May 2013

SAFE to simplify rules on FDI --- Denise Xia

The State Administration of Foreign Exchange (SAFE) will simplify the rules governing foreign direct investment (FDI). 24 regulations for foreign exchange registration, opening accounts, remittance, clearing and settlement will be abolished according to the Notice(Huifa【2013】No.21) which is announced by SAFE.
With coming the notice, a new system is offered for FDI and outbound direct investment(ODI). That means the old Foreign Exchange Registration IC Card will be only used to annual renewal. For FDI bank business handling, the enterprise shall go to the SAFE to apply Business Handling Warrant first.