Non-bank financial institutions operating and terminating foreign exchange business shall perform the following procedures:
1. Trust and investment companies, trust consulting companies, finance companies, finance companies, financial leasing companies, etc. (hereinafter referred to as non-bank financial institutions) engaged in trust deposits, loans, investments, financing, leasing, guarantees and other businesses. The operation of foreign exchange business must be approved by the State Administration of Foreign Exchange and its branches (hereinafter referred to as the foreign exchange administration department).
2. To apply for foreign exchange business, a non-bank financial institution must meet the following conditions:
(1) has been approved as a financial institution by the People's Bank of China;
(2) It really meets the needs of national and regional economic, financial and trade development;
(3) Having the ability to operate foreign exchange business, especially having a certain number and quality of economic and financial personnel, among whom the main person in charge and the person in charge of foreign exchange business shall have more than three years' experience in operating financial foreign exchange business;
(4) Paid-in foreign exchange capital meeting the following requirements:
(1) The equivalent foreign exchange of a national non-bank financial institution of not less than US$ 6,543,800,000;
(2) Non-bank financial institutions in provinces, autonomous regions, municipalities directly under the Central Government, cities under separate state planning and special economic zones shall have equivalent foreign exchange of not less than 5 million US dollars;
(3) Non-bank financial institutions in areas and cities under the jurisdiction of provinces and autonomous regions shall have equivalent foreign exchange of not less than US$ 2 million.
3. Non-bank financial institutions engaged in foreign exchange business shall submit a written application to the foreign exchange administration department and submit the following documents and materials:
(1) Apply for the feasibility report of foreign exchange business;
(2) The document of the People's Bank of China approving it as a financial institution;
(3) Articles of Association approved by the People's Bank of China;
(4) A capital verification certificate issued by a certified public accountant firm in People's Republic of China (PRC);
(five) the names and resumes of the main person in charge and the person in charge of foreign exchange business.
4. The procedures for examination and approval authority are as follows:
(1) National non-bank financial institutions report to the State Administration of Foreign Exchange for approval;
(2) Non-bank financial institutions in provinces, autonomous regions, municipalities directly under the Central Government, cities under separate state planning and special economic zones shall be reported to the State Administration of Foreign Exchange for examination and approval by the local foreign exchange administration branch;
(3) Non-bank financial institutions across provinces, autonomous regions and municipalities shall be submitted to the State Administration of Foreign Exchange for examination and approval by the local foreign exchange administration branch;
(4) All non-bank financial institutions that have been approved to engage in foreign exchange business shall be uniformly issued with foreign exchange business licenses by the State Administration of Foreign Exchange.
5. Non-bank financial institutions that are allowed to engage in foreign exchange business may apply to the administrative department for industry and commerce for registration or change of registration with the Financial Business License and the Foreign Exchange Business License.
6. When a non-bank financial institution applies for or the foreign exchange administration department decides to terminate the foreign exchange business, it shall, under the supervision of the local foreign exchange administration department, taxation, industry and commerce and auditing departments, clear up the foreign exchange claims and debts and return them, or the foreign exchange administration department shall revoke its foreign exchange business license.
7. Non-bank financial institutions applying for suspension of foreign exchange business shall submit a written application to the foreign exchange bureau 30 days ago and submit the following materials:
(1) Application for suspension of foreign exchange business signed by the board of directors;
(2) Recent balance sheet, income statement and foreign exchange position statement.
Two. Foreign exchange remittance procedures for foreign-invested enterprises and their personnel
1. Foreign exchange expenditures of foreign-invested enterprises (hereinafter referred to as "foreign-funded enterprises") in their normal business may be remitted from their foreign exchange deposit accounts by applying to the bank with payment vouchers.
2. Overseas Chinese investors or foreign investors of foreign-invested enterprises may apply to the bank for payment and remittance of their net profits and other lawful income after paying taxes according to law. The application shall be submitted to the board of directors of the enterprise or the authority equivalent to the board of directors on the resolution of profit distribution, tax payment vouchers and contracts containing income distribution clauses.
3. If foreign investors or foreign investors of foreign-invested enterprises need to transfer foreign exchange funds abroad, they must apply to the State Administration of Foreign Exchange and its branches (hereinafter referred to as the foreign exchange administration departments) and remit them from the foreign exchange deposit accounts of enterprises.
4. Foreign-funded enterprises use products to recover capital and distribute profits in accordance with the provisions of the contract. Products extracted and owned by overseas Chinese investors or foreign investors can be shipped out, but the taxes and other payables paid in China must be remitted. If it is sold in China, the foreign exchange obtained from the sale can be remitted after paying the payable amount.
5. After paying taxes according to law, the wages and other legitimate incomes of foreign employees or employees from Hong Kong and Macao of foreign-invested enterprises may apply to the bank with the certificate of the board of directors of the enterprise and the tax payment voucher, and remit them from the foreign exchange deposit account of the enterprise. When the remittance amount exceeds 50%, you can apply to the foreign exchange management department.
6, "foreign-funded" enterprises approved to set up branches or offices in foreign countries or Hong Kong and Macao, the required foreign exchange funds, approved by the foreign exchange administration department, can be paid from the enterprise's foreign exchange deposit account on schedule.
7. After the liquidation of the legally closed foreign-funded enterprises, if the funds owned or allocated by overseas Chinese investors or foreign investors need to be remitted, they may apply to the foreign exchange administration department for remittance from the foreign exchange deposit account of the original enterprise.
Three. Procedures for overseas account opening of foreign-invested enterprises
Enterprises with foreign investment shall go through the following procedures when opening an account abroad:
1. If a foreign-invested enterprise (hereinafter referred to as the enterprise) really needs to open an account in an overseas bank, it shall apply to the State Administration of Foreign Exchange and its branches (hereinafter referred to as the foreign exchange bureau) where the enterprise is located, and it can be opened only after approval.
2. An enterprise that meets one of the following conditions may apply to the foreign exchange administration department for opening an account abroad:
(1) If an enterprise has regular sporadic income abroad, it needs to open an account abroad, and the income will be remitted back to China after it is collected;
(two) the enterprise has regular sporadic expenditures abroad, and the income of such accounts should be remitted by the enterprise from the territory;
(3) due to special business needs, you must open an account abroad.
3. When an enterprise applies to the foreign exchange bureau for opening an overseas account, it shall submit the following documents:
(1) An application for opening an account signed by the legal representative of the enterprise or the authorized person of the board of directors and stamped with the official seal of the enterprise shall include the reasons for opening an account, currency, finance, scope of use of income and expenditure, service period, bank to be opened, location, etc.
(2) A capital verification certificate issued by an accounting firm registered in China that the enterprise has paid its capital in full as required;
(3) If the enterprise has representative offices and resident personnel abroad, the documents approved by the relevant departments shall be attached;
(4) Measures for the administration of the use of overseas accounts of enterprises.
4. An enterprise must open an account abroad in its own name, and it shall open it in the country or region where its foreign exchange receipts and payments mainly occur. If there are Chinese banks in this field, priority should be given to Chinese banks, and foreign banks with good credit standing can also be selected for special needs.
5. When an enterprise opens an account abroad, it shall submit a written certificate to the foreign exchange administration department within 1 month after the approval of the foreign exchange administration department. If the written certificate is not submitted, the approval document of the foreign exchange administration department will automatically become invalid.
6. Within 30 days after the expiration of the use period of the enterprise's overseas account, it is necessary to provide the foreign exchange management department with the certificate of cancellation of the overseas account, remit the balance to China, and provide the account clearing bank; If it is necessary to extend the service life of overseas accounts, a written application shall be submitted to the foreign exchange administration department within 30 days before the expiration.
7. The enterprise shall provide a copy of the bank statement to the foreign exchange administration department within 0/5 days after the end of each quarter, and make a written explanation on the use of funds.
Four, foreign-invested enterprises in China foreign currency settlement procedures.
Enterprises with foreign investment shall go through the following procedures for foreign currency settlement in China:
1. Enterprises with foreign investment (hereinafter referred to as enterprises) (settlement in foreign currency in China must be approved by the State Administration of Foreign Exchange or its branches (hereinafter referred to as foreign exchange administrations) where the enterprises are located. Anyone who is approved can handle payment and receipt through his foreign exchange depositor.
2. An enterprise that meets one of the following conditions may apply to the foreign exchange administration department for settlement and sale of foreign exchange:
(1) The products produced by the enterprise belong to the commodities that need to be imported according to the national plan;
(2) Enterprises sell products to special economic zones, economic and technological development zones or foreign-invested enterprises;
(3) The products produced by enterprises belong to raw materials and spare parts that domestic production enterprises need to import with foreign exchange.
3. When an enterprise applies for the settlement and sale of foreign exchange in China, it shall provide the following documents to the foreign exchange administration department:
(1) Application Report for Foreign Currency Settlement of Domestic Sales Products. The report shall specify the reasons, product name, quantity, amount and time limit.
(2) A capital verification certificate issued by an accounting firm registered in China that the enterprise has paid its capital in full and on schedule;
(3) Other documents required by the foreign exchange administration department.
Under any of the following circumstances, it is generally not allowed to settle and sell its products in foreign currency:
(1) The enterprise violates the contract, articles of association or approval documents, fails to fulfill the export or resale responsibilities, and fails to reach the localization level on schedule;
(2) It belongs to an enterprise or product whose investment is discouraged by the state.
Five, foreign institutions and resident personnel in China to exchange foreign exchange for the following procedures:
1. Foreign diplomatic missions, consular offices, commercial offices of various countries in China, international organizations and non-governmental organizations in China (hereinafter referred to as the offices in China), diplomats, consular staff and resident staff of various institutions in China (hereinafter referred to as the resident staff), free foreign exchange and RMB foreign exchange certificates imported or brought in from foreign countries, Hong Kong, Macao and other regions can be kept by themselves, and can also be sold or stored in banks in China and banks engaged in foreign exchange business (hereinafter referred to as the resident staff).
2. Banks open foreign currency deposit accounts and RMB special deposit accounts for domestic institutions, and supervise the receipt and payment of the account-opening units. When domestic institutions withdraw foreign exchange certificates from their accounts, the opening bank stamps the memo with the seal of "non-convertible foreign currency", and the unused foreign exchange certificates cannot be converted back into foreign currency and can only be used in China.
3. Banks open foreign currency deposit accounts and special RMB accounts for residents. When residents withdraw foreign exchange certificates from their accounts, the bank will register "resident depositors" on the memo. When leaving the country, if the unused foreign exchange certificates need to be converted into foreign exchange for remittance or exit, the bank will unilaterally exchange some foreign exchange (up to 50% of the original exchange amount) with my exit certificate or wireless ticket and the exchange water within the validity period. If residents do not leave the country, unused foreign exchange certificates cannot be exchanged for foreign exchange and can only be used in China.
Where there is a payment agreement with China, the foreign exchange remitted by its institutions or resident personnel in China can only be withdrawn in RMB.
5. Foreign diplomatic missions and agencies in China collect notarization fees and certification fees paid by China citizens in RMB. If it needs to be converted into foreign exchange, it must submit a written application to the local State Administration of Foreign Exchange or its branches, and handle it according to the approved opinions.
6. Various articles, equipment, appliances, etc. Brought in from abroad, Hong Kong, Macao and Taiwan, or purchased in China. If it is sold, the RMB proceeds will not be funded by the bank.
The intransitive verb: the procedure for domestic investors to invest abroad.
Domestic investors investing abroad shall go through the following procedures:
1. Companies, enterprises or other economic organizations (excluding foreign-invested enterprises, hereinafter referred to as domestic investors) that intend to invest abroad must go through the examination and approval procedures with the Ministry of Foreign Economic Relations and Trade and its authorized departments.
2. Domestic investors shall provide relevant materials and certificates before going through the examination and approval of overseas investment with the Ministry of Foreign Economic Relations and Trade and its authorized departments. The State Administration of Foreign Exchange and its branches shall conduct investment risk review and foreign exchange fund source review, and make a written conclusion within 30 days.
(1) Domestic investors who intend to make overseas investments with foreign exchange funds shall provide the following materials and certificates:
① Existing laws and regulations on foreign investment in the host country (region), such as investment law, company law, tax law, etc.
(2) Current laws and regulations on foreign exchange management in the country (region) where the investment is located, as well as relevant regulations on the management of overseas investment in equity, profits and other legitimate income;
(3) An analysis report on the economic feasibility of the investment project verified by a certified public accounting firm in the country (region) where the investment is located;
(4) The credit standing of the joint venture and its partners certified by the law firm of the country (region) where the investment is made, and a statement that the investment project complies with the laws of the country (region) where the investment is made or enjoys preferential behavior;
(5) A certificate issued by the competent department of domestic investors on the source of foreign exchange funds for investment;
⑥ Investment recovery plan;
⑦ Review opinions of China embassies and consulates abroad on the project or confirmation opinions of relevant materials;
⑧ Other documents required by the foreign exchange administration department.
To purchase an overseas company or enterprise, in addition to the above materials, it shall also provide the operating conditions and relevant financial statements of the company or enterprise in the past three years.
(2) Domestic investors who intend to invest abroad in the form of equipment, raw materials and industrial property rights shall submit the foreign exchange price information of the equipment, raw materials and industrial property rights used for investment in addition to the relevant materials specified above.
3. After the overseas investment project is formally approved, its domestic investors shall handle the formalities of registration and remittance of foreign exchange funds with the following materials:
(1) Approval documents of the Ministry of Foreign Economic Relations and Trade and its authorized departments;
(2) written conclusions of the foreign exchange administration department on the review of foreign exchange risks and sources of foreign exchange funds;
(3) Investment project contracts or other documents that can prove the amount of foreign exchange funds that domestic investors should remit.
4. Domestic investors shall deposit a profit margin of 5% of the remitted foreign exchange funds (hereinafter referred to as the margin) when registering to invest and remit foreign exchange funds. If deposits received, a domestic investor, is in real difficulty, he can make a written commitment to the foreign exchange administration department to ensure that overseas investment enterprises can repatriate profits or other foreign exchange earnings on schedule. However, if overseas investment is made in the form of equipment, raw materials and industrial property rights, relevant procedures shall be handled according to the following requirements:
(1) For overseas investment in the form of equipment, raw materials and industrial property rights, the foreign exchange administration department shall decide the amount of the deposit paid by its domestic investors or make a written commitment to the foreign exchange administration department according to the specific circumstances;
(2) Where equipment, raw materials, industrial property rights and part of foreign exchange funds are invested, domestic investors shall pay a deposit of 5% of the extra burden of remitted foreign exchange funds, and equipment, raw materials and industrial property rights shall be handled in accordance with the above provisions.
5. After a foreign-invested enterprise has registered and opened an account in the local area, its domestic investors shall submit the local registration certificate, the bank where the enterprise has opened an account, the bank account number and other relevant materials to the foreign exchange administration department for the record within 30 days.
6. Where a foreign-invested enterprise changes its capital, its domestic investors shall report to the original examination and approval department for approval in advance and report to the foreign exchange administration department for the record.
7. When transferring the equity of a foreign-invested enterprise, a domestic investor shall submit a report on the equity transfer to the foreign exchange administration department and repatriate the foreign exchange income within 30 days after the transfer.
8. When an enterprise with overseas investment is declared closed or dissolved according to law, its domestic investors shall submit the balance sheet, property catalogue, property evaluation and other materials after liquidation to the foreign exchange administration department for the record, and repatriate the foreign exchange assets belonging to China within 30 days after liquidation. Without the approval of the foreign exchange administration department, they shall not be used for other purposes or stored abroad.
9. The annual accounting statements of foreign-invested enterprises, including balance sheets and profit and loss statements, shall be verified by local certified public accounting firms and submitted to the foreign exchange bureau by their domestic investors within 6 months after the end of the local accounting year.
10. If an overseas investment project is jointly organized by two or more domestic investors (hereinafter referred to as multiple investors), it shall go through the relevant formalities with the foreign exchange administration department in accordance with the following provisions:
(1) If there are multiple investors in the same jurisdiction, the party with more capital contribution shall go through the relevant formalities at the local foreign exchange administration department.
(2) For investors from different jurisdictions, the foreign exchange risk of investment shall be reviewed by the investors in consultation with the local foreign exchange administration department, and the foreign exchange administration department shall send a copy of the review conclusion to the foreign exchange administration departments where other investors are located; Foreign exchange fund source audit, fund remittance and other matters shall be handled by the investor at the local foreign exchange administration department.