02 December 2023
On 2 December 2023, the General Affairs Office of the Shenzhen Municipal People's Government issued the “Measures for Encouraging the Establishment of Multinational Enterprises' Headquarters in Shenzhen” (“the Measures”). The Measures specify that eligible companies from Hong Kong, Macao and Taiwan shall refer to the Measures to set up headquarter enterprises in Shenzhen municipality. The Measures propose to encourage the headquarter enterprises of multinational corporations to carry out various cross-border RMB and foreign exchange in accordance with the management policies for cross-border RMB and foreign exchange of Mainland China. Multinational enterprises headquartered in Shenzhen Qianhai and Shekou Free Tax Zone can set up free trade accounts to handle both foreign currency cross-border and domestic RMB receipts and expenditures in accordance with regulations. The Measures shall be implemented from 19 January 2024 and will be valid for 3 years.