To stimulate employment by encouraging business startups, Shanxi province has come up with several new policies to encourage college and university graduates to start their own businesses.
For graduates of Shanxi colleges and universities who are self-employed and who start their own small and micro enterprises, the business environment is welcoming. They are exempted from paying administrative undertaking charges for three years starting from their industrial and commercial registration, and enjoy government tax subsidies for two years after registration and social insurance subsidies for up to three years.
For graduates who start their own business, a guaranteed small business loan of up to 16,000 USD can be applied for, while for those who enter into partnerships, the limit is raised to 24,000 USD each. Those whose businesses run well and create more than five job opportunities can, additionally, apply for a maximum of 80,000 USD in further support. The government will give interest subsidies to the graduates who apply for loans at recognized financial agencies and repay on time.
The Shanxi provincial department of human resource and social security and the Shanxi provincial department of finance will regularly select thirty to fifty independent enterprises with great potential in some emerging industries, such as modern science and technology and modern agriculture, to give them special financial support.
