To open an offshore account, you must first register an offshore company, such as a Hong Kong company, a British company, a BVI company, a Samoa company, etc. Currently, there are four domestic banks in China that can open offshore accounts, namely China Merchants Bank, Shanghai Pudong Development Bank, Shenzhen Development Bank and Bank of Communications.
The process for a Hong Kong company to open an offshore account in China:
The first step is to register a Hong Kong company. The whole process takes about 10 working days. You are required to provide personal documents, company name, and business scope. .
Then open an offshore account. The process of opening an offshore account takes about a month. First, you need to send the information to the bank for review. The review cycle is about 2 weeks. Then you need to apply for a special agency code, which takes 2 -3 weeks. After the information review is completed and the coding application is successful, the bank will notify you of the scheduled account opening time. The account can be processed on the same day, but you need to come in person.
Generally, when opening an offshore account in China, you choose to open an NRA account in Yiwu. This account can be directly tied to the Yiwu foreign exchange settlement account and used together to solve the problem of foreign exchange collection and settlement together. Currently, Yiwu's NRA account has been used as an alternative account for many foreign trade companies and can be used to receive letters of credit and remittances from sensitive countries.
Extended information:
Offshore accounts opened in the name of offshore companies are equivalent in nature to offshore bank accounts, and can enjoy the following offshore financial management conveniences:
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1. Free allocation of funds, no foreign exchange controls;
2. Flexible interest rates, unlimited varieties;
3. Exemption from deposit interest tax;
4. The coordinated use of offshore accounts and domestic accounts can improve the company's comprehensive operational efficiency and effectiveness of domestic and overseas funds.
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