China gives Estonian company a five-year tax break29.10.2012, 09:45
Guardtime, Estonian developer of timestamp, has received a five-year tax exemption from the Chinese government, writes Äripäev.
Mike Gault, CEO of Guardtime, said that the company also received a Shanglin award from the Chinese government which includes 247,000 euros and is awarded annually to new companies and technologies that promote China’s economic development.
„Money is not important, but the recognition of the Chinese government is,” said Gault, adding that the country’s government was already using the timestamp technology in its e-mails.
The award included also a free 200-sqm office space and a number of benefits aimed at enabling Guardtime to better integrate into the Chinese economy.
„Until now we have been using the office of our business partner. Two years ago we received an investment from the venture capital fund of the Hong Kong tycoon Li Ka-shing and have been cooperating with his company in introducing us in China,” said Gault.
He said that this year Guardtime which has a R&D centre in Tallinn has invested about two million euros in Estonia.
„We plan to hire as many people as possible. Our company is growing and we want to expand also in Estonia,” he said, adding that Guardtime also had a contract with the Philippine government.
In Estonia, the timestamp technology developed by Guardtime is used by SEB Bank. Last year the ministry of economy and Guardtime signed a memorandum aimed at embedding the timestable technology in the e-state information systems.