In May 2018, the Shanghai Public Security Bureau announced a new type of visa, available for some Shanghai districts only (including Changning and Yangpu).
- What is its scope?
- How does it work?
- Who is eligible?
Let's find out with ASI Movers, expats' chosen moving partner!
What Is Its Scope?
The “Private Resident Permit (entrepreneurship)” - commonly referred to as “business startup visa” – is aimed at allowing foreigners to live in China while launching their innovative business.
It also allows its owners to conduct auxiliary businesses while developing their main activity – businesses that are essential for them to launch their startup correctly – such as recruiting staff, searching for a lease, initiating the company setup procedure, etc.
How Does This Visa Work?
This visa will be valid for one year, and can then either be renewed or turned into a Work Permit once the company is set up. If one wants to extend it further for another year, one needs to prove “successful incorporation of the company” over the previous year.
The documents required are similar to the ones demanded for any other type of visa, plus an entrepreneurship or investment certificate delivered by institutions designated by the Government (economic development zones, high-tech parks, corporate incubators).
Who Is Eligible?
The scope of eligibility is expansive given the fact that categories excluded from any other type of visa (notably fresh graduates) can apply.
3 categories of people are eligible:
- Foreign students willing to innovate and start their business in Shanghai and graduates from higher education in China.
- Foreigners planning to invest in Shanghai or innovate in business.
- Excellent overseas graduates from top Universities, the latter need to have graduated for no more than two years and have completed outstanding achievements in innovation and entrepreneurship in Shanghai.
Such an initiative is aligned with Shanghai’s agenda of attracting foreign and local talents, to foster the city’s entrepreneurial spirit and stimulate its economic development through innovation. Nevertheless, Shanghai is not the first city to promote such initiatives as Beijing and Yunnan province already paved the road earlier this year.
