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Financial Policies for Foreign Investment in Beijing

SOURCE:DOINGBUSINESSINCHINA.ORG   TIME:2016-04-07

 

Financial Policies for Foreign Investment in Beijing

Beijing’s economic development requires strong financial support and a reasonable capital flow. This provides a good opportunity for foreign investment in Beijing.

 To promote the strategic adjustment of Beijing’s economic structure, Beijing Municipal Development and Reform Commission has put forward objectives and policy recommendations about industrial structure up gradation and spatial layout optimization, and has formulated a series of industrial policies on foreign investment utilization in relevant areas.

1.Foreign exchange registration
Foreign-invested enterprises shall go through foreign exchange registration procedures at its registration place within 30 days after obtaining the Business License of Enterprise Legal Person and obtain the Foreign Exchange Registration Certificate of Enterprises with Foreign Investment.

2.Open foreign exchange accounts
When foreign-invested enterprises have gone through foreign exchange registration procedures, they can apply to foreign exchange management authorities for the opening of foreign exchange capital accounts, regular foreign exchange accounts, etc. In the foreign exchange accounts of foreign-invested enterprises, the income range refers to the capital in cash provided by the foreign party; the payment range includes foreign exchange expenditure for regular projects and for capital project after the approval of administration authorities. In the regular foreign exchange accounts, the income includes foreign exchange earnings from regular projects and the payment includes foreign exchange expenditure for regular projects and for capital project after the approval of administration authorities.
When registered accounting firms produce capital verification reports for foreign-invested enterprises, they should consult local foreign exchange administration authorities and the banks where the enterprises open their capital accounts.

3.Open special accounts for foreign investors
Foreign investors who have not set up enterprises in China but plan to set up foreign-invested enterprises or engage in direct investment and other related activities can apply to foreign exchange administration authorities for opening four kinds of special accounts (investment, acquisition, cost and deposit) for keeping investment funds.
Money in such accounts can only be remitted in cash; capital settlement and transfer must be approved by foreign exchange administration authorities.

4.Annual foreign exchange inspection for foreign-invested enterprises
Foreign-invested enterprises shall participate in the annual foreign exchange inspection regularly in accordance with related notice issued in the beginning of every year.

5.Export and import registration and verification
Newly-founded foreign-invested enterprises with the power to engage in import and export trade shall apply to foreign exchange administration authorities for inclusion in the “List of Import Enterprises of Pay-in-foreign-exchange”. When export enterprises have gained the right of operation, they should go to the Customs for “China E-Port”access procedures and obtain the “China E-Port” corporate legal person IC card and the business operator IC card. If an enterprise wants to change its name or terminate operations, it must go to foreign exchange administration authorities for record filing and registration within one month after finishing formalities at the Industry and Commerce Bureau and the Customs. The application has no fixed format. When verification sheet is needed for the first export business, enterprises can handle both the verification sheet and record filing in the Foreign Exchange Bureau.

6.Registration of external debt
Within 15 days after signing external debt contracts, foreign-invested enterprises shall take the contracts to foreign exchange administration authorities to go through external debt registration procedures. The state exercises special account management over the inflow and outflow of external debt. In principle, special accounts for external debt can only be opened in designated foreign exchange banks. Debtors shall obtain the approval of the Foreign Exchange Bureau and a “Foreign Exchange Business Account Authorization for Capital Projects” in order to open external debt accounts and repayment accounts. A special external debt account includes a debt account and a repayment account. Debt settlement and debt service are required to be approved by the foreign exchange administration authorities.

7.International payments report
When cross-border payment occurs, foreign-invested enterprises shall make
international payments reports at designated foreign exchange banks. Every six months they should also submit a direct investment statistical report to foreign exchange administration authorities.

8.Foreign exchange expenditure
As to external payments for trade and non-trade business, foreign-invested enterprises can take corresponding effective business documents and effective vouchers to designated foreign exchange banks for the payment, according to provisions. The remittance of profit after tax and dividends by foreign investors can also be conducted through designated banks. In Foreign-invested enterprises, the wages in RMB and other legitimate income of overseas Chinese and workers from Hong Kong, Macao and Taiwan can also be remitted at designated banks, as long as related supporting materials are taken. The following external payments can be cashed from the foreign exchange accounts of enterprises or through designated foreign exchange banks, after foreign exchange administration authorities have checked the authenticity:
a. Unstated commission exceeding 2% of the total contract price or stated commission exceeding 5% of the total contract price, and the commission values over UsD 10,000;
b. Repayment of debt principal and interest;
c. Cash extraction equivalent to more than UsD 1 0,000;
d. Foreign exchange income of foreign-invested enterprises obtained from share
transfer or operations termination can be remitted overseas after liquidation and the inspection of foreign exchange administration authorities.


                                                                                                                                                                                                                             -by report of  MOFCOM



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