Profit Repatriation: How to Get Your Money Out of China
As China’s economy continues to grow, it appears to foreign companies as an increasingly attractive place to do business. China is the only major economy to have grown during 2020, a year remembered by many for the coronavirus pandemic and concomitant economic recession. But as foreign businesses invest in the China, a growing number of them are also looking for the most efficient way to bring their profits back home. r repatriating funds are different for individuals and companies, regarding both the preconditions one must meet and limits on the amount transferred. Here, we will can compare the regulations for companies and people:
How To Open a Bank Account in China
Planning to operate a wholly foreign-owned enterprise business in China, whether it be a small business, a global company, or even a Fortune 500 company, can be fairly effortful. It is essential to take all the precautions needed to for your business to be successfully established. Once you acquire a business license, there are more steps to be taken further, such as, opening a bank account in China, to assist your business affairs. Although this step is necessary and can sound simple, opening an account in China can be challenging, especially recently, as the regulations became more stringent.
As of April 2020, the People’s Bank of China (PBOC) have made it obligatory to follow high level of analysis during the Know Your Customer (KYC) process. Because of this, the PBOC have ordered that all banks not only to oversee business activities, including financial transactions, but also to induct a few other conditions such as investigating your other bank accounts in addition to dormant accounts, seek capital transitions, examine times of transactions as well as suspicious or abnormal activities, restrict pay outs and limit online banking transactions.