Corporate account in China: Foreign Currency Restrictions and International Transfers in China
- Максим Миненко
- 26 апр.
- 1 мин. чтения
Setting up a business in China involves navigating currency rules and transfer processes. Here's what you need to know to corporate account in China in simple terms:
FDI Document for Capital Transfer
The FDI (Foreign Direct Investment) document is required to transfer registered capital into China. In theory, it's available to everyone and takes a few weeks to obtain. On practice, not for all.
Currency Control Basics
While China is gradually easing currency policies, the yuan (CNY/RMB) remains non-convertible. Key points:
- Banks must be notified about all foreign currency transactions (incoming/outgoing)
- Online banking doesn't support forex transfers - you'll need to visit banks in person with documents
- Domestic yuan transfers within China face no restrictions
Payment Challenges
- Registering capital requires both FDI approval and separate bank authorization
- Foreign companies can send payments to China, but recipient banks often block transactions - always confirm acceptance first
- Chinese firms can pay foreign suppliers but face complex tax withholding procedures, making such payments rare (most use Hong Kong intermediaries instead)
- Foreign entities can transfer to Chinese personal accounts, but with limitations
How USG Can Simplify the Process
Dealing with China's currency regulations and banking hurdles can frustrate even experienced entrepreneurs. That's where we help.
Our team handles all the complexities - from obtaining FDI approval to navigating cross-border payments. We'll ensure your capital transfers comply with regulations while finding the most efficient banking solutions for your China operations.
Whether you're establishing a new business or managing ongoing transactions, our experts provide end-to-end support to keep your finances flowing smoothly.
