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Streamlined Bank Account Opening Process for Small Businesses with New "Two-in-one" Licence

The People’s Bank of China and State Administration for Industry and Commerce (SAIC) have jointly issued a circular (see full text in Chinese) on matters relating to bank account opening as a result of the new “two-in-one” business registration reforms.

To facilitate a smoother process for individually-owned businesses to open bank accounts, streamlined measures will be introduced. According to the circular, holders of the new business licence bearing a unified social credit code are no longer required to present the tax registration certificate when they apply to open renminbi bank accounts. In processing the account opening applications of individually-owned businesses holding the new electronic business licence, banks which have already upgraded their hardware to handle such licences may proceed accordingly. Banks should retain photocopies of the electronic business licences for records.

Click here for further information in Chinese on the SAIC website.

Content provided by Picture: HKTDC Research
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