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How do individuals open overseas accounts in China?
Domestic institutions that meet the following conditions may apply for opening foreign exchange accounts abroad:

(1) If you have sporadic income abroad, you need to open a foreign exchange account abroad and remit the income back to China;

(2) There are sporadic expenditures abroad and it is necessary to open a foreign exchange account abroad;

(three) to engage in overseas contracted projects and need to open a foreign exchange account abroad;

(four) due to special business needs, it is necessary to open a foreign exchange account abroad.

Application materials:

(1) An application signed and stamped by the legal representative of the domestic institution or its authorized person. The application shall include the reason for opening the account, currency, maximum amount of the account, purpose, income and expenditure range, service period, bank to be opened and its location, etc.

(2) The original and photocopy of the business license issued by the administrative department for industry and commerce;

(3) The internal management system for the use of overseas accounts;

(4) Other documents and materials required by the foreign exchange bureau. Engaged in overseas engineering contracting business, in addition to providing the above documents and materials, it shall also provide relevant engineering contracts; When a foreign-invested enterprise opens a foreign exchange account abroad, it shall, in addition to the above-mentioned documents and materials, provide the foreign exchange registration certificate of the foreign-invested enterprise and the capital verification certificate that the registered capital of the registered accounting firm has been paid in full.

Processing flow:

Domestic institutions can only open foreign exchange accounts abroad after holding relevant materials in the Foreign Exchange Account Management Section of the Current Account Department of the Beijing Foreign Exchange Management Department and obtaining the approval of the foreign exchange bureau. Domestic institutions shall, within 30 working days after opening an overseas foreign exchange account, file the name of the bank where the overseas foreign exchange account is opened, the account number, the name of the account holder and other information with the Foreign Exchange Account Management Section of the Current Account Department of Beijing Foreign Exchange Management Department.

Processing cycle:

The foreign exchange bureau shall give a reply within 20 working days after receiving the required documents and materials.