Shanghai municipal government has announced a total of 40 policies to further open up the city's service industry, in the hope of creating a comprehensive round of opening-up of Shanghai and further enhancing the city's competitiveness in the international market.
Another eight policies have been introduced to relax the limits for foreign service providers, including lowering the capital requirement for setting up investment companies in Shanghai and allowing the establishment of wholly foreign-owned performance agencies and travel agencies.
The foreign investment company: now require $ 0.2 billions USD capital (previously $ 0.4 billions USD)
Allowed wholly foreign-owned company: Art Performance Agency, Travel Agency, Auction Company (in Free Trade Zone)
Other: encouraging Foreign Investment in medical and healthcare industries, allowed foreign investment in Music and Video product in specific zone, improving Cruise Traveling Business, support more Tax Refund for foreign visitors (when leaving), accelerate Sport Event business (to build “capital” of sports event), develop more global, branding and professional exhibition services, promote tax refund for services trading.