As China's Greater Bay Area integration deepens, Hengqin — a burgeoning economic zone bridging Zhuhai and Macao — is rolling out a comprehensive subsidy framework designed to attract and support Macao-invested enterprises. The latest implementation guidelines for Hengqin's Support Measures for Macao-Invested Enterprises offer a transparent, structured roadmap for accessing financial incentives, particularly targeting office rentals, commercial space, and brand development.

For foreign stakeholders — from banks to investment advisors, legal and accounting professionals — this scheme sheds light on the evolving regulatory and business climate in the Greater Bay Area, and more broadly, the policy mechanics behind China's cross-border economic experiments. The initiative provides valuable clues into where the region is heading in terms of openness, regulatory alignment, and market entry opportunities for service-sector players.

A Framework Rooted in Clarity and Compliance

The eligibility criteria for "Macao-invested enterprises" are clearly outlined. Any enterprise operating in Hengqin is considered Macao-invested if either:

Macao residents own at least 25% of the equity,

Macao-registered legal entities (with at least two years of operating history) own at least 25%, or

A combined 25% ownership exists between the two.

This inclusive definition allows for a variety of corporate structures, provided the holding is real — nominee holdings and equity surrogates are expressly excluded.

Moreover, to qualify, firms must be physically operating in Hengqin: leasing registered commercial or office spaces approved and published by the Hengqin Economic Development Bureau, maintaining bank accounts in the zone, and employing staff on the ground.

Rental Subsidies: Up to 36 Months of Support

Both office and commercial property leases are eligible for rental subsidies — but with a few critical conditions:

Subsidies are benchmarked against third-party rental assessments commissioned by the authorities. The subsidy amount is calculated based on either the appraised or the actual paid rent, whichever is lower.

The rental term must be a minimum of three years.

Rent-free periods are not covered.

Each enterprise can receive subsidies for up to 36 consecutive months.

This design ensures public funding supports active, long-term commitments, aligning with broader goals of sustained Macao-Hengqin integration.

Required documents include:

Business license, tax and social security records,

Lease agreements and proof of payment,

Proof of eligibility as a Macao-invested enterprise.

Commercial Fit-Out Subsidies: Structured, Audited, and Split-Payment

Enterprises operating physical retail or service locations can apply for renovation (fit-out) subsidies, but only for “hard” construction work — think fire systems, wiring, flooring, and structural modifications. Interior design and soft furnishings are excluded.

Some noteworthy terms:

A full third-party audit of expenses is required.

The subsidy is disbursed in two installments: 50% upon verified store opening, and 50% after one year of stable operations.

The same property cannot receive multiple fit-out subsidies within three years.

Entities that previously received similar subsidies under the earlier Hengqin New Area program are ineligible.

This strict delineation emphasizes fiscal discipline and the expectation of genuine commercial engagement.

Brand Landing Incentives: Recognition Drives Reimbursement

In a move signaling the zone's intent to attract iconic Macao retail and F&B brands, an additional subsidy is offered to “Macao Featured Stores” and “Macao Time-Honored Brands” — designations recognized officially within Macao.

These brand-based incentives suggest an ecosystem logic: Macao brings its lifestyle and services expertise, while Hengqin provides the scalable mainland customer base and infrastructure.