Electronic Foreign Exchange Certificate application process changes in Hangzhou
Chief representatives of ROs and the legal representatives for FICEs are now required to go in person to register for a foreign exchange certificate if they want to have an account that can accept foreign currencies in Hangzhou. This new regulation differs from that of Shanghai where an agent applies for the Electronic Foreign Exchange Certificate – which is needed if an RO or FICE wants to use or save foreign currency in the PRC. The chief representative or legal representative must now go to the Hangzhou Bureau of Foreign Exchange in person to apply for the certificate.
This means that an agent can no longer apply for an Electronic Foreign Exchange Certificate in Hangzhou. This follows steps taken in other second tier cities requiring chief representatives to go above and beyond what they normally have to do in the bigger cities like Shanghai and Beijing. Another example of this would be the new labor law training program recently instituted in Dongguan, which we reported on in the March issue of China Briefing.
Dezan Shira & Associates maintain an office in Hangzhou, advising foreign investors on legal administration, corporate establishment, due diligence and tax policy in the city. Please contact Helen Ye for more information.