State Administration of Foreign Exchange
Circular on the Reform of the Management Mode of Foreign Exchange Capital Settlement of Foreign - funded Enterprises
Huifa [2015] on the 19th
The State Administration of Foreign Exchange, the branches of the State Administration of Foreign Exchange of all provinces, autonomous regions and municipalities directly under the Central Government, and the branches of Shenzhen, Dalian, Qingdao, Xiamen and Ningbo:
In order to further deepen the reform of the foreign exchange management system and better meet and facilitate the operation and capital operation needs of foreign-invested enterprises, the State Administration of Foreign Exchange decided to sum up the experience of pilot areas in some areas, and implement the foreign- Reform of Management Mode of Foreign Exchange. In order to ensure the smooth implementation of this reform, the relevant issues are hereby notified as follows:
First, foreign-invested enterprises to implement foreign exchange capital settlement
The foreign exchange capital of an enterprise with foreign investment shall mean the foreign exchange capital of a foreign-funded enterprise in the capital account which is confirmed by the foreign exchange bureau to handle the monetary investment rights and interests (or registered with the bank for monetary investment). The foreign exchange capital can be settled in the bank according to the actual business needs of the enterprise. . The percentage of foreign exchange capital of enterprises with foreign investment to be settled in foreign currencies is tentatively set at 100%. The State Administration of Foreign Exchange may, in light of the balance of payments situation, make timely adjustments to these proportions.
Foreign-invested enterprises can still choose to use their foreign exchange capital in accordance with the payment and settlement system at the same time they intend to exchange foreign exchange capital. The bank shall examine the authenticity and compliance of the use of funds on a settlement (including willing settlement and payment of foreign exchange) of an enterprise when handling each foreign exchange settlement business for the enterprise in accordance with the principle of payment and settlement of foreign exchange.
The foreign exchange capital of the foreign-funded enterprise shall be transferred in the original currency and the cross-border external payment shall be handled in accordance with the current foreign exchange control regulations.
Second, the foreign-invested enterprises will be willing to foreign exchange foreign exchange earnings into the settlement of foreign exchange funds to be paid account management
In principle, a foreign-invested enterprise shall open a one-to-one corresponding capital account in the bank - the foreign exchange settlement account (hereinafter referred to as the settlement account to be paid) for the purpose of storing the RMB funds obtained from the settlement of the intention and handling all kinds of payment procedures through the account. The same name capital account, domestic realizable account and domestic reinvested account opened by a foreign-funded enterprise in the same bank can share a settlement account to be paid. Foreign-invested enterprises in accordance with the principle of payment settlement foreign exchange settlement of RMB funds can not be settled through the settlement account to be paid.
The scope of income of the capital account of a foreign-funded enterprise includes the foreign-funded foreign exchange capital or subscribed capital contribution (including non-resident deposit account, offshore account, foreign individual domestic foreign exchange account), foreign exchange deposit account The funds withdrawn due to the cancellation of the transaction, the interest income and the foreign exchange bureau (bank) registration or the approval of the foreign exchange bureau (hereinafter referred to as the foreign exchange bureau) Of other income.
The scope of the capital account expenditure includes: settlement of foreign exchange within the scope of business, settlement of foreign exchange to be settled into accounts to be paid, the territory of the original currency transferred to the territory of the deposit account, the same name capital accounts, entrusted loan accounts, centralized management of funds, Loans to the special account for re-investment and to the special accounts for reinvestment in China are due to the reduction of capital by foreign investors, the withdrawal of capital, the payment of foreign exchange for current account and other capital account expenditures approved by the foreign exchange bureau (bank) or the foreign exchange bureau.
The income scope of the settlement account to be paid shall include: the funds to be settled by the same name or the capital account of the domestic equity investment enterprise, the domestic assets realized account, and the domestic reinvestment account settlement transaction, or the settlement of foreign exchange to be paid by the domestic equity investment enterprise The funds transferred from the account, the funds withdrawn due to the cancellation of the transaction, the interest income of RMB and other incomes registered by the foreign exchange bureau (bank) or approved by the foreign exchange bureau.
The scope of expenditures for settlement of accounts to be paid shall include: expenditures within the scope of business, payment of domestic equity investment funds and Renminbi deposit, delimit to the centralized management of funds, settlement of accounts with foreign exchange to be paid, repayment of RMB loans used, Direct foreign payments, foreign direct payments or direct external payments, foreign direct payments and foreign direct investment and foreign exchange (bank) registration or foreign exchange bureau approved other capital expenditure.
The RMB funds in the account to be paid shall not be transferred to the capital account for purchase. All the RMB funds used for guarantee or payment of other deposits shall be transferred back to the account to be paid in foreign exchange except for the occurrence of the guarantee performance or the default deduction.
Third, the use of foreign-invested enterprises in the capital should be within the scope of business to follow the real, personal use principle
The capital of foreign-funded enterprises and the RMB funds obtained from foreign exchange settlement shall not be used for the following purposes:
(1) No direct or indirect use shall be made for expenditures that are prohibited outside the scope of business of the enterprise or in national laws and regulations;
(2) Except as otherwise provided in laws and regulations, it shall not be directly or indirectly used for securities investment;
(3) It shall not be used directly or indirectly to issue RMB entrusted loans (except for the business scope permit), repay inter-enterprise loans (including third party advances) and repay bank loans that have been transferred to third parties;
(4) Except for a real estate enterprise with foreign investment, it shall not be used to pay the expenses related to the purchase of non-self-owned real estate.
4. Facilitating foreign - invested enterprises to carry out domestic equity investment with foreign exchange settlement funds
In addition to the original currency transfer of equity investment, foreign-invested enterprises (including foreign-invested companies, foreign-invested venture capital enterprises and foreign-invested equity investment enterprises) whose main business is allowed to invest are allowed to invest in their real estate projects. , The foreign exchange capital shall be directly settled or the Renminbi in the account to be paid shall be transferred to the invested enterprise account according to the actual investment scale.
Where a general foreign-invested enterprise other than the aforesaid enterprise is transferred in the original capital of the capital to carry out the domestic equity investment, it shall be handled in accordance with the current domestic reinvestment regulations. In case the domestic equity investment is to be carried out by foreign exchange settlement, the invested enterprise shall first go to the foreign exchange bureau (bank) of the place where it is registered to carry out the re-investment registration and open the account for settlement of foreign exchange to be paid, and then the investment enterprise shall, according to the actual investment scale, Renminbi funds shall be transferred to the settlement account opened by the invested enterprise to be paid. If the invested enterprise continues to carry out the equity investment in China, the above principle shall be followed.
Fifth, to further regulate the payment of settlement funds management
(1) Foreign investors, foreign-invested enterprises and other relevant application entities shall truthfully provide relevant authenticity materials to the bank and, when applying for the payment of Renminbi funds (including direct payment of foreign exchange capital) for capital settlement, Fill out the "Direct Investment-related Account Funding Order" (see annex).
(2) The Bank shall bear the responsibility for the authenticity of the foreign-invested enterprises when applying for the payment of RMB funds for external payment and settlement of foreign exchange in accordance with the principles of "understanding customers", "understanding business" and "due diligence review". In the process of each payment of funds shall be reviewed before the payment of proof of authenticity and compliance. Banks shall keep the relevant certificates of foreign exchange capital settlement and use of foreign - funded enterprises for five years for reference.
The Bank shall promptly submit the account with the capital account and settle the account to be paid in accordance with the requirements of the Circular of the State Administration of Foreign Exchange on Issuing the Data Collection Rules for Foreign Exchange Business of Financial Institutions (Version 1.0) (Huifa [2014] No. 18) (Account Nature Code 2113), cross-border receipts and payments, domestic transfers, and account settlement and sales. The transfer of funds between settlement accounts and other RMB accounts shall be submitted to domestic transfer receipts by filling in the domestic receipt and payment vouchers, and the funds use codes shall be filled in the "invoice number" column (in accordance with [ 18, "7.10 Settlement Use Code"); in addition to the payment under the goods trade verification, the other transfer transaction code is filled in "929070".
(3) Where the enterprise has special reasons for failing to provide evidence of authenticity for a while, the bank may, in performing the due diligence obligation, determine that the transaction has a real transaction background, and shall, through the SAFE office on the day of handling the business, The relevant business systems shall submit special matters to the SAFE for the record. The bank shall collect and examine the relevant supporting documents submitted by the enterprise within 20 working days after the completion of the payment and report to the SAFE the relevant information on the authenticity of the special business filing business through the relevant business system.
Where a foreign-funded enterprise uses the capital in the name of reserve funds, the bank may not require it to provide the aforesaid authenticity certificates. A single enterprise monthly funds (including the willingness to settle and pay settlement) to pay the cumulative amount shall not exceed the equivalent of 100,000 US dollars.
A foreign-invested enterprise that applies for the settlement of all foreign exchange capital at one time or the payment of all RMB funds in the account to be paid in foreign exchange shall not be allowed to settle the foreign exchange for settlement or payment of the relevant proof of authenticity.
Foreign exchange settlement and use of foreign exchange funds under other direct investment
The domestic account opened by a domestic institution and the foreign exchange settlement within a domestic reinvested account shall be managed with reference to the capital account of a foreign-invested enterprise.
Domestic accounts opened by domestic individuals and domestic reinvested accounts, and the realization of foreign assets realized by domestic institutions and individuals may apply for settlement directly with banks in the relevant business registration vouchers.
The foreign exchange settlement of the capital account of the early stage expenses of foreign investors shall be handled in accordance with the principle of payment and settlement of foreign exchange.
The special accounts for foreign exchange deposit and the foreign exchange funds that are included in the special account for security deposit in China shall not be used for foreign exchange settlement. In the event of a performance guarantee or breach of contract, the relevant deposit shall be transferred to the foreign exchange account of the capital account approved by the foreign exchange bureau (bank) or approved by the foreign exchange bureau and used in accordance with the relevant provisions.
The interest income and investment income in the account under the above direct investment can be retained in the account, and then can be retained in the current account settlement account or directly in the bank for settlement and payment with interest and income list.
Seven, to further strengthen the foreign exchange bureau after the supervision and investigation
(1) The foreign exchange administration shall, in accordance with the relevant provisions of the Regulations on Foreign Exchange Administration of the People's Republic of China and the Provisions on the Administration of Foreign Exchange on Foreign Investors' Direct Investment in the Territory, strengthen the guidance and guidance to the banks on business compliance with the foreign exchange settlement and use of foreign- Verification. Verification of the way, including the relevant business entities to provide written instructions and business materials, interviews with the person in charge, on-site access or copy the main business-related information, reporting violations and so on. For serious, malicious violations of the bank in accordance with the relevant procedures can be suspended under the capital account foreign exchange business for serious, malicious violations of foreign-invested enterprises can cancel their willingness to foreign exchange qualification, and in its submission of written explanatory letter and the corresponding rectification, And may not handle foreign exchange business under other capital account.
(2) Foreign - invested enterprises and banks that handle foreign exchange settlement and use of foreign - funded enterprises in violation of this Circular shall be investigated and dealt with according to the Regulations of the People 's Republic of China on Foreign Exchange Administration and other relevant provisions.
Other matters
This Notice shall come into force on June 1, 2015. In case of any inconsistency between the previous provisions and the contents of this Notice, this Notice shall prevail. Circular of the State Administration of Foreign Exchange on Improving the Operation of Foreign Exchange Capital Collection and Settlement of Foreign - Funded Enterprises (No.42 [2008] of the State Administration of Foreign Exchange) on Improving the Foreign Exchange Capital of Foreign - funded Enterprises (No. 88 [2011] of the State Administration of Foreign Exchange) and the Circular on Relevant Issues Concerning the Pilot Reform of Foreign Exchange Capital Settlement of Foreign-Funded Enterprises in Selected Areas (the Notice of the State Administration of Foreign Exchange on the Relevant Issues concerning the Reform of the Administration of Foreign Exchange Capital Settlement in Foreign Countries) Hui Fa [2014] No. 36) shall be repealed simultaneously.
After receiving this Circular, all branches and foreign exchange administrative departments of the State Administration of Foreign Exchange shall promptly forward to the central sub-branches, sub-branches and banks within their jurisdiction. In case of problems in execution, please report to the Capital Management Division of the State Administration of Foreign Exchange in a timely manner.
State Administration of Foreign Exchange
March 30, 2015