preferential treatment government employees singapore expat

#Preferential treatment government employees singapore expat full#
#Preferential treatment government employees singapore expat series#

(3) The Shanghai 28 Measures, at the same time, provide that the rent of premises for operation purpose shall be adjusted if such premises are owned by State-owned enterprises and are leased by small and medium-sized enterprises.

Shanghai’s guaranteed loans in policy finance will increase by at least RMB 3 billion in 2020 while the fees for new applications lodged by qualified micro, small and medium-sized enterprises shall be cut to 0.5% yearly. (2) Local policies, for example the Shanghai 28 Measures, have confirmed the possibility of providing low-cost finance assistances to affected enterprises including FIEs with the interest rate reduced to at least 25 basis points below the prime rate.

#Preferential treatment government employees singapore expat full#

Under the principle of fair treatment, the Chinese government will sort out all the recent policies on stabilizing the businesses of FIEs, on ensuring the work of employees of FIEs and on guiding the FIEs in making full use of all kinds of financial assistance policies in finance, taxation, social security, employment and governmental procurement. (1) The Circular re-emphasizes the full implementation of the Foreign Investment Law, its implementing measures and other policies such as the Opinions of the State Council on Further Improving the Use of Foreign Capital, in order to create a more stable, fair, transparent and predictable investment environment. b) Continuously improving the business environment with financial assistance increased for normal operation The same also applies for delay in payment of employees’ social insurance contributions should such affected social insurance be duly paid within 3 months after the epidemic is over. In accordance with the Shanghai 28 Measures, for companies participating in anti-epidemic work, their delay in delivery of goods, delay in repayment of loans and delay in implementation of contracts will not be reported to and recorded in the social credit system. (3) Local governments, for example the Shanghai Government, have made arrangements to repair the affected companies’ social credit. More precise policies suiting the specific conditions of each and every FIE will be categorized and implemented later on the basis of such information. The MSAs are required to make full use of informatization methods as well as strengthen the communication mechanism between the MSAs and the associations of FIEs and foreign chambers of commerce. With the use of the reporting system in regard to foreign investment, the Market Supervision Administration (“MSA”) at both the national level and the local levels shall strengthen the coordination, and shall better analyse, early warn and grasp in a timely manner the impacts of the COVID-19 pneumonia on FIEs. (2) For all FIEs, the Circular confirms that the Chinese governments at all levels will assist the FIEs to purchase necessary protective supplies, and in implementation of internal prevention and control measures in response to the COVID-19 pneumonia. The FIEs engaged in production of medical protective clothing, respirators, goggles and other protective supplies (“Key Supplies”), especially, shall arrange to resume production and to reach full capacity as soon as possible, under unified arrangements for urgent circumstances. (1) The Circular first calls for efforts from the Chinese governments at all levels to support FIEs in resuming normal production and operation in an orderly manner. a) Actively Assisting FIEs in Resumption of Business with Targeted Assistance Suiting the FIEs’ Conditions to Be Adopted These measures took effect on the same day and apply to both domestic enterprises and FIEs. Local governments, such as the People’s Government of Shanghai Municipality (“Shanghai Government”), on 8 February 2020 have also issued various sets of measures to assist companies through the COVID-19 pneumonia (“Shanghai 28 Measures”). On 10 February 2020, the General Office of the Ministry of Commerce of the People’s Republic of China (“MOFCOM”) promulgated the Circular on Improving Services for Foreign-invested Enterprises and Strengthening the Attraction of Investment to Actively Respond to the Novel Coronavirus Pneumonia (“Circular”), for the purpose of assisting and supporting FIEs in virus control and resumption of work and attracting foreign investment. Governmental support in improving services for FIEs and attracting foreign investment The following is a summary of the key preferential policies that companies may be interested in and should pay attention to.

#Preferential treatment government employees singapore expat series#

In such context, the Chinese government has issued a series of preferential policies in order to help businesses to better cope with potential difficulties. The novel coronavirus epidemic (“COVID-19”) affects all parts of the economy, including the operation and investment activities of foreign-invested enterprises (“FIE”) in China.