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Banking & treasury services in China.

Overcome language barriers, fast-changing regulations, and other challenges when banking from overseas. With our banking & treasury services, we will manage the relationships with your banks, assist in bank account opening, loan applications, and process payments in a secure and timely manner.

Banking & treasury services in China

Hassle-free banking, capital settlement, and other payments.

Efficient transactions

You focus on business growth while we take care of visits to the bank and all paperwork, including the support of processing international payments needing currency conversions and reporting.

Timely reminders

Our dedicated team will always remind you of important deadlines so you never have to worry about late payment fees, or falling out of favour with your suppliers, customers or bankers.

Knowledgeable specialists

We have on-the-ground experts who are qualified to work as an extension of an international CFO or manager who can advise or supervise all banking and treasury functions.

Banking & treasury services in China

Everything you need to conduct your financial transactions from afar.

Acclime banking & treasury services offer you an ideal solution to having instant and professional processing and reporting of all your financial transactions, while taking advantage of our team’s excellent banking relationships.

Essential services.

  • Setting up regular payment cycles
  • Managing bank account access keys and passwords
  • Keeping a registry of all company bank accounts
  • Collecting expense reimbursements requests, obtaining confirmation, and processing
  • Processing third-party payments whether ad-hoc or on scheduled dates
  • Preparing and issuing checks according to established rules of approval
  • Completing monthly bank reconciliation and keeping track of and reporting cash flow
  • Declaring received foreign payments via online system
  • Managing all standard in-person bank visits and operational communication with your bank
  • Ensuring that all company payments follow the agreed systems for payment approval and schedules

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Additional services.

  • Opening of corporate bank accounts
  • Drafting of rules and authorization document to determine authority to make payments
  • Advising on company financing
  • Handling incoming and outgoing international payments that require currency conversions
  • Advising on tax impact of inbound and outbound transactions

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Common questions.

Can foreign-invested companies open a bank account in China?
Yes. The foreign-invested companies need to establish at least two bank accounts in China: a foreign currency capital contribution account and RMB basic account. The foreign currency capital contribution account is needed to receive the registered capital injection from foreigner investor and the RMB basic account is used for daily business operations in China.
What system does China have regarding foreign exchange (FOREX) control?

China’s current FOREX control system was first introduced in 1996. According to this system, all FOREX transactions are classified into two categories: capital account items and current account items.

Capital account items are capital inflow or outflow transactions which serve either to increase or decrease a company’s debt or equity, including foreign direct investment, all types of loans, loan-related security transactions and securities investments. All capital account transactions are subject to approval by the State Administration for Foreign Exchange (SAFE).

Current account items are transactions of an ordinary recurrent nature, including payments for foreign trades and services and interest payments for FOREX debts.

What does the abbreviation SAFE stand for?
SAFE is the State Administration for Foreign Exchange. SAFE creates balance sheets for international payments, recommends exchange rate policies and recommends policies for balancing international payments. SAFE also regulates foreign exchange and standardises the FOREX (Foreign Exchange) market. It regulates remittances, forecasts supply and demand and oversees FOREX reserves.
What is the requirement for SAFE registration to open a Capital Account?
After being issued a Corporate Legal Person Business Licence, a foreign-invested enterprise (FIE) must apply for registration of foreign exchange with SAFE at the place of its business registration. They must present their FIE Background Information Registration Form, official approval documents and a Certificate of Establishment of the FIE, a Corporate Legal Person Business Licence issued by the State Administration for Industry and Commerce, approved valid articles of association and other documents as required by SAFE.
How can FIEs use the capital in cash?

The Types of Capital Conversion are as follows:

  1. Reserve Settlement (equivalent to USD 50,000 or less)
  2. Large Settlement

For Capital Settlement, the enterprise needs to provide the necessary documents to the bank. Such as the SAFE IC card, a letter of payment order for the RMB funds derived from its capital settlement, certificates demonstrating the purposes for which RMB funds derived from the capital settlement are to be used and the most recent capital verification report, etc.

Where the settlement is to be made for the reserve funds of a foreign-invested enterprise equivalent to USD 50,000 or less, the enterprise may directly go through the settlement procedure with respect to the accrued interests to its capital account using the relevant interest bill issued by any of the banks.

The Large Settlement should be transferred to the payee’s bank account directly after submitting the application documents. However, the Reserve Settlement with the amount of USD 50,000 or less is allowed to be transferred and kept in a basic RMB bank account.

What methods are used to determine transfer pricing?

There are 6 methods that are currently used to determine the pricing. These are:

  1. Comparable Uncontrolled Price Method A pricing method adopted by arm’s length parties in conducting same or similar transactions
  2. Resale Price Method A product purchase pricing method that begins with the resale price to arm’s length parties (of a product purchased from an affiliated party), reduced by a gross margin of the same or similar transactions
  3. Cost-Plus Method A pricing method that takes into consideration additional cost, reasonable fees and profits
  4. Transactional Net Profit Method Profits are determined as per the net profit margins of arm’s length parties in conducting same or similar transactions
  5. Profit Split Method The consolidated profits or losses of an enterprise and its affiliated parties are allocated between or among them using a reasonable rate
  6. Other Methods As set out in compliance with the arm’s length principle
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