Incorp China

Why Employing China Consultants To Solve Banking Issues is a Must

Nationalities are a way of creating a sense of belonging. As soon as you are born, you are gifted one, sometimes two, nationalities. They play an important part in how you identify yourself throughout your life and they can come with – or prevent – great liberties. The problem with belonging to one nationality is that, as soon as you take a step beyond your mother land’s borders, you are a stranger. It is human nature to protect what we know and recognize and seek distance from what we see as foreign and unknown. Whether executed consciously or subconsciously, this behaviors is deeply engraved in our DNA.

It comes at no surprise, therefore, that institutions within one country make it their duty to protect their own citizens as best as possible from everything and everyone outside national territory. Foreigners are therefore naturally subjects to greater controls, restrictions and more tightly supervised legislations.

Coming to China will illustrate this point precisely. Being treated like this by banks and bureaus is neither meant intrinsically bad nor malicious, but can be very frustrating and drag out simple tasks seemingly forever.

One of our US clients, providing HR services for companies worldwide, was experiencing grave trouble with banks in Shanghai. While we cannot name the exact cause for this problem, it essentially prevented our client to pay their staff in multiple countries as a large part of their profit was stored in the Shanghai bank accounts. Incorp China had the entire team on their phones talking to banks in all time zones – Shanghai, Singapore, the United States and the United Kingdom – day and night. It was our goal not only to find a short term solution and get the client’s staff payed with whatever bank accounts were accessible, but even more importantly, smooth things over with the Shanghai branch and regain access to the client’s account. The issue was resolved, salaries were payed on time and the Shanghai account was reopened for transfers in and out of the country. Incorp China is continuing to look after this client’s staff all over China and helps the individual branches manage their HR payroll processes.

Contact us to find out how we can help you. With over 30 years experience in China, we have the knowledge and passion for the field to support you and your business.

Call for a free consultation today at +1 (561) 729 6508, or email us at info@incorpchina.com with any questions you might have. We are looking forward to hearing from you.