BG SPACE, HANGZHOU
BG Space is a co-working space focusing on companies in the AI, IoT, AR/VR/MR and related verticals.
BG Space is part of China Artificial Intelligence Town (CAIT), a national cluster for the development of advanced AI technologies located in Hangzhou’s Future Sci-Tech City in the western part of Hangzhou. Hangzhou Future Sci-Tech City is home to Alibaba Global Headquarters, DreamTown, one of China's largest innovation parks, Hangzhou Normal University and Westlake University's new campus. The main campus of Zhejiang University, one of China's leading universities, also located in close proximity.
Chinese market business strategy development & business model adaption
Company registration and related issues
Local business partner matching
Chinese subsidiary funding - local investor matching and/or investment
Assistance in applying for government grant
Expatriate China life services
FUNDING & FINANCIAL SUPPORT
BGSpace companies and their founders have a wide range of options to fund their ventures through investments and grants, to receive personal incentives as well as get preferential government support such as tax refunds.
BGSpace is well connected with the investment community and regularly organizes investor pitching sessions as well as do customized investor searches for BGSpace companies. InnoBridge Co. Ltd., the operator of BGSpace, itself also do selective investments, directly or through its affiliated investment company BG Capital.
BGSpace companies are eligible to receive seed funding the Angel Dream Fund of Yuhang District of 300,000 RMB, 800,000 RMB or 1,5 million RMB depending on company size and other factors (subject to individual approval).
CAIT offers competitive grants for companies. Received grants run for a period of three years.
Up to a total of 1.5 million RMB rental subsidies during the 3 year period; 60% of the rent reimbursed; capped at 0.5 million RMB/year
Up to a total of 6 million RMB R&D subsidies during the 3 year period; 30% of the R&D expenditure and 20% of equipment expenditure reimbursed; total cap of 2 million RMB/year
Up to a total of 450,000 RMB in cloud-service subsidies during the 3 year period; 50% of the service fee capped at 150,000 RMB/year
Innovation vouchers worth 20,000 RMB/year
Company Growth Grants
For companies with an annual revenue above 5 million RMB.
Up to a total of 3 million RMB rental subsidies during the 3 year period; 60% of the rent capped at 1 million RMB/year
15% of R&D equipment cost during the 3 year period if expenditure exceeds 5 million RMB; capped at 5 million RMB
Up to a total of 900,000 RMB in cloud-service subsidies during the 3 year period; 50% of the service fee capped at 300,000 RMB/year
Innovation vouchers worth 30,000 RMB/year
BGSpace can in assist in applying personal grants for individuals considered as ‘High Level Talents’. Actual amounts and eligibility are dependent of past achievements.
Settle down/house purchase subsidy of up to 3 million RMB
Hangzhou relocation allowance, 20,000 RMB for M.Sc. degree holders and 30,000 RMB for Ph.D. degree holders
National and Provincial 1000 Talent Grant recipients, cash bonuses (jointly to individual and company) up to total of 7.6 million RMB)
Car purchase subsidiary of 20,000 RMB when buying a car in Hangzhou
For companies whose contribution exceed 1 million RMB tax refunds for companies in Artificial Intelligence Town apply according to:
- 1-5 million RMB contributed tax, refund 60% of the local tax
- 5-10 million RMB contributed tax, refund 70% of the local tax
- 10+ million RMB contributed tax, refund 80% of the local tax
Up to 5 million RMB in startup loans available at low interest rates
Equity Guidance Fund investment of up to 20 million RMB (with a 3 year buy-back period) available to companies who have products and services in the market and are making a profit. Investment requires no profit distribution.