What materials do applicants need to submit for remittance of overseas investment funds?
1) written application (including remittance amount and source, payee's bank and account number, etc. ); (2) the approval of the source of foreign exchange funds for overseas investment (except those exempted from examination by laws and regulations) or the foreign exchange registration certificate for overseas investment; (3) (Non-financial overseas investment) Provide the People's Republic of China (PRC) Overseas Investment Approval Certificate issued by the competent commercial department; (4) Overseas investment in resource development with Chinese investment of more than USD 30 million and overseas investment in non-financial and non-resource development with Chinese foreign exchange investment of more than USD10,000 shall be approved by the National Development and Reform Commission. (five) financial overseas investment shall provide the approval documents of relevant financial institutions for investment. Note: Keep an original copy of 2.3.4.5 inspection.
Overseas funds mainly enter the China market through the following channels:
I. Legal channels for foreign direct investment.
Two, the use of China current account convertibility into the China market. Common methods include falsely reporting import and export prices, prepaying payment, delaying payment of foreign exchange, parallel loans, and borrowing foreign debts by mistake in advance.
In addition to enterprises, individuals also use personal foreign exchange remittances to mix funds under capital into current accounts and flow into China. This situation used to be quite common, there are three main situations:
(1) The principal or income of overseas investment remitted by domestic residents in the form of non-trade foreign exchange shall be settled in China;
(2) Foreign investors remit money in the name of individuals or authorized agents, and settle foreign exchange in the name of individuals;
(3) The overseas investment company of a foreign-invested enterprise remits funds to the legal representative or members of the board of directors of the domestic foreign-invested enterprise in the name of individual donation, and adopts the method of breaking up the whole into parts to settle foreign exchange as the working capital of the enterprise.
Third, take foreign-funded enterprises in China as the channel.
(a) through the establishment of investment companies or production subsidiaries, joint ventures in China, or in the name of building joint ventures or wholly-owned projects, in the form of registered capital or capital increase of enterprises, raising foreign exchange from abroad and settling foreign exchange.
(2) It is through shareholder loans of foreign-invested enterprises, that is, foreign-invested enterprises make short-term foreign loans and foreign exchange settlement in the form of shareholder loans.
(3) Domestic foreign-funded enterprises and overseas affiliated enterprises cooperate with each other to facilitate the entry of overseas funds through temporary collection of payables, advance receipt of goods, delayed export, etc. 4. Foreign exchange loans and foreign exchange settlement through domestic enterprises.
5. Independent capital allocation of domestic Chinese and foreign banks.
To sum up, cross-border remittance refers to the foreign exchange remittance business of individual online banking customers to the payee who opens an account in a bank outside the mainland within the prescribed limit. Cross-border remittance has both telecom fees and handling fees, which is time-consuming to operate.
As the handling fee for cross-border remittance generally has a maximum amount, it is suggested to increase the amount of a single remittance as much as possible within the maximum amount to reduce the number of remittances and save the telegraph fee for each remittance.
Legal basis:
State Administration of Foreign Exchange's measures against domestic enterprises
Notice on relevant issues concerning foreign exchange management of overseas loans. If the overseas loan expires or the overseas borrower requests installment or early repayment, the repayment principal and interest shall be remitted to the special account for overseas loan with the approval of the local foreign exchange bureau. First, the repayment funds are transferred back to the original capital foreign exchange account according to the amount originally drawn from the capital foreign exchange account until the amount drawn from the capital foreign exchange account is replenished, and the rest can be transferred to the current account foreign exchange account. The original purchase of foreign exchange can be handled directly at the designated foreign exchange bank with the original overseas loan approval document and purchase certificate.
14. When the overseas loan repayment funds are remitted or transferred to the lender's foreign exchange account, the maximum amount of the foreign exchange account will not be occupied; Remittances remitted to designated foreign exchange banks should indicate "repayment funds" in the remarks column when replying to the confirmation letter of repayment funds from designated foreign exchange banks, and accounting firms may not handle capital verification business of foreign-invested enterprises by virtue of the confirmation letter of repayment funds from designated foreign exchange banks.
Fifteen, the lender shall, in accordance with the relevant provisions of the international balance of payments statistics declaration, timely and accurately report the remittance and repayment information of overseas lending funds.
Sixteen, the foreign exchange bureau in the annual joint annual inspection of overseas investment enterprises to confirm the lender's loan qualification and loan amount. For those who do not participate in the joint annual inspection or fail to pass the confirmation, the foreign exchange bureau shall instruct them to recover the principal and interest of overseas loans and shall not extend the lender's qualification for overseas loans.
17. If the lender needs to convert overseas loans into equity investment, it shall go through the formalities for approval of overseas investment and change of foreign exchange registration in accordance with the relevant provisions on overseas investment.
Eighteen, the State Administration of foreign exchange may, according to China's international balance of payments and overseas lending, timely adjust the qualifications, sources, quantity and duration of overseas lending by domestic enterprises.
Nineteen, the lender in violation of the provisions of this notice, the foreign exchange bureau will be punished according to the "Regulations" of People's Republic of China (PRC) and related foreign exchange management regulations. If the circumstances are serious, the application for overseas loan or extension shall not be approved; Those who have issued overseas loans shall be ordered to terminate and recover overseas loans.