Market entities will enjoy a batch of benefits in investment, tax, and market access when doing business at the Hainan free trade port, Shen Xiaoming, governor of Hainan, said on June 8.
License application and government approval will not be required for industries that are not prohibited by law or mandatory standards, Shen told a press conference in Beijing.
Foreign investment will be subject to a management system combining pre-establishment national treatment and a negative list designated for the free trade port, further reducing restrictions and prohibitions on the basis of free trade zones, Shen said.
Domestic firms registered in the free trade port will be encouraged to raise funds by issuing shares abroad. The free trade port will also offer tax benefits for firms operating in sectors such as tourism, modern services, and high technology by exempting enterprise income tax for the income from their direct investment overseas.