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Beijing and Shanghai Remove Bank Account Approval Requirements

Beijing and Shanghai Remove Bank Account Approval Requirements

Beijing and Shanghai are the latest cities to remove the permits required for opening a corporate bank account in China, a move consistent with the government effort to reduce administrative red tape for small businesses. Since April 2019, companies in Beijing and Shanghai no longer require a permit from the People’s Bank of China (PBC) for opening a basic and temporary corporate bank account in China. The approval permit system has been replaced by a simpler record-filing system. This came into effect in Beijing on April 28, 2019, with Shanghai implementing it from April 30. Opening a corporate bank account in China Under the new policy, enterprises that wish to open a corporate bank account only need to...

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