OVC welcomes 29,000 new enterprises in 2024

The Wuhan East Lake High-tech Development Zone (Optics Valley of China, or OVC) registered over 29,000 new companies this year, bringing the total number of enterprises in the area to nearly 152,000.

These new businesses span various sectors, including optoelectronics, life sciences, software, and hardware. They originate from local cultivation efforts and investment attraction initiatives. Many of these enterprises are founded by combinations of scientists, former senior executives, and investors, highlighting a strong focus on scientific and technological innovation.

OVC has employed university science parks, incubators, and accelerators to foster business growth. The area has also implemented targeted policies and equity incentives to support the growth of enterprises.

The zone has secured major projects, including the global headquarters of Xiaomi Smart Home Appliances and Hubei Voicecomm Technology Co. This has facilitated cluster development in key fields such as semiconductors, artificial intelligence, and life health.

It has introduced a series of innovative service reforms to match the growth in enterprises. For example, the entire lifecycle of business operations has been streamlined by launching the "1050" initiative for business registration and the "1+n" one-stop service for business deregistration.

"OVC's government services are very considerate, with dedicated personnel assisting in online submission, verification, and approval. I received my business license on the same day of submission," remarked the executive of Wuhan Yangcong Cross-Border E-Commerce Co, which a foreign individual established through online registration in August.

Pang Zhenhuan, founder of Wuhan Tengdao Digital Technology Co, recently settled in OVC, said, "OVC offers a favorable business environment and abundant talent resources. This fertile ground for innovation and entrepreneurship gives us the confidence to establish a team of hundreds and expand our digital technology business here."