In 2017, China has come out tremendous changes in the policies related to trading environments, bank accounts, Chinese visas. Foreigners met difficulties due to a lag of receiving effective and correct messages from the government.
Do you have these problems?
1. Your Chinese or HK bank accounts got investigated or shut down. Your money can not come in or go out of China in a legal way.
China and Hong Kong two regions further regulate the banking industries and trading environment, numerous bank accounts have been shut down or frozen, due to improperly use bank accounts to receive payment.
Many people's bank accounts constantly meet different problems in transactions, such as the followings:
Transfer Gets InterruptedUsman has been worked at trading for more than 10 years, he has an offshore bank account of China Merchants Bank(CMB) to receive foreign exchanges. However, one of the transfers from a client was interrupted and held by the bank, due to the country of receiving cargo is different from that making the payment.
Offshore Bank Account Gets ClosedMike has an offshore bank account after registering a Hong Kong company. Recently, the bank gives him many warnings, he is requested to open a mainland company to connect to his offshore bank account, or they take action to shut down his account.
Higher standards in banking drive the trading environment to be more regulated, more verifications for bank account holders, more difficult to open bank accounts.
International transactions constantly suffered from interventions. it leads to receiving foreign currencies, exchanging foreign currencies into Renminbi, or transferring overseas becomes more difficult.
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2. It's getting more difficult to apply for a Chinese work visa or get your work visa renewed.
In China, work permits are issued by Foreign Experts Bureau, and visa is released by immigration. Before giving the permission for ones' application, they have the power to have an overall verification of applicant's background and their companies.
For companies, all the trading data in China Customs must be perfectly consistent with each income or expense in their bank account transfer record.
Companies have very little records from the database of China Customs, banks, Tax Bureau, we call them "zombie" company, and these "zombie" companies hardly can pass the verification, it results in a failure of work permit/visa application.
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The common old trading way of buying documents is illegal!
Buying documents is an unsafe way of trading, spending a few hundred yuan to pay for an agent, and the agent uses the name of an unknown company to export for you. In this activity, the agent can use fake VAT invoice to apply for export tax refund and cheat on the government.
Buying documents is part of a reason why a trading company becomes a "zombie" company, any trading activities of this company in the system of China Customs are NOT under its name!
Money has to return back by personal bank accounts or underground agents. This is the most common but illegal way of doing trading business in China. That is also one of the reasons why some foreigners' bank accounts get frozen and fail to pass the work permit application.
In 2018, China releases new policies to regulate the trading environment, what is the best way of running a trading business? How can freely and safely receive foreign currencies and exchange foreign currencies into Renminbi? How to run a legal business and get Chinese work visa?
All solutions are in our seminar, come check it.
New Year! New Trading!
2018 Export Seminar
Free entry with limited seats. Please make a reservation in advance. Contact yourconsultant or call (020) 8355 5515 for a reservation.
Language: English
Date: January 16th, 2018 (Tuesday)
Time: 13:30-17:00
Venue: Room Diamond 9, Crowne Plaza Hotel (339 Huanshi Road East, Yuexiu District, Guangzhou) 广州市环市东路339号中心皇冠假日酒店
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Source: HiTouch
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China's new rules regulate online chat groups
www.IndiansinChina.com
Please Scan & Add Official Wechat id of Indians in China to connect with other fellow Indians living in China thru wechat groups. (HaveSpecial Groups for Female only, Business Group, Cultural Exchange , Foodies,Yoga Group, Helping Madad Group, Indian Students Group, FMGE, Dental Students, Mandarin Learning, Music & Medical Assistance / Advice from Indian Doctors )
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