Close
Notice

AbacusHKCPA - Company Formation and Company Registration by Hong Kong Accountants (HKCPA)

Abacus CPA
Charity Linking
Tel :
(
852
)
8113 0025
Fax :
(
852
)
8102 2593
E-mail :
Info@AbacusHKCPA.com
Certified Public Accountants
  
  
  
  
  
English
Chinese
 
Search
 
AbacusHKcpa » 

Success Story

RMB bank account for China trade and business

Background - using RMB for China trade and business
  • RMB is not international currency;
  • China is major production base in the world (export);
  • and China is becoming a stronger consumer of western product and services (importer);
  • as RMB raise in value, and fluctuate in value, it is worthwhile for both buyer and seller to use RMB for business;
  • however, a non-China company cannot keep RMB in bank account - especially outside of China;
RMB bank account is possible for hong kong company in hong kong
  • Hong Kong is granted special status by China government to allow Hong Kong company to keep RMB bank account in Hong Kong;
  • purpose is to facilitate China business;
How it works
  • a Hong Kong company can open multi-currency bank account with hong Kong HSBC;
  • when the Hong Kong company needs to pay RMB to China
  • when the Hong Kong company needs to receive RMB from China
    • the China side money payer will clear the procedure in China;
    • and the money will reach Hong Kong company RMB account in Hong Kong;
    • the Hong Kong company can keep the money in RMB or convert to other currency;
Important
  • when the Hong Kong company needs to withdraw or transfer RMB balance in its RMB account, it needs to convert into other international currency first;
  • RMB keeping in RMB account can be used for investment purpose of RMB product (such as RMB bonds in Hong Kong);
  • the mechanism does not allow converting RMB for value speculation purpose;
US$ 1 to RMB in since 2004

 

 

Annoucement by People's Bank of China
Page Top
Service in Hong Kong
  1. Accounting, Audit & Taxation
  2. Document Certification
  3. Bank Account Opening
  4. Company Secretary
  5. Registered Address
  6. Nominee Shareholders & Directors
  7. Virtual Office
  8. Trading Support
  9. Trademark Registration
  10. Online Credit Card Payment Service

Service in China
  1. Accounting Service
  2. Trading and Logistic
  3. Other Service
   Company Formation
  1. Hong Kong
    1. Limited Company Formation
    2. Unlimited Company Formation

  2. China
    1. WFOE (Wholly Foreign Owned Enterprise)
    2. In Free Trade Zone  |  Consultancy  |  Restaurant
      IT  |  Manufacturing  |  Wholesaler  |  Retailer
    3. JV (Joint Venture)
    4. RO (Representative Office)

  3. Offshore
    1. BVI (British Virgin Islands)
    2. Samoa
    3. Seychelles
    4. Marshall Islands
  
  1. Why Abacus
  2. Contact Abacus
  3. Office Locations
  4. Working with Abacus
 
  1. Fee Table
  2. Payment Method
 
  1. FAQ's
  2. Success Story
  3. Glossary
  4. Useful Link

AbacusHKCPA - Certified Public Accountants base in Hong Kong (HK) - ACCA, HKICPA, providing services of

company formation, financial management, business advisory, tax planning, auditing and accounting.