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With a view to promoting the development of foreign trade and trade facilitation and improving the foreign exchange control, this Circular is hereby given as follows concerning the foreign exchange control policy relating to foreign trade in goods by individual foreign trade operators: I. "Individual foreign trade operators" referred to herein mean individuals having lawfully gone through the industrial and commercial registration or other formalities for business operation, obtained an individual industrial and commercial business license or other certificate of business operation, made archive registration (with the exception where no archive registration is required by law) in accordance with the provisions of the department in charge of commerce of the State Council, and obtained the right of engaging in foreign trade operation. II. To engage in foreign trade operation, an individual foreign trade operator shall go through the formalities for access to China Electronic Port with the customs, and then go through the formalities for archive registration for the Roll of Import Entities Making External Payment of Foreign Exchange or for the verification of receipt of foreign exchange by export with the foreign exchange bureau (hereinafter referred to the "foreign exchange bureau") of the place where he made his industrial and commercial registration or obtained his business qualifications. An individual foreign trade operator may not open any individual foreign trade settlement account or handle receipt or payment of foreign exchange unless and until all the abovementioned formalities have been gone through. III. When making the archive registration for the Roll of Import Entities Making External Payment of Foreign Exchange or for the verification of receipt of foreign exchange by export, an individual foreign trade operator shall submit to the foreign exchange bureau the following materials: (1) an application; (2) the original and copy of his valid ID certificate; (3) the duplicate and copy of his industrial and commercial business license or other certificate of business operation obtained lawfully; (4) the original and copy of the foreign trade operator's archive registration form sealed with the archive registration stamp; (5) his customs registration certificate and copy thereof; (6) his organization code certificate and copy thereof; (7) his "China Electronic Port" IC card; and (8) other materials that may be required by the foreign exchange bureau. The foreign exchange bureau shall handle the relevant formalities for the individual foreign trade operator if all the abovementioned materials are properly submitted. IV. An individual foreign trade operator may, with the approval of the foreign exchange bureau, open an individual foreign trade settlement account in the light of the need of his operation. To apply for an individual foreign trade settlement account, one shall submit to the foreign exchange bureau the following materials: (1) a written application; (2) the original and copy of his valid ID certificate; (3) the original and copy of the foreign trade operator's archive registration form sealed with the archive registration stamp; (4) his organization code certificate and copy thereof; and (5) other materials that may be required by the foreign exchange bureau. After the foreign exchange bureau has checked and verified all the above mentioned materials, it shall issue an Approval for Current Operation, by which, the individual foreign trade operator may open an account with a bank engaging in foreign exchange business in his place (hereinafter referred to the "bank"). When opening an individual foreign trade settlement account for an individual, the bank shall add the word "individual" to the account title. V. Foreign trade settlement accounts of individual foreign trade operators shall be incorporated into the foreign exchange account management information system. The limits thereon shall be fixed at 100% of the actual receipt of foreign exchange under the individual foreign trade operator's trade in goods. The access procedures and technical regulations on incorporation of foreign trade settlement accounts of individual foreign trade operators into foreign exchange account management information system shall be separately issued by the SAFE. Before such issuance, formalities for foreign exchange control such as those for the opening and closing of the abovementioned accounts shall be handled by hand temporarily. The receipt and expenditure in a foreign trade operator's foreign trade settlement account mean the receipt and payment of foreign exchange under the import and export of goods, including incidental receipt and expenditure under the trade in goods. VI. The foreign trade settlement account is a foreign exchange account, to or from which, no foreign cash may be deposited or withdrawn. Foreign exchange fund may be transferred between the individual foreign trade settlement account and individual foreign currency savings account of a same person, provided that fund transfer from the individual savings account to the foreign trade settlement account shall be limited to external payment on the date of such transfer and may not be made for settlement of exchange. Fund in the individual foreign trade settlement account may be transferred to the individual foreign cash savings account, but fund in the individual foreign cash savings account may not be transferred to the individual foreign trade settlement account. VII. In his operation of foreign trade in goods, the individual foreign trade operator may make purchase, external payment and settlement of foreign exchange either directly with the bank or through his individual foreign trade settlement account. However, no formalities for external payment of foreign exchange may be handled directly through the individual foreign currency savings account, and no other foreign currency savings account of the operator may be used alternatively or together. VIII. Where any commodity price needs to be paid in advance externally under any trade in goods, the individual foreign trade operator shall go through the formalities for the external payment with the bank by presenting certifying materials such as the import contract, verification form of payment of foreign exchange by import and proforma invoice in the case of a payment of an amount equal to or below the equivalent of US$30,000 or, by presenting the import contract, verification form of payment of foreign exchange by import, proforma invoice and letter of guarantee for such payment in advance in the case of a payment of an amount more than the equivalent of US$30,000. IX. The individual foreign trade operator's foreign exchange receipt from export of goods may be directly settled, or settled through depositing it in his individual foreign trade settlement account, or through depositing it in his individual foreign trade settlement account and transferring it to his individual foreign currency savings account. (1) in the case of an amount in a lump sum equal to or below the equivalent of US$10,000, the operator shall settle the foreign exchange directly with the bank by presenting his ID certificate; (2) in the case of an amount in a lump sum or one day's cumulative sum of more than the equivalent of US$10,000: 1. if the transaction is to be settled in the form of letter of credit, letter of guarantee or documentary collection, the operator shall handle the formalities for the settlement of foreign exchange by presenting the valid commercial documents under any of such forms; 2. if the transaction is to be settled in the form of remittance, in the case of direct settlement of foreign exchange in self-operated export or of settlement of foreign exchange after the depositing into the individual foreign trade settlement account, the operator shall handle the formalities for the settlement of foreign exchange with the bank by presenting the relevant certifying documents, such as his ID certificate, export entry and verification form of receipt of foreign exchange by export, and after the bank has verified such documents as authentic; (3) in the case of settlement of foreign exchange through depositing into the individual foreign trade settlement account and transferring to the individual foreign currency savings account, in addition to the provisions of the two preceding items, the Circular of the State Administration of Foreign Exchange on Problems Relating to the Standardization of the Management of Residents' Personal Foreign Exchange Settlement (SAFE No. 18 [2004]) shall be observed. X. Where the method of supervision under which a verification form of receipt of foreign exchange by export is required for export entry, the individual foreign trade operator shall apply for the verification form from the foreign exchange bureau in accordance with the relevant existing provisions. The foreign exchange bureau shall, in the light of the operator's volume of business and verification performance, and after making examination, determine the number of verification forms to be issued and issue them to the operator. Any new individual foreign trade operator applying for verification forms for the first time shall, in addition, present the original and copy of the relevant contract to the foreign exchange bureau, which shall, after making examination and in the light of the actual circumstances, determine the number of verification forms to be issued and issue them to the operator. XI. Individuals receiving funds from abroad or making external payment in the operation of foreign trade shall, in accordance with the Measures for Declarations for International Balance of Payment Statistics and other relevant provisions, make declarations for international balance of payment statistics by filling in a corresponding corporate declaration form. XII. Individual foreign trade operators' receipt and payment of foreign exchange under technology import and export and trade in services shall be handled in accordance with the relevant provisions concerning the control of foreign exchange under non-trade account of domestic institutions. Individuals' receipt and payment of foreign exchange under capital and financial accounts shall be handled in accordance with the relevant existing provisions concerning the foreign exchange control. This Circular shall not apply to individual foreign operators' operation of any border trade or foreign trade in goods in any special economic zone such as bonded areas or export processing zones. XIII. Individual foreign trade operators shall be subject to the supervision and inspection of the foreign exchange bureau. The foreign exchange bureau may, pursuant to the Regulations of the People's Republic of China on Foreign Exchange Control and other regulations on foreign exchange control, impose punishment on any individual foreign trade operator who violates this Circular or any other provisions concerning foreign exchange control. If the violation constitutes a crime, the violator shall be subject to criminal responsibility. XIV. Matters not covered or clearly provided for herein shall be handled by referring to the current policy for control of foreign exchange relating to foreign trade activities by domestic institutions. This Circular shall come into force 30 days after its promulgation. After receiving this Circular, each branch of the SAFE or department of foreign exchange shall promptly reissue the Circular to the sub-branches and banks under its jurisdiction and make the Circular public. Each Chinese-capital bank designated for foreign exchange business shall promptly reissue the Circular to its branches and sub-branches. Any question arising from the implementation of this Circular shall be submitted promptly to the SAFE. |
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