A batch of aviation high-tech enterprises were distributed along Jinshan Avenue in Wuhan Linkonggang Economic & Technological Development Zone.
Airport economy is becoming a new engine of regional economic development in China. 63 airport economic zones have been projected nationwide surrounding 54 airports in 62 cities.
Hubei has issued some opinions to push forward the construction of Wuhan Linkonggang Economic & Technological Development Zone in May 2015, and a comprehensive development planning (2014-2030) has also been released by Wuhan.
As the only national economic and technological development zone named after “linkonggang” (means “airport area”) in Hubei, Wuhan Linkonggang Economic & Technological Development Zone now has its eyes firmly set on a new stage of economic growth with advanced manufacturing industries and high-end services.
After the Fifth Plenary Session of the 18th Communist Party of China Central Committee, Wuhan Linkonggang Economic & Technological Development Zone puts forward the “one-three-five” development strategy for the next five years, namely, “one goal, three tasks, five measures”.
One goal: Take the lead in building a moderately prosperous society in all respects in Wuhan’s new urban district.
Three tasks: Put emphasis on high-quality and efficiency-oriented economic growth, and construct a central China airport economy pilot zone, Hubei high-end industry cluster district & Wuhan water-front ecological and happy new urban area.
Five measures: Adjust industrial structure through innovative development; urge system transformation through coordinated development; improve urban functions through green development; serve domestic and foreign markets through opening up; benefit the people by enhancing living standard of residents.
How can Wuhan Linkonggang Economic & Technological Development Zone achieve the goal? This article gives an analysis of the Zone’s six new development engines.
Aviation Manufacturing Industry
Factory of Wuhan Hangda Aero Science & Technology Development Co., Ltd
Aviation manufacturing is a high-end industry with high technical content, high added value of products and high market access threshold. At present, a batch of aviation manufacturing and maintenance enterprises such as Wuhan Hangda Aero Science & Technology Development Co., Ltd, HangXin Electronics Co., Ltd and Lingyun Science & Technology Group Co., Ltd have settled in Wuhan Linkonggang Economic & Technological Development Zone, with a combined annual output value of around 10 billion Yuan.
As the largest MRO service provider for aircraft components in China, Wuhan Hangda is located in Dongxihu District of Wuhan, China with a construction area of 30000 square meters and 15 minutes drive to Wuhan Tianhe Airport. It is a high technology enterprise with business in aviation industry, including aircraft component maintenance, repair, and overhaul, test equipment development and manufacturing, and aircraft ground refueling equipment research and development. The company signed a contract with Wuhan Linkonggang Economic & Technological Development Zone in May 2015 to invest 3 billion Yuan to construct an airborne equipment R&D center, a test center, workshops, etc. with a floor area of over 300 mu.
High-end Service Industry
Hailin Square in Wujiashan
Emerging finance is an important point for Wuhan Linkonggang Economic & Technological Development Zone to realize differential development from traditional finance in central urban Wuhan and construct a new financial cluster. The Zone has introduced over 10 major internet financial projects like CITIC Asset Management Corporation and Minsheng E-commerce during 2015.
A modern finance industrial park of Minsheng E-commerce was officially settled in Wuhan Linkonggang Economic & Technological Development Zone in May 2015, with investment of 740 million Yuan. The project is aimed to construct a high-end modern logistics industrial park and the annual comprehensive output value will reach 3 billion Yuan when put into use.
Modern Logistics Industry
“Wuhan-Xinjiang-Europe” freight train
Traditional logistics industrial is one of the three competitive industries in Wuhan Linkonggang Economic & Technological Development Zone, with over 2,800 logistics enterprises, accounting for 0ne third of the logistics output value in Wuhan city. Most of these enterprises are distributed along the Dongxihu section of National Highway No. 107 in core areas such as Wujiashan and Duoluokou.
The Zone has started westward migration work of traditional logistics enterprises in Wujiashan since this year. Excellent enterprises are moved into modern logistics development zone for better development. Taking the path of “internet plus”, Wuhan Linkonggang Economic & Technological Development Zone will implement the internet logistics project, enhancing the integration of IT, e-commerce and logistics industry. Besides, endowed with the advantages of bonded logistics center, railway container central station, “Wuhan-Xinjiang-Europe” freight train, etc., the zone will strive to develop multimodal transport, international logistics and cross-border e-commerce.
Innovation Drive
Imported commodity center
Under the drive of innovation, major economic indicators of Wuhan Linkonggang Economic & Technological Development Zone in the first three quarters of 2015 have witnessed a growth of 11 percent. Strategic emerging industry and “internet plus” enterprises become new engines of the Zone’s economy. As introduced, the output value of high and new technology industry in the Zone in first half of the year was 10.808 billion Yuan, a growth of 30.2 percent.
In first half of 2015, a total of 26 incubating enterprises and pre-incubating enterprises were added in the Zone, including 13 technology-based start-ups, 4 college students’ pioneering enterprises and 3 Taiwan-invested enterprises.
Talent Recruitment
Cross-strait science and technology industrial park
Wuhan Linkonggang Economic & Technological Development Zone has started “Jinshan Talent Program” since 2013, recruiting large scale of talents from home and abroad and providing as much as 100 million Yuan for innovation teams.
At present, a “1+8” talent policy system has been form in the Zone. As introduced, in 2014, 7 people in the Zone were selected into the “Yellow Crane Talent Program” and 12 into the “Yellow Crane Talent (Special Project) Program”. By 2014, a total of 187 enterprises have been incubated in the cross-strait science and technology industrial park in the Zone.
Ecological Happiness
Linkonggang ecological and happy new city
In recent years, Dongxihu District in Wuhan has injected significant capital to reconstruct the old city of Wujiashan, and put forward the idea to build a Wuhan water-front ecological and happy new urban area.
After years’ of planning, the Jinyin Lake drainage system connection project has been put into action in 2014 and will soon be completed. A 30km greenway will be constructed around the Jinyin Lake. On September 25, 2015, the 10th China (Wuhan) International Garden Expo kicked off in Jinyin Lake area, presenting Wuhan’s green development and ecological strength to the world.
To facilitate people who want to invest and
set up company in Wuhan Linkonggang Economic & Technological Development Zone, here is an introduction of Types of business presence
in China:
Before starting up a business in China, you
have to know what are the options. Foreign Investors generally establish a
business presence in China in one of five modes: Wholly Foreign Owned
Enterprise (WFOE);
Representative Office; Foreign Invested Partnership Enterprises (FIPE);
Joint Venture and Hong
Kong Holding Company.
Wholly
Foreign Owned Enterprise (WFOE) is a Limited liability company wholly owned by
the foreign investor. WFOE requires registered capital and it's liability
of equity , can generate income, pay tax in China and it's profit could be
repatriate back to investor's home country. Any enterprise in China which is
100 percent owned by a foreign company or companies can be called as WFOE. No.
minimum registered capital is required for WFOEs with scope of business of
consulting, Trading, retailing, information technology etc. in China. There are
minimum registered capital still required for some industries for instance:
Banking, Forwarding etc Since China still maintains foreign currency control
policy, it's still advisable to choose registered capital within RMB 100,000 ~
RMB 500,000 as the minimum registered capital. Companies can now determine how
much capital will be required to maintain their operations and must simply
ensure that they meet those targets within a period of 10 years.
Representative
Office (RO) is a Liaison Office of it's parent company. It requires no
registered capital. It's activities would be: product or service promotion,
market research of it's parent company's business, Quality Control liaison
office etc in China. RO generally is prohibited to generate any revenue nor
generating contracts with local businesses in China.
Joint
Venture (JV) is a Limited liability company formed between Chinese investor and
Foreign investor. The parties agree to create a entity by both contributing
equity, and they then share in the revenues, expenses, and control of the
enterprise. JV usually been used by foreign investor to engage the so called
restricted in areas such like: Education, Mining, Hospital etc.
Since
March 1, 2010, Measures of Establishment of Foreign Invested Partnership
Enterprises (FIPE) in China is taking effect. The regulation, which take
effect since March 1, 2010, are known as the Administrative Measures for the
Establishment of Partnership Enterprise in China by Foreign Enterprises or
Individuals. There's no required minimum registered capital for a Foreign
Invested Partnership Enterprise (FIPE) in Shanghai, Beijing, Wuhan, Hangzhou
and rest cities of China
Hong
Kong Company usually been used as a Special Purpose vehicle (SPV) to invest
Mainland China. Hong Kong is one of the quickest locations to Incorporate a
business. Although a HK company is not a legal entity in Mainland China
(MainlandChina and Hong Kong, See Wiki 1 country, 2 systems), lots foreign
investors, especially investors from Europe and North America still chose to
setting up a Hong Kong company as SPV to invest China.
After China's entry to WTO, most industries
in China welcome foreign investment, WFOE
setting up in China becomes the first option of foreign investment's entity
structures instead of Rep. Office setting up in China At the mean time, for
tax purpose, effective licensing system etc more and more investors use Hong
Kong as the holding company to invest China mainland, using this offshore
company to hold their operations in China.
Business set-up in Wuhan is a big project
by itself, which requires financial and time commitments, business management
knowledge and China expertise. Identifying a competent agent to manage the
complex process will be a cost and time effective way to avoid potential
pitfalls
Since 2006, Tommy China
Business Consulting has been focusing on consulting services for our
clients to invest in Wuhan China. We are specialized in establishment of wholly
foreign owned enterprises (WFOEs), setting up of offshore companies, trading
services,
tax minimization, Assist in obtaining government approvals and certificates
for running business, negotiate and draft various legal documents provide
legal advice, negotiate government officer for Land acquisition. Advising
on formation of WOFE and business structures, managing and controlling WOFE in
Wuhan China, drafting privacy policies and structuring commercial transactions
TCBC will manage all aspects of
incorporation to get you a business license in Wuhan China. We offer a range of
company formation services including helping you to set up:
-Wholly Foreign Owned Enterprises (WFOE )
-Joint Ventures (Equity/Co-operative)
-Foreign Invested Partnership Enterprises
(FIPE)
Please visit:http://www.tommyconsulting.com/CorporateFormation.html
Email: tomlee@tommyconsulting.com, Skype:
tomleeli
WhatSapp/Wechat/Cell Phone: +86 18926401128
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