SHANGHAI'S Pudong New Area has introduced several new financial incentives to attract overseas maritime talent as the city aims to build itself into an international shipping hub, a district government official has said.

Pudong aims to recruit 100 professionals with overseas experience who are well versed with international rules and skills in the shipping industry in the next five to 10 years.

The incentives include providing a subsidy to senior management equivalent to 40 percent of their personal income tax while middle management and professional staff such as vessel captains will be given a maximum 20 percent tax subsidy, Gu Xiaofeng, head of the shipping office of Pudong's government, said at a seminar organized by China Guangfa Bank on Tuesday.

He also revealed that the maritime talent will enjoy benefits such as free housing in the first five years of working in Pudong and a 500,000 yuan (US$78,679) subsidy for family settlement.

"Pudong needs to recruit overseas shipping professionals because the district lacks local shipping talent," Gu told Shanghai Daily yesterday.

Besides attracting overseas talent, one-off subsidies and tax relief subsidies will also be provided to major Chinese and overseas shipping services companies as well as companies with good growth potential.

For example, the Pudong government will waive corporate income tax for the first three years of a new shipping company's registration in the district, and a 50 percent waiver for the next three years of business operation.

Source:shanghaidaily