How to Open None-Resident Account (NRA ) in China？
Hotline: 86-755-82148419, Email:susiehu@citilinkia.com
Overview of China NRA Account
Introduced by the State Administration of Foreign Exchange in 2009, NRA accounts, or non-resident accounts, are designed to facilitate the operations of overseas institutions within China. These accounts are divided into foreign currency NRA and RMB NRA accounts, each catering to the financial activities of foreign currencies and RMB respectively. The introduction of this system marks a significant step in China’s efforts to open its financial market and strengthen international financial cooperation.
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NRA accounts can be divided into two categories:
1. Foreign Currency China NRA Account:
These are designed for overseas institutions that need to conduct foreign currency transactions and settlements within China. They allow these institutions to store, remit, and perform other foreign currency-related financial activities.
2. China NRA Account (RMB NRA Account):
Specifically designed for overseas institutions that need to settle in RMB within China, these accounts allow for the deposit, payment, and other related financial activities in RMB.
The establishment of these accounts aims to facilitate cross-border trade and investment, streamline the financial operations of overseas institutions in China, and align with China’s strategy to further open its financial market and promote the internationalization of the RMB. The management rules for NRA account are set by the State Administration of Foreign Exchange and require banks and overseas institutions to comply with relevant regulatory requirements to ensure the legality of transactions.
How to Open a NRA Account
Firstly, as a bank, the bank need to understand our customer (KYC). This includes the customer's origin, name, office address, registered address, business license, website where the company information can be queried, tax number, company director, contact information, introduction to the company's business, and the company's upstream and downstream trading partners.
There are two points to note regarding the account opening materials:
1、The required documents :
·Valid trade license if necessary.
·Certificate of Registration
·Article of association
·Establishment card if necessary.
·The passport copy of shareholder，director and beneficiary.
·The company share structure chart
·To fill the KYC and basic information
·To provide a set of trade documents such as bill of lading, customs declaration, domestic procurement contract, and foreign sales contract (PI) under the name of Dubai company if possible.
2.All account opening materials require Chinese and English translations.
3.To prepare a Chinese RMB contract (not required if a CNY account is not being opened).
Time frame:two weeks for the documents reviewing, after the interview physically to get the bank account within one week.
After you have obtained your visas, we will confirm your flight times and help you make an appointment for the specific time to open the account. You will need to come at this appointed time to open the account, which will take about half a day. Feel free to contact me with any other questions.
Contact Us
For further queries, you are welcome to visit us anytime, anywhere by simply visiting our website www.3737580.com or calling at 86-755-82148419, or emailing to2355725085@qq.com.