9. All kinds of capital at home and abroad shall be encouraged to set up business-starting investment companies with a registered capital of not less than RMB 10 million yuan as well as business-starting investment management companies with a registered capital of not less than RMB 1 million yuan.
A business-starting investment company accredited by the Municipal Business-starting Investment Trade Association entrusted by the competent administrative department of business-starting investment may, according to the State-set provisions, use the whole amount of its capital as investment. Where the balance of the fund invested by a business-starting investment company in accredited transformation projects of new and high-tech achievements and new and high-tech enterprises exceeds 50% of its net assets and the fund balance of its investment in other fields does not exceed 30% of its net assets, such company shall be given support from special financial fund.
Where a business-starting investment management company in this Municipality accredited by the Municipal Business-starting Investment Trade Association manages the investment in accredited transformation projects of new and high-tech achievements and new and high-tech enterprises, such company shall be given support from the special financial fund for its yields from investment, income from the management fees and bounty for its achievements, within 3 years from the year of gaining profit.
A business-starting investment company registered in this Municipality may draw not more than 10% of its total income as the risk reserve fund which shall be matched by an equal amount allocated from the Municipal Special Fund for Science and Technology. The municipal and district/county science and technology commissions shall jointly set up the special risk relief fund for business-starting investment, and the specific procedures for such set-up shall be formulated separately by the Municipal Science and Technology Commission jointly with the Municipal Finance Bureau.
10. This Municipality and districts/counties shall give interest discount on loans or guarantees for financing from relevant special funds for accredited transformation projects of new and high-tech achievements.
Where a guarantee agency provides financing guarantee accredited transformation projects of new and high-tech achievements or new and high-tech enterprises, it shall, upon the verification and approval by the competent administrative department of finance, be given certain compensation for the compensation loss incurred in the projects.
Guarantee agencies under the municipal and district/county finance shall step by step increase the proportion of the guarantee amount for transformation projects of new and high-tech achievements and new and high-tech enterprises.
With regard to scientific and technological projects with small capital but high scientific and technological contents, exploration may be made into practicing credit guarantee and the mode of linking guarantee to intangible property like patent.
11. Where interprises （including Chinese investors in foreign-invested enterprises） registered in Shanghai and paying corporate income tax invest the after-tax profit of recent 3 years in accredited transformation projects of new and high-tech achievements, form or increase their capital, and the term of their investment contracts exceeds 5 years, they shall be given support from special financial funds within the second year. Where the foreign investors in foreign-invested enterprises reinvest directly the profit obtained from the enterprises, the corporate income tax already paid on such reinvested profit shall be refunded according to the tax law.
Where scientific and technical personnel engaged in the transformation of new and high-tech achievements invest the income obtained from the transformation of achievements in accredited transformation projects of new and high-tech achievements or new and high-tech enterprises, they shall be given support from the special financial fund within the second year.
12. The Shanghai Municipal Guidance Commission on Incubators of Scientific and Technological Enterprises shall be established to promote enhancement of the service functions of incubators for the cultivation of enterprises in the transformation of achievements, intermediary service, investment and financing, etc. The municipal and district/county finance shall arrange a special fund to support the incubation bases approved by the Shanghai Municipal Guidance Commission on Incubators of Scientific and Technological Enterprises according to the actual condition of their operation, so as to quicken up the construction of the incubation bases and enhance their service function.
13. The salaries, drawn in Shanghai, of returned overseas students who engage in accredited transformation projects of new and high-tech achievements may enjoy, according to the stipulations, the additional deduction of the cost upon the calculation of the payable personal income tax. The salaries of foreign experts employed by enterprises and research and development agencies may be listed as the cost.
An enterprise established with accredited transformation projects of new and high-tech achievements shall not be restrained by its total wages. The board of directors may autonomously decide upon the standard of wages for its employees, with reference to the market labor prices and the guidelines published by the government for wage increases in the current year. All the wages paid out may be listed as the cost.
14. Scientific and technical personnel in institutions of higher leaning and scientific research institutes may engage in the transformation of new and high-tech achievements as a concurrent occupation. Scientific and technical personnel that engage in the transformation of new and high-tech achievements as a concurrent occupation shall abide by the agreement with their original units, keep their commercial secrets and respect their intellectual property rights; if they need to use the intellectual property rights of their original units or other persons, they should sign a contract with their original units or other persons for permission or assignment to use such intellectual property rights.
Where scientific and technical personnel and managerial personnel leave the institutions such as institutions of higher learning and scientific and technological institutes in their totality or in part to form an organizational system and engage in the transformation of new and high-tech achievements in enterprises, they may enjoy relevant policies on endowment insurance for restructured institutions after consultation with the labor and social security department on the strength of the transformation certificate.
15. The Shanghai Qualifications Assessment Committee on Senior Professional in the Field of the Transformation of New and High-tech Achievements shall be responsible for the assessment of the professional qualifications of engineering and technical personnel, business personnel, managerial personnel as well as personnel engaged in intermediary service and organization who have made contributions in the transformation of new and high-tech achievements. Those who have made outstanding achievements in the transformation of new and high-tech achievements may be awarded corresponding professional titles by waiving conventional constraints.
16. When new and high-tech enterprises and enterprises with accredited transformation projects of new and high-tech achievements bring into Shanghai from other provinces the professional technical personnel, managerial personnel or innovation team with college diplomas or above （with corresponding academic degrees） that are in shortage and urgently needed, the spouses （including those with agricultural residence） and minor children of such persons may move to this Municipality, too.
Overseas students pioneer parks shall be built and the service for overseas students to start businesses shall be improved. The returned overseas students who establish enterprises engaged in software, integrated circuit design or biotechnology shall be given support for their enterprises.
17. The Shanghai Talents Development Fund shall subsidize the accredited new and high-tech enterprises and enterprises with transformation projects of new and high-tech achievements in setting up posts for chief technical executives and chief information executives, and grant allowances to the employed excellent talents who have passed the examination.
The Shanghai Public Practical Training Base for Vocational Training shall open to the vocational training colleges and vocational training agencies that launch training for highly skilled persons, and the training departments of relevant trades and enterprises in this Municipality for use free of charge.
18. The relevant departments of the Municipal People's Government and the district/county people's governments shall, according to these Provisions, formulate the implementation rules and service guide. The Shanghai Service Center for Transformation of New and High-tech Achievements shall be responsible for the implementation of these Provisions and perform organization, coordination, supervision, urging and promotion in that regard.Where the policies on the transformation of new and high-tech achievements previously promulgated by this Municipality are inconsistent with these Provisions, these Provisions shall prevail.
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