Domestic institutions here represent following entities and institutions located in the territory of China: Government bodies, Enterprises, Social organization, and Army, etc. Domestic institutions comprise foreign invested enterprises, but not financial institutions. All these entities and institutions should follow the rule regarding foreign exchange current account administration of State Administration Foreign Exchange (“SAFE”).
A tax payment / exemption certificate should be provided when the remitted amount exceeds USD 1,000 for an enterprise or USD 500 for an individual
Yes. Foreign exchange can be transferred between the current accounts of same nature.
Generally speaking it’s not allowed. But this can be approved upon application and filing of proper documents.
The foreign exchange income under the approved quota can be retained in the account or transferred to other current account. But the portion exceeding the approved quota should be sold to the bank.
Generally speaking, the approved quota is 20% of prior year foreign exchange income. If there is no foreign exchange income last year, the maximum amount shall be decided by SAFE with a principal of not more than 100 thousand US dollars.
One or more than one.
a) Application letter to open a foreign exchange current account b) Original and photocopy of the business license or non-government organization registration license c) Original and photocopy of approval for doing foreign exchange business issued by competent government body, Foreign Exchange Registration Certificate, or foreign exchange income documents d) Original and photocopy of organization code […]
The foreign exchange current account can receive the income of foreign exchange classified as current account items. On the other hand, it can be used to pay current account items or approved capital account item.
