What is a start-up technology-based enterprise?

According to the Notice of the Ministry of Finance in State Taxation Administration of The People's Republic of China on Tax Policies for Venture Capital Enterprises and Angel Investment Individuals (Caishui [2018] No.55) and the Notice of the Ministry of Finance in State Taxation Administration of The People's Republic of China on Implementing Inclusive Tax Relief Policies for Small and Micro Enterprises (Caishui [20 19] 13), start-up technology-based enterprises must meet the following conditions at the same time:

1. Resident enterprises registered in China (excluding Hong Kong, Macao and Taiwan) and subject to audit collection;

2. When accepting investment, the number of employees shall not exceed 300, among which the employees with bachelor degree or above shall not be less than 30%; Total assets and annual sales income shall not exceed 50 million yuan;

3. The establishment time when accepting the investment shall not exceed 5 years (60 months);

4. Not listed on domestic and foreign stock exchanges at the time of investment acceptance and within 2 years after investment acceptance;

5. In the investment acceptance year and the next tax year, the proportion of total R&D expenses to cost expenses shall not be less than 20%.