The Guangzhou municipal science and technology bureau has released a document outlining the subsidies which will be on offer in 2021 for entrepreneurial Hong Kong and Macao youths who start businesses in Guangzhou, southcn.com reported on June 16.

The document is expected to attract more start-ups from Hong Kong and Macao to develop in Guangzhou. Unlike the previous version of the document, which mainly offered subsidies for projects in areas such as artificial intelligence, biomedicine and smart cities, in the latest version no limits are set in terms of the sectors that applicants can be working in. 

Adjustments have also been made to the requirements and materials needed for applications, with the requirements for the equity proportion of Hong Kong or Macao investors in start-ups from the two places being cancelled. 

People or companies from Hong Kong and Macao who own intellectual property rights or who have inventions with promising prospects for industrialization and the market are also encouraged to start businesses in Guangzhou. Those who have successfully applied for the subsidies can get financial support of 200,000 yuan ($28,201.46) each.

In addition, Guangzhou organizations are encouraged to team up with Hong Kong companies that have won the Enterprise Support Scheme under the Innovation and Technology Fund for research and development projects. The subsidy for each project will be up to 4.5 million yuan.