore Accounts: 
Companies registered at Yangshan Free Trade Port Area can open offshore accounts to provide convenient financial settlement for overseas business.

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