Hainan: Up to ￥1.5M incentives for catering & retail enterprises

Hainan Province has begun accepting annual incentives declarations from retail and catering enterprises with annual main business revenues exceeding RMB 5 million and RMB 2 million respectively (also known as the ‘enterprises above designated size’), according to a notice issued by the provincial Department of Commerce recently.

Eligible companies in the two aforementioned sectors above should be registered and actually operating in Hainan, and should be included on the list of enterprises above designated size supervised by the Hainan Provincial Bureau of Statistics. Enterprises making a declaration should be compliant with relevant financial and tax regulations and have a clean tax record.

Citizens dine at a restaurant along Haikou Bay near the Century Park. (Photo / Hainan Daily)

According to the notice, catering and retail businesses across the province can be granted one-off incentives of RMB 500,000, RMB 800,000, RMB 1 million, and RMB 1.5 million, provided that their 2021 annual revenues surpassed RMB 100 million, RMB 300 million, RMB 500 million, and RMB 1 billion respectively for the first time.

Eligible companies can submit the necessary declaration materials via the ‘Haiyidui’ (海易兑) platform’s official website (https://hqzc.wssp.hainan.gov.cn/#/home). The provincial Department of Commerce will review the materials and propose the allocation of incentives to the provincial Department of Finance. The final allocation of incentives will be published on the official websites of both the Department of Commerce and the ‘Haiyidui’ platform.