With the development of the times, more and more enterprises and investors need to collect foreign currency, so this involves NRA accounts. What's the difference between nra account and offshore account account?

The difference between nra account and offshore account.

Essentially, NRA accounts are domestic and foreign currency accounts, while offshore account accounts are overseas accounts. Offshore account is relatively less subject to foreign exchange control. From the perspective of capital security, NRA accounts are even worse, and the State Administration of Foreign Exchange has stricter supervision.

Specifically, there are the following points:

1. In terms of providing qualifications, there are only four approved banks in OSA, while almost all banks in NRA can;

2. In terms of customers, OSA customers include overseas institutions and individuals, and NRA is only an overseas institution;

3. In terms of supervision, OSA is CBRC and NRA is SAFE;

4. In terms of appellation, NRA calls it the territory of overseas institutions;

5. In terms of account functions, offshore account has many functions, while NRA accounts have few functions.

NRA account opening process

The process of opening an NRA account varies from country to country, but usually the following documents are required:

1, identification documents: including passport, ID card, etc.

2. Address documents: including utilities, bank statements, etc.

3. Tax certification documents: including tax registration certificate and tax payment certificate.

In addition, you need to fill in an account opening application form and pay a certain account opening fee. Please consult your local bank or professional consulting company for specific account opening procedures and requirements.

The above is the difference between nra account and offshore account. I hope it helps you.