Hainan province has announced new incentives for catering and retail businesses aimed at boosting their revenue and scale. The recently published “Implementation Details for Incentives for Catering and Retail Enterprises” outlines the potential rewards available.
According to a spokesperson, the Provincial Department of Commerce created the incentives as part of broader efforts to stimulate growth in the catering and retail sectors by supporting businesses in reaching specific revenue milestones. The incentives come in two tiers:
Revenue Reporting Incentive:
Catering businesses with annual revenues exceeding 2 million yuan.
Retail businesses with annual sales over 5 million yuan.
Eligible businesses will receive a 100,000 yuan reward if they cooperate with statistical reporting requirements.
Scaling Incentive:
Catering businesses reaching new revenue milestones for the first time will receive tiered rewards.
For annual revenues surpassing 10 million yuan, 30 million yuan, 50 million yuan, and 100 million yuan, the rewards are 500,000 yuan, 800,000 yuan, 1 million yuan, and 1.5 million yuan, respectively.
To qualify, businesses must report their revenue data to the tax authorities, and only those achieving these targets for the first time in 2024 or 2025 are eligible.
Businesses can apply for these incentives through the Hainan Province Enterprise Benefit Policy Cashing Service System (https://hqzc.wssp.hainan.gov.cn/#/home).
Applications for 2024 funds must be submitted between January 1 and March 31, 2025, and for 2025 funds between January 1 and March 31, 2026.
Late applications will not be considered.
Related article: Hainan Offers Up to 3 Million Yuan incentives for Large-Scale Cultural Events
