31 May 2019
Guangdong Simplifies Business Bank Account Procedures
The need to secure prior approval when opening enterprise bank accounts in Guangdong has been cancelled, with the move effective as of 28 April this year.
For all Chinese corporate and unincorporated entities, as well as for individually-owned businesses, the procedures for opening deposit accounts in Guangdong, as well as for modifying or cancelling them, have been somewhat streamlined. With it no longer necessary to secure an account opening permit from the People’s Bank of China, businesses need only file the appropriate records when instigating such procedures. Accordingly, an account opening permit will no longer function as an official endorsement or as proof of business viability. Under the new regime, as soon as its bank settlement accounts are opened, a business may begin to collect funds and make payments.
The change was announced by the Guangzhou Branch of the People’s Bank of China and is in compliance with a directive issued by the State Council following its 24 December 2018 Executive Meeting.
For further details (in Chinese), please access the following link: