Qianhai Authority on Thursday unveiled 12 new measures to provide facilitations for Hong Kong and Macao youths to be employed and start businesses in the area, and help them better integrate into the Guangdong-Hong Kong-Macao Greater Bay Area (GBA).

Eligible Hong Kong and Macao youths refer to residents from the two special administrative regions under the age of 45 who hold a Chinese nationality, according to the measures.

The 12 practical benefits cover housing, employment, services, entrepreneurship, scientific innovation, finance and livelihood.

Hong Kong and Macao youths who are employed in Qianhai after July 1, 2021 and meet the measures’ requirements can receive a monthly subsidy equal to 20% of their monthly taxable salary income for no more than three years, with a maximum monthly subsidy amount of 5,000 yuan (US$697), as per the measures.

Employers who hire Hong Kong and Macao youths after July 1, 2021 will receive a subsidy of 10,000 yuan per hired youth, with a ceiling of 200,000 yuan.

Additionally, companies accepting Hong Kong and Macao youths for internships lasting one month or more are entitled to subsides for no more than six months, which will be 2,250 yuan per month for undergraduate students, 3,750 yuan for postgraduate students, and 6,750 yuan for doctoral students.

For Hong Kong and Macao youths who start up businesses after July 1, 2022, which are subsidized by Hong Kong, Macao or Shenzhen government, an entrepreneurial reward of up to 1 million yuan will be granted to each business.

Registered entrepreneurial firms set up by Hong Kong and Macao youths can receive an office rental subsidy equivalent to 50% of the company’s previous year’s actual rental cost, with a cap of 300,000 yuan, or a monthly subsidy of no more than 60 yuan per square meter. The subsidy shall last no more than three years. Financial support will be also provided to encourage the firms to go public overseas.

Eligible young people from Hong Kong and Macao who are employed or set up companies after July 1, 2022 are each entitled to a home rental subsidy of 1,000 yuan per month if the individuals, their spouses and underage children do not own a residence in Shenzhen and are not covered by Shenzhen’s housing benefits. The subsidy will last no more than three years. They are also allowed to receive a living allowance of 1,500 yuan per month for no more than three years.