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China Streamlines Foreign Exchange Registration of Foreign Trade Businesses

China has announced that foreign trade enterprises in pilot free trade zones are no longer required to submit the Filing and Registration Form of Foreign Trade Operators when applying for registration in the Directory of Enterprises for Foreign Exchange Payments and Receipts for Trade.

Under the new policy, bank branches in free trade zones also need not submit head office or supervisory branch assessment certification for foreign exchange administration when applying to engage in foreign exchange spot settlement and sale. Insurance companies are also not required to submit copies of business licence and organisation code certificate when applying to engage in foreign exchange insurance business.

Full details can be found in the Circular on the Cancellation of Application Documents for Some Administrative Licensing Items on A Trial Basis in Pilot Free Trade Zones (Hui Fa No. 37 [2019]), issued recently by the State Administration of Foreign Exchange.

Source: State Administration of Foreign Exchange

Content provided by Picture: HKTDC Research
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