How To Amend a Foreign Exchange Certificate In China

How To Amend a Foreign Exchange Certificate In China

Domestic companies must within 15 working days starting from the day when the changes that follow occur visit the foreign exchange authority to request an alteration registration. The company must present an application in writing, the latest registration form for the Overseas Registration Listing and other documents that prove the authenticity of the transactions. If the changes are required by law or submitted through a competent agency the company from the country must submit the response or filing form to the authority in charge.

  • Change in name change in name, registered address, or the primary shareholder(s) or major shareholder(s) listed company listed overseas;
  • Change in capital, which includes a future offerings (including the overallotment) and change in capital reserve including over-allotment, surplus reserve or unrestricted profits into share capital
  • the repurchase of shares in other countries;
  • Conversion of convertible bonds into shares (for which the certificate of change or cancellation of the registration required for foreign bonds is needed);
  • changes in shareholding structure of the listed company in overseas upon the completion of an increase or decrease or transfer of shares in the overseas market by a the shareholder in the country of origin;
  • changes in the plan of utilization and its purpose, which were initially registered as a result of funds raised in the overseas market as well as
  • changes in other changes in other relevant.
  • In the event that a shareholder owned by the state of the domestic firm must contribute profits from a share reduction towards the National Social Security Fund (social security fund) as per the Interim Measures for Social Security Funds Raised by reduction of shares owned by the State (Guofa No. 22 [200122nd January 2001) the company in question is responsible for handling for the shareholders the issue, and remit and transfer the appropriate funds via its own account designated for overseas listing as well as its the account that is not paid.

The domestic company must provide documents that explain the source of the earnings from the share reduction that must be deposited into the fund for social security by the shareholder owned by the state (including estimates of the funds and the amounts that are required and to be paid) as well as a registration certificate to allow listing overseas to the bank with which the opening account and has a special account specifically for listing overseas and its accounts that are unpaid are opened and then apply for the direct transfer of the profits of the decrease in shares (or transfers of funds after the foreign exchange has been paid by the account that is not paid) to an account for correspondents that is opened by the Ministry of Finance has opened through a local bank.

Documents Required Amend a Foreign Exchange Certificate

  • Change in name or registered address the primary shareholder(s) in the listed company in overseas;
  • Change in capital , including the subsequent offering (including an overallotment) and the conversion of capital reserve surplus reserve, or unremitted profits to share capital
  • Repurchase of shares purchased from overseas
  • Conversion from convertible bonds into shares (for which a certificate of change or cancellation of foreign debt registration is necessary);
  • Change in the structure of shareholdings of an foreign listed company after the completion of an increase/decrease, transfer or receiving overseas shares from a shareholder in the domestic;
  • Change in the utilization plan and reason for which were registered to be used for funds that are raised in foreign countries as well as
  • Other relevant changes in recorded information.

Office Locations and Contacts

The State Administration of Foreign Exchange Address Huarong Plaza, No.18 in Fucheng Road, Haidian District, Beijing
Postcode: 100048
Hotline for Informants number: +86-10-68401188

What Are All The Eligibility

A domestic business must within 15 working days starting from the day when the following changes take place visit an exchange authority to request change registration. This is done by presenting an application in writing, a current Application Form to Register for an Overseas Listing and supporting documents that prove the authenticity of the transactions.

Instructions

A local exchange authority will after checking that the necessary documents are authentic to register the domestic company in the capital information system for accounts (System) and print the certificate of registration for the transaction using it, and then issue this certificate to the domestic business after attaching the official seal. The domestic business must make use of the registration certificate in order to open an account with the overseas listing and carry out related transactions.

Requirements Information

  • Change in name or registered address the primary shareholder(s) in the listed company in overseas;
  • Capital changes, including a an offer that follows (including the overallotment) and change in capital reserve surplus reserve, or unremitted profits into share capital
  • Repurchase of shares purchased from overseas
  • Conversion of convertible bond into shares (for which a certificate of modification or cancelation of the registration to foreign credit is needed);
  • Change in the shareholding structure of an overseas listed company following the conclusion of an increase or decrease, transfer or receiving of shares from overseas by a shareholders in the domestic market;
  • Change in the utilization plan and the purpose that were originally registered to be used for funds raised abroad as well as
  • Other relevant changes in recorded information.

The document is needed

The foreign exchange certification, often abbreviated as FEC is a kind of currency. Foreign exchange certificates may be utilized by governments to substitute for a national currency in which the currency of the nation is generally restricted in exchange or isn’t convertible. The majority of examples of foreign exchange certificates come with an exchange rate that is higher than the currency of the nation or is pegged to a hard currency or their exchange rate is determined by the central bank.

Information that could be helpful

The listing in this article refers to the international public offering of securities that is permitted by regulations and laws (overseas shares) comprising shares (such as preferred shares or derivative securities that are based on shares) along with corporate bonds that convert to shares, and the public trading of these shares through an exchange in the overseas market through a joint stock limited company that is registered within China (domestic corporation) with the approval of the China Securities Regulatory Commission (CSRC).

Other uses for the Document/Certificate

Domestic companies can apply to the bank that is opening by presenting its certificate of registration for overseas listing, to make a domestic transfers or payments through the specially-designed account for listing overseas, or to transfer the funds to its account unpaid following the time that foreign exchange funds have been settled at any time.

External Links

People’s Bank of China

The Provisional Rules of the Bank of China of Foreign Exchange Certificate

How To Amend a Foreign Exchange Certificate In China
How To Amend a Foreign Exchange Certificate In China

Regulative Guidelines concerning Foreign Exchange System of the Peoples Republic of China

State Administration of Foreign Exchange

Regulations regarding the Foreign Exchange System of the People’s Republic of China

Circular Foreign Exchange Administration for Overseas Listings

Other

It’s done by the foreign exchange branches and department of administrative services for the State Administration of Foreign Exchange (SAFE) across every province, autonomous region and municipalities that are directly under the supervision of the Central Government; the branches located in Shenzhen, Dalian, Qingdao, Xiamen, and Ningbo and the headquarters of the designated foreign exchange banks that are funded by China.

Source

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