faytech Tech Co., Ltd. received one of China's most desirable awards! Together with just under 5,000 other companies from all over China, faytech managed to receive the three-year National High-tech Enterprise certification in 2017. This certificate is awarded by the Chinese Ministry of Science and Technology, and supported by the Ministry of Finance and the State Tax Administration.
The requirements needed to be awarded this title are correspondingly high:
• Posses unique technology
• Obey strict safety, environmental and quality regulations
• Promote continuous innovation
• Possess own core products and knowledge
• Do Business in a qualified high- and new- technology sector
• Generate at least 60% of revenue from high-tech products
• Invest at least 3% of revenue into R&D
• Engage at least 10% of employees in R&D work, of which 30% with a science degree
Arne Weber, General Manager at faytech, commented:
"The fact that faytech has become a Chinese National High-tech Company underlines the enormous technological development that faytech has made in recent years. Such an award is, on the one hand, an enormous support and, on the other hand, a great incentive for us to continue our positive development."
The advantages of being awarded the National High-tech Enterprise title are as followed:
• Reduction in overall Corporate Tax rate from 25% to 15%
• Research funds from the government
• Integration into the government procurement system
• High reputation within China, thus improving the company's brand image
• Simplified regulations regarding loans by banks and numerous promotional programs
These benefits will allow us to invest significantly more into research and development, which will help faytech to remain innovative in the touch device market for the years to come.