Saturday, March 24, 2018

Why you should choose a company based in Chinese mainland with its company account located in China mainland?

1, only a legal company could open a company account in a bank, and open a company account related with field audit, financial certification and both legal representative and financial responsible person should on site. 

2, A company account especially for foreign currency is under the control of state administration of foreign exchange, this is a branch of government, it ensures that no illegal money will flow in, which include money for personal usage, money for relatives and friends, money income for no purpose. When someone made a payment to a company account, it will not come to the company account directly. It will stay in the bankaccount a while for auditing for rightful usage normally 2 or 3days before it could release to the account of the company. In the meantime, company should report to the state administration of foreign exchange what the money is using for. If the money is using for buying goods, then it must have a record later of goods for exportation in customs, also proof of related goods manufacturing and material sourcing should be submitted to tax. Attention should be paid here: the payer and the goods receiver should accord, goods in customs report should comply with the contract or PI with the buyer, related goods manufacturing and material sourcing, otherwise the company will face a serious check and fine heavily. Quality inspection and quarantine Bureau is responsible for the exported goods inspection, make sure it accord with the standard of buyer’s country requirement, and the basic quality requirement of Chinese government.
3, the company account in Chinese mainland is utmostly guaranteed the buyer’s right, to make sure that when he made a payment, he must receive his goods and also qualified at least under Chinese government required quality standard.

4, under company bank account, the receiver is in no way receiving money for his personal usage or receiving money not related with the company business, in no way receiving money cheating and money laundering. 

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