Opening a foreign exchange account may be applied for by those foreign-funded enterprises to the bank of the place where the enterprise is registered on the strength of the registration certificate of foreign exchange and the notification for opening foreign exchange accounts.
The enterprise may apply for opening different accounts including the investment account, the acquisition account, the expense accounts, the guarantee account and the capital account. The number of accounts, the kinds of currency and the size of money in the account are not subject to restriction. Sub-accounts in different currency can be opened for each kind of foreign exchange account.
I. Foreign Exchange Account of Foreign-funded Enterprises
In case the enterprise needs to open a foreign exchange basic account or foreign exchange special account with a bank elsewhere in China for its own business, it may apply to the Administration of Foreign Exchange at the place of its registration for approval. It may apply for opening a foreign exchange account to the bank only after the Administration of Foreign Exchange of the place where the enterprise intends to open an account puts on record and approve the approval documents issued by the Administration of Foreign Exchange at the place of its registration with a stamp affixed.
The bank which conducts foreign exchange business shall fill in the blank for the name of bank, the currency, the account number, the type of account and the opening date of the account in the registration certificate of foreign exchange and stamp it.
II. Other Foreign Exchange Special Account for Foreign Investors
According to the provisions of Circular of State Administration of Foreign Exchange on Improving Administration of Foreign Exchange for Foreign Direct Investment, if the foreign investors engages in direct investment or activities related to direct investment in China without establishing an enterprise with foreign investment in China, the foreign investor may apply for opening the foreign exchange special account in its own name to the Administration of Foreign Exchange at the place where the investment project is located.
In such case, the foreign investor is only allowed to open the foreign exchange special account in one currency with one bank unless otherwise approved by the Administration of Foreign Exchange. According to the use of the account, it may be either of the following four kinds: the investment account, the acquisition account, the expense account and the guarantee account.
Funds to a foreign investor’s foreign exchange special account shall be input in the form of spot exchange, instead of cash deposit. The settlement and transfer of foreign exchange in the account shall be approved by the Administration of Foreign Exchange on a case-by-case basis.
Contact Us
If you have further inquires, please do not hesitate to contact Tannet at anytime, anywhere by simply visiting Tannet’s website english.tannet-group.com, or calling Hong Kong hotline at 852-27826888 or China hotline at 86-755-82143422, or emailing to tannet-solution@hotmail.com. You are also welcome to visit our office situated in 16/F, Taiyangdao Bldg 2020,Dongmen Rd South, Luohu , Shenzhen, China.
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