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The foreign exchange capital settlement management reform to further facilitate enterprise capital operation
2015-May-5 Source: Newsgd.com
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In order to further deepen the reform of the foreign exchange management system and facilitate foreign investment enterprises capital operation, on April 8th, the State Administration of Foreign Exchange issued "Notice on Foreign Exchange Capital Settlement Management Reform of Foreign Investment Enterprises (Huifa No. [2015]19, hereinafter referred to as "Notice") which will be implemented from June 1, 2015.

The main contents of the Notice include:

One is that the foreign exchange capitals of foreign funded enterprises implement the wishes settlement management and enterprises may choose the capital settlement time.

Two is to implement negative list management on the use of foreign exchange settlement funds. Three is to facilitate the foreign-invested enterprises use the RMB funds of settlement to carry out domestic equity investment.

Four is to clarify the bank to bear the obligation of authenticity examination in accordance with the principles.

Five is to clarify and simplify the funds settlement and management of other foreign exchange accounts under direct investment.

The six is the foreign exchange bureau to strengthen the management in the process and the post management, to further strengthen the post-supervision and investigation on violations.

The implementation of the Notice give completely the enterprises the autonomy and choose to the settlement of foreign exchange capital, provide policy space to the enterprise to avoid the risk of exchange rate fluctuations , help to reduce the social cost, further promote trade and investment facilitation.(Source: State Administration of Foreign Exchange)

(This information is provided by Lawyer Kelly Xie from Guangdong KaiTong Law Firm in friendship. It is not any legal opinion or legal grounds addressed to any organization or individual. For inquiry, please contact Kelly via email at Kelly_xie@ktlf.com.cn or by phone on 13926185641.)

Editor: Keane
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