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今年3月份爆发的疫情，是2020年之后，我们遭遇的最严重的疫情反弹。这两年来，虽然疫情反扑是断断续续的，但是疫情的影响确是连贯的。 How to repatriate money from China? 首先，疫情封控期间，由于生产停滞，企业和居民均会消耗存量财富。其次，由于疫情反反复复，导致市场预期不稳定，也会导致企业和居民部门的负债和支出意愿降低，那么消费、投资会产生更加长远的影响。
There’s definitely a lot of talk on WeChat about this topic and a lot of sketchy under-the-table “services” for sending money out of China which you’ll want to avoid. Today we’ll go over the legal ways individuals and businesses can repatriate money from China back home, what the requirements are, and what fees you can expect.
How foreigners can repatriate personal funds
If you are working for a company in China and have a valid work permit + visa and have been paying your individual income taxes(IIT), then I have good news for you, because the process of repatriating your hard-earned income is an easy one.
Repatriation of income through a Chinese bank
同时因为今年这场疫情，很多在中国的外国人和外资公司选择离开中国，还有一部分中国人和企业选择向外寻求出路。 earned working in China you can go to your bank with the following documents:
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2. 润学移民互助群 through the State Administration of Foreign Exchange (SAFE). Once your application is accepted, your funds will be transferred to your foreign account by your bank or by a third party provider of your choice, and before you ask, yes there are always extra “processing” fees from every party involved, but what are these fees and how do you minimize them?
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Charges by Chinese banks involve a transaction fee and a fixed remittance fee. The transaction fee is typically between 0.1% and 1% of the repatriated amount and the remittance fee is between 50 to 200CNY. If the transfer goes through an intermediate agency, you can expect another $20 transfer fee.Finally, your receiving bank may charge a foreign incoming wire transfer fee which can be free or another $20 or so. It’s best to check online to see which foreign banks your Chinese bank can wire money directly to and plan accordingly if you have multiple overseas bank accounts.
How a business can repatriate funds
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Dividends to shareholders
pass an external annual audit by an accounting firm.This annual audit is done once a year around the Chinese new year, usually in April. This means the window of time to send dividends out of China is once a year around Chinese New Year. To pass the audit, all corporate income taxes must be settled and accumulated losses over the past years of operation must be accounted for.The company also needs to keep a minimum of 10% of its after-tax profits in a reserve fund if the company hasn’t accrued at least 50% of the company’s registered capital yet. Once all these conditions are met, Chinese banks can transfer the profits of the company out of China and into overseas accounts.Your company’s corporate bank will need to see:1. The business license of the company.
2. The company’s certificate of tax registration.
3. 亚太离岸生态群
发现亚太投资商机，亚太生态圈经济、政治、文化、生活，科技领域的深度分析报告，包含不同国家不同领域的报告专栏，从投资到文化，从移民到生活，全方面覆盖。
5. Receipts of tax payable.
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The last catch is the withholding tax. The withholding tax takes 10% of the repatriated sum, although it may be subject to international treaties depending on which country the receiving account is in, but for the most part, this is a 10% cut.
1-2 months.
Intra-company payments: royalties & expenses
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Repatriating funds for both individuals and companies is made dramatically easier if your taxes and tax history are in order.For companies, it’s important to be compliant with the tax reporting from the moment the company receives its tax number certificate from the tax bureau. It’s also important to have a well-thought-out structure when incorporating in China.
For foreigners working here, it’s important that your employer is following the proper tax regulations and not paying you in cash or cheating the tax system by paying part of your salary as an expense. These practices will most likely backfire on you when trying to repatriate money at the bank and your options may be limited. The best thing to do is to start complying with the system as soon as possible. That way you can go through the Chinese bank system and follow the official procedure and although the process takes some time and involves some fees, it gets the job done in the best way possible.If you are interested in worldwild investment, we have prepared an electronic document “Anticipating Inflation in Asia 2022 & Beyond” to let you know more about the markets and challenges in Asian countries.Because of limited space, please add our consultant WeChat (Wechat ID: Elitestage) below, and we will send you the full version for free.
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Anticipating Inflation in Asia 2022 & Beyond
