14 September 2020
The Hengqin New District Administrative Committee has issued the interim measures supporting the development of the legal professional industry in Hengqin New District on September 14, 2020. In order to encourage high-quality law firms to set up in Hengqin New District and to explore and implement new model of cross-regional rule of law for Mainland China, Hong Kong and Macau, the interim measures offer incentives for law firms and joint venture law firms. It also sets out basic criteria and supervision management for reference. Among all, the measures specify that for joint venture law firm established by three parties or two parties from Guangdong, Hong Kong, and Macao with main operating income exceeded RMB10 million (inclusive) in the previous year are entitled to additional rewards calculated by 75% of the company’s local direct economic contribution formed by its corporate income tax in the previous year. The measures will come into force from 1 October 2020 and will be valid until September 30, 2023.