1. To apply

an application should be made to the State Administration of Foreign Exchange and its branches (hereinafter referred to as foreign exchange administrations) where the enterprise is located

2. An enterprise that has the conditions to apply

can apply to the foreign exchange administrations to open an account overseas if it meets one of the following conditions:

(1) An enterprise has regular sporadic income abroad and needs to open an account overseas.

(2) The enterprise has regular sporadic expenditures abroad, and the funds deposited in such accounts should be remitted from China by the enterprise;

(3) You must open an account overseas due to special business needs.

3. Documents to be submitted when applying

(1) An application for opening an account signed by the legal representative of the enterprise or the authorized person of the board of directors and stamped with the official seal of the enterprise, which should include the reasons for opening an account, currency, purpose, income and expenditure scope, service period, bank to be opened and location, etc.

(2) a capital verification certificate issued by an accounting firm registered in China that the enterprise has paid up its capital in accordance with the regulations;

(3) If an enterprise has representative offices and resident personnel abroad, it must attach the documents approved by the relevant departments;

(4) Measures for the administration of the use of overseas accounts by enterprises.

4. Selection of bank for opening an account

An enterprise must open an account in its own name overseas, and it should open an account in the major countries or regions where its foreign exchange receipts and payments occur.

5. Timeliness of approval documents for account opening

An enterprise opening an account abroad shall submit a written certificate of account opening to the foreign exchange administration department within one month after approval.

6. Use and extension of overseas accounts

Within 3 days after the expiration of the use period of overseas accounts, enterprises must provide the certificate of cancellation of overseas accounts to the foreign exchange administration department, repatriate the balance to China, and provide the account clearing bill of the opening bank; If it is necessary to extend the use of overseas accounts, a written application must be submitted to the foreign exchange management department within 3 days before the expiration.

7. report the use of funds to the foreign exchange administration department

the enterprise shall provide the foreign exchange administration department with a copy of the bank statement and a written explanation of the use of funds within 15 days after the end of each quarter.