1. The currency of performance guarantee is the same as the currency of debt recovery, and financial institutions can directly handle performance guarantee collection with overseas guarantors.
(1) If the domestic debtor engages in the business of foreign insurance and domestic loan, the domestic debtor shall suspend signing a new foreign insurance and domestic loan contract without the approval of the foreign exchange bureau before paying off the debt to the overseas guarantor; If a domestic loan contract for foreign-funded insurance has been signed, but the withdrawal has not been made or has been made in full, the new withdrawal shall be suspended without the approval of the local foreign exchange bureau.
(2) The outstanding principal balance of external liabilities formed by domestic debtors due to the performance of guarantees under foreign insurance and domestic loans shall not exceed the audited net assets at the end of last year. Those who exceed the above limits must occupy their own foreign debt quota; If the amount of foreign debt is still insufficient, it shall be treated as unauthorized foreign borrowing.
(3) If a domestic non-bank financial institution performs a contract for a creditor or an overseas guarantor, the domestic non-bank financial institution shall fill in the business number obtained when registering the foreign insurance and domestic loan in the declaration form when handling the indirect declaration of international payments.
When the domestic debtor applies to the creditor for handling the foreign insurance and domestic loan business, it shall provide the creditor with true and complete information such as debt default, foreign debt registration, debt settlement and so on.
2. If the currency of guarantee performance is inconsistent with the currency of debt withdrawal, and it is necessary to settle or purchase foreign exchange, the creditor (financial institution) shall apply to the local foreign exchange bureau. A financial institution shall submit the following documents when applying for guaranteeing performance payment for settlement of foreign exchange (or purchase of foreign exchange):
(1) application;
(two) foreign insurance and domestic loan business contracts (or concise contract terms);
(three) written proof of the source of foreign exchange settlement (or purchase) funds;
(4) the foreign debt registration certificate provided by the debtor (if the debtor cannot obtain the foreign debt registration certificate due to liquidation, dissolution, debt relief or other reasonable factors, the reasons shall be explained);
(5) Other certification materials deemed necessary by the foreign exchange bureau.
3, foreign debt registration:
In case of overseas performance guarantee, the domestic debtor shall go to the local foreign exchange bureau for short-term foreign debt signing registration and relevant information filing within 15 working days after performance guarantee. The foreign exchange bureau shall check the compliance of the debtor's foreign insurance and domestic loan business after the foreign debt signing registration. If violations are found, the foreign exchange bureau may handle the foreign debt registration formalities for them after handing them over to the foreign exchange inspection department. The debtor shall provide the following materials to the foreign exchange bureau:
(1) A written application report for foreign debt signing registration (including basic information of the company, transactions and summary of foreign insurance and domestic loan business, performance of this guarantee and other matters that need to be explained).
(2) A copy of the guarantee contract and the guarantee performance certificate (if there are many contract texts, provide concise contract terms and affix the seal; If the contract is in a foreign language, a Chinese translation must be provided and stamped with the debtor's seal).
(3) Foreign-invested enterprises should provide approval certificates, business licenses and other documents, and Chinese-funded enterprises should provide business licenses.
(4) The audited financial statements of the debtor at the end of last year.
(5) Other materials that may be required by the foreign exchange bureau (such as the registration documents of overseas creditors or personal identification documents) to verify the compliance and authenticity of overseas insurance and domestic loan business.
The above contents are for your reference. Please refer to the actual business regulations.
If you have any questions, please contact online customer service of Bank of China.
You are cordially invited to download and use China Bank Mobile Banking APP or China Bank Cross-border GO APP to handle related business.