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Commercial Banking Sector in China - Part 5 - Chapter 11 - Doing Business in China

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Preview Page About The Author(s) Originally from: Doing Business in China SYNOPSIS § 11.01 Introduction § 11.02 General Background § 11.03 The Regulation of Foreign Banks [1] The PBOC and the CBIRC [2] Reporting Requirements and Inspection § 11.04 Establishment of Bank Operations [1] Establishment Criteria [a] Foreign Bank Branch [b] Joint-Venture Banks [c] Wholly Foreign-Owned Banks [2] Application Procedures [a] Foreign Bank Branches [b] Joint-Venture Banks [c] Wholly Foreign-Owned Banks [d] General Application Procedures for Branches, Joint-Venture Banks and Wholly Foreign-Owned Banks [3] Permits, Licenses and Registration [4] Legal Status [a] Foreign Bank Branches [b] Joint-Venture and Wholly Foreign-Owned Banks § 11.05 Bank Operations [1] Corporate Governance and Management [2] Capital and Reserve Requirements [3] Internal Controls [4] Taxation [a] Income Tax [i] Corporate Income Tax [ii] Value-Added Tax [b] Profit Distribution [c] Additional Taxes [5] Employment § 11.06 Accounts and Account Opening Procedures [1] Foreign Exchange Accounts [a] Foreign Exchange Accounts (General) [b] Foreign Exchange Accounts Relating to Current Account Items [c] Foreign Exchange Accounts Relating to Capital Account Items [2] Renminbi Accounts [a] Renminbi Deposit Accounts [b] Individual Savings Deposits [c] Other Deposits [3] Free Trade Accounts § 11.07 Permitted Business Scope [1] Renminbi & Foreign Exchange Business [a] General Scope of Business [b] Application Criteria and Procedures for Renminbi Business [2] Primary Banking Business [a] Deposits [b] Lending [c] Foreign Exchange Settlement [d] Trade Finance [e] Guarantees, Standby Letters of Credit and Other Credit Support [f] Negotiable Instruments [g] Interbank borrowing/lending [h] Dealing in Bonds [3] Other Products and Services [a] Electronic Cards [b] Overdraft Facilities [c] Joint Accounts [d] Swaps and Derivative Products [e] Entrustment Loans [f] Wealth Management Products § 11.08 General Banking Principles [1] Protection of Depositors [2] Interest and Fees [a] Prices Directed by the State [b] Market Prices § 11.09 Liquidation, Bankruptcy and Termination [1] Commercial Banks Generally [2] Foreign Funded Banks Generally [3] Bankruptcy Law § 11.10 Current Challenges [1] Regulatory Environment [2] Operational and Legal Complexity [3] Business Restrictions [4] Future Directions—Organic growth or acquisitions? Fang Jian and Grace Yu are both Partners of Fangda Partners, a recognized leading PRC law firm in the commercial field. Fang Jian specializes in PRC financial markets and financial services and has advised international financial institutions and domestic Chinese financial institutions on their PRC activities and cross-border activities. Grace Yu is a specialist in financial markets and financial services activities in the PRC. She is the regular contact point for a number of leading international and domestic financial institutions in respect of their PRC matters. The authors would like to thank Lily Yan and Kristy Tang at Fangda Partners for assisting with this update.