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Qianhai innovative entrepreneur hub set to take off

Updated: 2014-10-28 07:58

By Chai Hua in Shenzhen(HK Edition)

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Qianhai's Shenzhen-Hong Kong Youth Innovation and Entrepreneur Hub, officially launched in December last year, is expected to begin operation in December.

Hong Kong entrepreneurs will have the privilege to use the offices free of rent for the first year and need to pay only half of the rent for the second year.

Currently, the average monthly rent at Vanke's Enterprise Dream Park, which is just next to the innovation hub, is around 220 to 260 yuan ($35.8-$42.3) per square meter, almost the same as that of the center zone in Futian district.

Qianhai innovative entrepreneur hub set to take off

On rent alone, therefore, startup companies can save as much as 187,200 yuan for a 60-square-meter office in one year, not to mention experts' expectation of rents at Qianhai to go up in the future.

Another favorable policy is that Hong Kong's young entrepreneurs will be temporarily exempted from paying tariffs and value-added tax for imported articles for two years.

In addition, the Qianhai Authority said it will establish a special fund to support Shenzhen and Hong Kong's startup companies.

Zhang Bei, director of the Qianhai administration, said: "We will explore 'youth banks' and 'future banks' to financially help young people innovate. The innovation hub will become the incubator for creative and energetic small companies."

The Qianhai Authority told China Daily that Qianhai had hired seven Hong Kong residents from May to July to work in the administration office and a dozen of graduates from the University of Hong Kong will complete their internship there.

"These intern positions include finance, law and trading," said a Qianhai administration officer. "We expect more young college students to come and work here."

However, many young Hong Kong entrepreneurs worry about Qianhai's software, with some doubting they could find top professors and mentors in their field of study in Shenzhen.

Qianhai innovative entrepreneur hub set to take off

The Qianhai Authority said it will invite both Hong Kong and Shenzhen experts to form enterprise incubator and accelerator teams. In addition, next to the innovation hub is Vanke's Enterprise Dream Park, 95 percent of which have already been rented by many top international banks, law firms and other industry tycoons.

"Young entrepreneurs have more opportunities to learn from industry leading companies here and it's easier for them to find financial support if they have a good project," it said.

Another obstacle is that Hong Kong youth's willingness to start a business is not high. According to a survey supported by the Qianhai Authority, 64 percent of Shenzhen youths intend to establish their own enterprises, while the proportion is only about 30 percent for their Hong Kong's counterparts.

A Hong Kong student who has interned in Qianhai said many of his classmates would welcome an offer from a financial institute, but few would want to start up their own business.

More than 30 startup companies will settle in the innovation hub by the end of this year and, next year, an international innovative enterprises alliance will be found.

grace@chinadailyhk.com

(HK Edition 10/28/2014 page8)

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