Tag Archive chinesemarket

How To Open a Bank Account in China

Planning to operate a wholly foreign-owned enterprise business in China, whether it be a small business, a global company, or even a Fortune 500 company, can be fairly effortful. It is essential to take all the precautions needed to for your business to be successfully established. Once you acquire a business license, there are more steps to be taken further, such as, opening a bank account in China, to assist your business affairs. Although this step is necessary and can sound simple, opening an account in China can be challenging, especially recently, as the regulations became more stringent.

As of April 2020, the People’s Bank of China (PBOC) have made it obligatory to follow high level of analysis during the Know Your Customer (KYC) process. Because of this, the PBOC have ordered that all banks not only to oversee business activities, including financial transactions, but also to induct a few other conditions such as investigating your other bank accounts in addition to dormant accounts, seek capital transitions, examine times of transactions as well as suspicious or abnormal activities, restrict pay outs and limit online banking transactions.

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China’s Digital Market: How it Combats the Economic Consequences of the Corona Virus

Even before the surge of Corona Virus cases and the world going into lock down, the digital market in China has been on the rise, and more dynamically than most nations around the world. Such systematic progression is rooted in the country’s core business model as well as the business environment created by China’s rapid growth. Using their business environment as an example, we can more readily anticipate business trends and opportunities that will arise in this age of digital business.

From the beginning of the outbreak to the present, China has been unknowingly prepared for the change from physical work environments to the shift into a predominantly remote working business model. The growth of technology-based companies such as Tencent, Alibaba, and Huawei, as well as the integration of apps such as WeChat and Weibo into their daily life has put the Chinese economy ahead of the curve in the shift towards a digital business framework. The convenience afforded by the systems in place allow more remote services to be provided to the everyday consumer. This addresses the issue of public quarantine that’s present in most countries in the world.

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ICP Licensing: How to Start Your Chinese Business off Strong

Promising untapped markets are emerging all over China. As companies race to break into the new business climate, ICP Licensing is in growing demand. With rules and regulations constantly changing, and an overwhelming amount of Chinese paperwork, the registration process can get confusing. Nevertheless, completing this step is a fundamental part of your successful game plan, and we’re here to help.

In this article, we’ve created an all-you-need-to-know-guide on how to properly establish a competitive web presence in any mainland region.

Beware: This is a fragile and crucial part of your company’s success. The process is not to be taken lightly, although there are certain service providers out there who treat it so in order to make a quick buck or yuan. Pay attention to the points provided and we will teach you how to do it right.

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