Small and medium-sized scientific and technological enterprises refer to small and medium-sized enterprises that rely on a certain number of scientific and technological personnel to engage in scientific and technological research and development activities, obtain independent intellectual property rights and turn them into high-tech products or services, so as to realize sustainable development.

According to the Notice of the Ministry of Finance and the State Administration of Taxation on Tax Policies for Venture Capital Enterprises and Angel Investors (Caishui [2018] No.55) and the Notice of the Ministry of Finance and the State Administration of Taxation on Implementing Inclusive Tax Relief Policies for Small and Micro Enterprises (Caishui [2019]13), start-up technology-based enterprises shall meet the following requirements 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 number of employees with bachelor degree or above shall not be less than 30%; Total assets and annual sales revenue are not more than 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 year of investment acceptance and the next tax year, the proportion of total R&D expenditure to cost expenditure shall not be less than 20%.