The Dream Factory of China

Source :Shenzhen Daily

The Qianhai Authority released a new policy Monday to promote the development of the Qianhai Shenzhen-Hong Kong International Legal-services District, which was inaugurated Jan. 4. Qualified legal service providers will receive up to 6 million yuan (US$898,800) in subsidies.

Qianhai branches of associated law firms and foreign law firms, legal institutions providing arbitration, notarization, judicial authentication, ascertainment of law, commercial mediation and compliance services, law firms and Hong Kong and Macao legal professionals, are the main subjects of the subsidy support stipulated in the policy.

For the Qianhai branch offices of Guangdong-Hong Kong-Macao joint venture law firms, Sino-foreign joint venture law firms and overseas law firms, a subsidy of 300,000 yuan to 2 million yuan will be given to them according to their respective levels and ratings.

Subsidies will also be given to legal service institutions that employ legal professionals from Hong Kong and Macao. The institutions will receive 30,000 yuan per year for each legal professional they employ. Those who employ more than 30 Hong Kong and Macao legal professionals will receive a one-time subsidy of 200,000 yuan. At the same time, the Hong Kong and Macao legal professionals will be subsidized according to 30% of their business income on the mainland. The subsidy is capped at 100,000 yuan per person, and is applicable for two years.

Legal service institutions that are newly established in or have moved offices to Qianhai will receive 100,000 yuan to 2 million yuan according to their annual operating income. Law firms that have been established in Qianhai for more than two years, with an operating income of more than 1.5 million yuan in the previous year and reached an annual income increase of more than 500,000 yuan, 5% of the incremental part of their operating income will be subsidized, which is capped at 2 million yuan per year. If a law firm’s operating income reached 300 million yuan in the previous year, the operating team will be given 6 million yuan in support.