Ningbo Free Trade Zone
- Domestic and overseas investors, economic organizations and individuals are encouraged to establish Sino-foreign joint ventures, cooperative businesses and exclusively foreign-owned enterprises in Ningbo Free Trade Zone. International trade, export processing, warehousing, commodity exposition, transit trade, inside-the-zone trade, intermediary and other related operations are permitted.
- Enterprises inside NFTZ enjoy a wide range of business scopes unless otherwise regulated by the State.
- Medium and giant scale enterprises are encouraged to do all-round and comprehensive business of processing, trading and commercial service.
- Projects of the investment capital with no more than USD30 million are examined and approved by the administrative committee.
ADD: 15th.Floor, NFTZ Mansion, Ningbo, China
Income tax: Tax rate for foreign-funded manufacturing enterprises is 15%. As for enterprises operating for more than 10 years, income tax will be, since the first profitable year, exempted for the first 2 years, refunded 50% for the next 3 years.
VAT: Export products can claim VAT refund, sales to enterprises in the zone is exempted from VAT.
Financial Subsidy: manufacturing enterprises can get project subsidy according to the elements of projects investment amount, advanced technology and etc.
Regulating tax for the direction of fixed assets investment is exempted.
Refunded VAT for exporter：VAT can be refunded for export products that are made of Chinese materials or made by Chinese equipment; most fees have been cancelled; the government will subsidize the cost of water & power capacities enlargement for projects to some proportion.
- Merchandise entry and exit NFTZ is exempted from import & export quota and license. When transported to non-free trade areas, they are to be treated as imported goods on which taxes should be duly levied by the customs.
- Taxes are exempted for machines and equipment needed to build infrastructure facilities for productive in the area, building materials needed to construct production plants and storage facilities and reasonable amount of office equipment and stationery used by the inside enterprises, and administrative bodies.
- Raw materials, parts, components, packaging materials, and other consumptive materials for the processing of re-export products used by the inside enterprises are to free from duties.
- Entrepot and storage merchandise are bonded.
- Goods wholly made of imported materials leaving NFTZ for the other areas should go through customs procedures as imported goods and should be taxed as finished products. If the products are under permit control, the owner should submit valid import permits to the customs for inspection. As for goods partially made of imported materials and transported to the other areas should be taxed on the imported pieces.
- Goods entering NFTZ from other areas are to be treated as export goods that should go through customs procedures. Export refunds for such goods should be processed when on board.
- Annual post-tax profit and foreign employees´ income can be remitted overseas.
- Enterprises are exempted from regulatory tax of fixed assets investment.
- As for the overseas scholars hi-tech projects, special project subsidy, loan interest subsidy of R&D and rental subsidy for R&D and manufacturing facility is applicable.
Goods transported from overseas to NFTZ and vice versa can be exempted from import & export quota and license. Imported equipment, spare parts, building materials, reasonable amount of office facilities and production use fuel for the enterprises own use can be exempted from import duty & import related VAT.
Import duty for imported raw material can be bonded without limit to time, amount and varieties. Processing trade can be exempted from bank deposit account and deposit and products can be sold domestically without limit.
NFTZ exercises the system of "inside the boundary, outside the Customs", and has integrated the operation between Port and NFTZ. Foreign goods can get into NFTZ freely (without going through Customs clearance, paying tariff, presenting imp.& exp. certificate, only with the Customs registration through EDI system. NFTZ Customs has direct customs clearance operations with 4 international airports.
- NFTZ exercises the system of "inside the territory, outside the Customs".
- Computerized networking management and customs EDI inspection system are instituted in the area.
- Merchandises entry and exit the Zone are free of customs declaration formalities, customs duty, import and export license, and only EDI electronic filing is required.
- Except for the passive quota control, no export quota or permit management will be imposed on goods moving between the area and foreign countries.