Regulatory Alerts2007-11-04
Added · Updated
Regulations on the Management of Foreign Investment in the Banking Sector
The banking regulatory authority under the State Council establishes requirements for the establishment, supervision, and operation of foreign-funded banks in China. Applicants must have operated for over three years, maintain sound governance and risk management, and possess qualified senior management. Wholly foreign-owned and joint venture banks must have paid-in registered capital of at least 1 billion RMB, while foreign bank branches must allocate operating capital of at least 100 million RMB. Approved entities must obtain establishment licenses within six months, register with market regulation and tax authorities within one month and ten working days respectively, and open foreign exchange accounts within thirty days.