Shenzhen Qianhai
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Relevant Regulation
Documents:
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“Detailed
Implementation Rules for the Pilot Program of Facilitating Examination for
Revenue Payment under Capital Accounts in Qianhai Shenzhen-Hong Kong Modern
Service Industry Cooperation Zone” (Shen Wai Guan [2018] No.20)
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Release Date:
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March 8. 2018
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Pilot Scope:
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Qianhai Cooperation
Zone
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Capital Account Income:
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Capital of
foreign-funded enterprises, foreign debt of domestic enterprises,
repatriation funds of domestic enterprises listed abroad
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Eligible Enterprises:
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1. Registered
within Qianhai Cooperation Zone.
2. Have
not committed any serious violation of foreign exchange laws and regulations
in the past three years.
3. Trade
in goods catagorised as band A (if have).
4. Non-financial
companies, non-real estate companies and non-governmental financing platform.
5. The
actual tax payable in the previous year or in the recent 12 months is greater
than or equal to RMB100,000, or Hong Kong-funded
enterprises.
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Pilot Type of Business:
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When pilot enterprises’
income of capital project is used in payment, showing “capital account
foreign exchange account order letter” is good enough to process transactions
in the banks without providing proof for authenticity of each transaction in
advance.
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Pilot Banks:
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Banks in Shenzhen
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Limits:
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Pilot
enterprises capital account income amount*macro-prudential assessment
coefficient
The coefficient is
temporarily decided as 1. The State Administration of Foreign Exchange can
adjust the time ratio and macro-prudential assessment ratio according to
foreign exchange receipts and expenditure trend.
When the
macro-prudential assessment coefficient is lower than 1, pilot enterprises is
not eligible for the facilitation of payment and examination in terms of
capital account income, and is subject to the current capital account’
settlement of exchange and policies on payment management.
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Receipts and Records:
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The enterprise shall
keep the payment receipts and other relevant authenticity certificates for two years. The receipts are kept for
post-supervision and verification by the banks and the State Administration
of Foreign Exchange.
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Miscellaneous:
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N/A
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Guangdong Pilot Free Trade Zone
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Relevant Documents:
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“Detailed
Implementation Rules for the Pilot Program of Facilitating Examination for
Revenue Payment under Capital Accounts in Guangzhou Nansha New District and
Zhuhai Hengqin New District of China (Guangdong) Pilot Free Trade Zone ” (Yue
Hui Fa [2018] No.23)
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Release Date:
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May 22, 2018
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Pilot Scope:
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Guangzhou Nansha New
District and Zhuhai Hengqin New District of Guangdong Pilot Free Trade Zone
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Capital Account Income:
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Capital of
foreign-funded enterprises, foreign debt of domestic enterprises,
repatriation funds of domestic enterprises listed abroad
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Eligible Enterprises:
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1. Registered
within Guangdong Pilot Free Trade Zone Nansha and Hengqin District.
2. Non-financial
companies, non-real estate companies and non-governmental financing platform.
3. The business scope of foreign-funded enterprises shall be subject
to Catalogue of Industries for the Guidance of Foreign Investment for
Encouraging Foreign Investment.
4. Have
not committed any serious violation of foreign exchange laws and regulations in the past two years.
5. Trade
in goods catagorised as band A (if have).
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Pilot Type of Business:
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When pilot enterprises’
income of capital project is used in payment inside
the country, showing “capital account foreign exchange account order
letter” is good enough to process transactions in the pilot banks without providing proof for authenticity of each
transaction in advance.
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Pilot Banks:
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Pilot enterprises in
Nanshan District of Guangdong Pilot Trade Free Zone shall choose banks in
Guangzhou to process pilot business;
Pilot enterprises in
Zhuhai Hengqin District of Guangdong Pilot Trade Free Zone shall choose banks
in Zhuhai to process pilot business.
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Limits:
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Pilot
enterprises capital account income amount*macro-prudential assessment coefficient
The coefficient is
temporarily decided as 1. The State Administration of Foreign Exchange can
adjust the time ratio and macro-prudential assessment ratio according to
foreign exchange receipts and expenditure trend.
When the
macro-prudential assessment coefficient is lower than 1, pilot enterprises is
not eligible for the facilitation of payment and examination in terms of
capital account income, and is subject to the current capital account’
settlement of exchange and policies on payment management.
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Receipts and Records:
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The enterprise shall
keep the payment receipts and other relevant authenticity certificates for two years. The receipts are kept for
post-supervision and verification by the banks and the State Administration
of Foreign Exchange.
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Miscellaneous:
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N/A
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Xiamen Area in Fujian Pilot Free
Trade Zone
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Relevant Documents:
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“Detailed
Implementation Rules for the Pilot Program of Facilitating Examination for
Revenue Payment under Capital Accounts in Xiamen Area of China (Fujian) Pilot
Free Trade Zone ”
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Release Date:
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October 10, 2018
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Pilot Scope:
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Xiamen Area of China (Fujian)
Pilot Free Trade Zone
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Capital Account Income:
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Capital of
foreign-funded enterprises, foreign debt of domestic enterprises,
repatriation funds of domestic enterprises listed abroad
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Eligible Enterprises:
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1. Registered
within Xiamen Pilot Free Trade Zone.
2. Non-financial
companies, non-real estate companies and non-governmental financing platform.
3. Enterprises
that have not committed any serious violation of foreign exchange laws and
regulations in the past three years, not monitored by capital account
information system, and trade in goods catagorised as band A (if have);
Or already have
established for more than one year and not exceeding three years, have not
committed any serious violation of foreign exchange laws and regulations
since registration date of business, not monitored by capital account
information system and trade in goods catagorised as band A (if have);
Or
foreign-funded enterprises that have established less than a year but paid-in
capital of which is more than USD20,000,000.
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Pilot Type of Business:
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When pilot enterprises’
income of capital project is used in payment inside
the country, showing “capital account foreign exchange account order
letter” is good enough to process transactions in the pilot banks without providing proof for authenticity of each
transaction in advance.
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Pilot Banks:
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Banks and its branches catagorised as B and above in terms of assessment on banks
executing foreign exchange management regulations by the State Administration
of Foreign Exchange Xiamen Bureau
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Limits:
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Pilot enterprises
capital account income amount*time coefficient*in yearly order*macro-prudential
assessment coefficient
The time coefficient is
temporarily decided as 0.25. The yearly order refers to how many years have
passed since business registration. When the time coefficient is above 1,
take 1 as the coefficient. The macro-prudential coefficient is temporarily
decided as 1.The State Administration of Foreign Exchange can adjust the time
ratio and macro-prudential assessment ratio according to foreign exchange
receipts and expenditure trend.
When the time
coefficient is lower than 1, pilot enterprises is not eligible for the
facilitation of payment and examination in terms of capital account income,
and is subject to the current capital Account’ settlement of exchange and
policies on payment management.
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Receipts and Records:
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The enterprise shall
keep the payment receipts and other relevant authenticity certificates for five years. The receipts are kept for
post-supervision and verification by the banks and the State Administration
of Foreign Exchange.
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Miscellaneous:
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The pilot banks shall
make note “Facilitation Pilot” under “detailed use of foreign exchange
settlement” of capital account information system when dealing with the
foreign exchange settlement transactions.
The pilot banks shall make note“Facilitation Pilot”under “transaction remarks”when
dealing with domestic payment transactions.
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Fujian Special Economic Zone
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Relevant Documents:
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“Detailed
Implementation Rules on Facilitating Capital Project Management of
Taiwan-funded Enterprises in Fujian Special Economic Zone”
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Release Date:
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July 12, 2018
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Pilot Scope:
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Fuzhou Area and Pingtan
Area, Quanzhou Financial Services Real Economy Comprehensive Reform Pilot
Zone and Zhangzhou Taiwanese Investment Zone
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Capital Account Income:
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Capital, funds in the domestic asset realisation account and the
domestic reinvestment special account, foreign debt, repatriation
funds of enterprises listed abroad and other foreign exchange income from
capital account
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Eligible Enterprises:
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1. Registered
within Fujian Special Economic Zone
2. Taiwan-funded
enterprises, non-real estate enterprises
3. Foreign
exchange management of trade in goods NOT catagorised as band B or C (if
have).
4. It
is not in the status of “operations control” under the capital account
information system
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Pilot Type of Business:
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1. By
showing “capital account foreign exchange account order letter” is good
enough to process transactions in the pilot banks without providing proof for authenticity of each transaction in advance.
2. The
RMB capital obtained through capital accounts’ income or settlement of
exchange can be directly used for domestic equity investment.
3. Can
complete the basic information of domestic direct investment registration ,
modification and cancellation at the banks in Fujian.
4. There
is no limit to the number of accounts opened for a single foreign debt.
5. The
cancellation registration of foreign debt shall be delegated to the banks and
the time limit for cancellation of pilot enterprises’ foreign debt will be
cancelled.
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Pilot Banks:
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Banks within Fujian
province
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Limits:
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Temporarily not
specified
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Receipts and Records:
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The enterprises shall
keep relevant documents for two years, start
from the date of conducting relevant transactions, for post-supervision. The banks
shall keep relevant documents for five years for post-supervision.
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Miscellaneous:
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Temporarily not
specified
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Beijing Zhongguancun
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Relevant Documents:
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“Notice of
Implementation on Facilitating Capital Account Policies in Zhongguancun
Science Park” (Jing Hui [2018] No.92)
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Release Date:
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October 30, 2018
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Pilot Scope:
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Zhongguancun Science
Park Zone 1 Area 16
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Capital Account Income:
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Foreign capital of
foreign-funded enterprises (including funds in the
domestic assets realisation account of domestic institution and funds in the
domestic reinvestment account), foreign exchange and debt of domestic
enterprises and repatriation funds of domestic enterprises listed abroad
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Eligible Enterprises:
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1. Registered
office address is within Zhongguancun Science Park Zone 1 Area 16.
2. Enterprises
that have obtained the National High-tech Certificate or the High-tech of Zhongguancun
Certificate, and are listed in the catalogue of high-tech enterprises in
zhongguancun published by the management committee of Zhongguancun science
park.
3. It
belongs to non-financial enterprises other than real estate enterprises and
government financing platforms. Trade in goods catagorised as band A (if
have).
4. No
record of violations of foreign exchange rules in the past two years.
Pilot enterprises that
have borrowed foreign debt within the scale approved by the foreign exchange
administration departments will not be included in the pilot program for
facilitating foreign exchange settlement and payment of capital account
income.
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Pilot Type of Business:
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1. When
pilot enterprises’ income of capital account is used in payment inside the
country, showing “capital account foreign exchange account order letter” is
good enough to process transactions in the pilot banks without providing
proof for authenticity of each transaction in advance.
2. Non-investment
pilot enterprises are allowed to use foreign debt capital to conduct certain
equity investment.
3. Settlement
of foreign debt capital borrowed legally by pilot enterprises can be used for
certain equity investment, and shall be clarified in foreign debt contract.
4. Pilot
enterprises’ cancellation registration of foreign debt has been transferred
to banks, which will be implemented after
completing adjustment of capital account information system.
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Pilot Banks:
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Banks in Beijing
designated by foreign exchanges
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Limits:
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Pilot
enterprises capital account income amount*macro-prudential assessment
coefficient
When the
macro-prudential assessment coefficient is lower than 1, pilot enterprises is
not eligible for the facilitation of payment and examination in terms of
capital account income, and is subject to the current capital account’
settlement of exchange and policies on payment management.
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Receipts and Records:
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1. Pilot
enterprises shall keep “capital account foreign exchange account order
letter” and related authenticity/compliance documents for five years for
verification conducted by foreign exchange management department and banks.
2. Banks
shall refer to “Catalogue of Zhongguancun High-tech and New Technology
Enterprises” when dealing with facilitated settlement and payment of foreign
exchange transaction of capital account. Also, banks shall search
classification of pilot enterprises’ trade in goods through trade in goods
foreign exchange monitor system. Banks shall keep the search results for five years.
3. Banks
shall keep the relevant documents for five years in
case of inspections.
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Miscellaneous:
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Enterprises shall
submit following documents to Zhongguancun central branch:
1. Application
form (status of borrower and lender, background of borrowing, main points of
contact, planned withdraw and settlement of exchange time, plan for usage of
capital, letter of commitment for no
violation of rules for past two years, risks prevention measures etc.)
2. National
high-tech Certificate or Zhongguancun High-tech Certificate.
3. Original
foreign debt contract and copy of main clauses of the contract, contracts in
foreign languages shall attach Chinese translation of main clauses.
4. Chinese-funded
enterprises: business registration certificate, financial statement of the
previous year or the latest audited one, “Macro-prudential Cross-border Financing
Risk-weighted Balance Statement (enterprise version)” etc.
Foreign-funded
enterprises: “Approval Certificate for Foreign-invested Enterprises” or “Receipt
of Establishment/Modification of Foreign-funded Enterprises”, business
registration certificate, written description of cross-boarder financing
management model etc., financial statement of the previous year or the latest
audited one and “Macro-prudential Cross-border Financing Risk-weighted Balance
Statement (enterprise version)” shall be provided if all-round management is
involved.
5. Other
documents required by the authorities.
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