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why is kyc verification so important for offshore bank account?

why is kyc verification so important for offshore bank account?

if you have an offshore bank account, you must have been required by the bank manager to sign a lot of paper forms and answer a series of questions for kyc or kycc. so why is it necessary to answer so many questions for opening a usd account? 
why is kyc verification so important for offshore bank account?
 
what are kyc and kycc? 

kyc: know your customer

when offering services, banking organizations and financial institutions adopt kyc to verify the identities of the actual holders and actual beneficial owners of the accounts, in order to make sure whether their clients comply with the regulations on anti-money laundering and anti-terrorism financing. 

kycc: know your customer’s customer

 
kycc helps banking organizations and financial institutions look to who the customers are doing business with, their activities and sources of funds, to make sure that they are not involved in fraud and money laundering. 
 
why is kyc verification so important for offshore bank account?
 
an integrated kyc system usually include: 
 
customer identification program (cip) 
the bank collects and documents a customer’s identification information, and verify the customer’s identity. 
 
customer due diligence (cdd) 
the bank collects and evaluates relevant information about the customer to uncover any potential risk to the bank of doing business. 
 
enhanced due diligence (edd) 
edd is specially designed for dealing with high-risk or high-net-worth customers and large transactions. the bank implements stricter verification procedures to lower financial crime risks. 
 
simplified due diligence (sdd) 
the bank simplifies the process for low-risk customers such as small depositors. 
 
in brief, banks implement kyc and kycc to do background checks on the customer and assess the risk. 
 
why is kyc verification so important for offshore bank account?
 
 
what info is required?

customer’s basic information
  • name, contacts, e-mail address, address, id number. 
  • personal resume: the bank will get to know whether the customer is really doing business from the resume. 
  • purpose of opening account, sources of funds, reasons for choosing the bank: this can help the bank avoid the risk of receiving illegal money.
  • name of customer’s mother: some banks may require customers to provide their family’s name as the answer to an account security question. 
company’s basic information
  • annual revenue. 
  • monthly amount and times of transfer. 
  • names and regions of three main buyers: the bank can assess the risk according to the regions.
  • need of exchange: the bank will set up relevant foreign currency account.
  • main products: it is suggested to filll in with products in relevant industries. 
 

hacos advises you to use one account for transactions in one industry to lower the risk of account shutdown. if you are doing business in multiple industries, you’d better set up another company and open a relevant bank account.

 
other info about the account
  • type of account (saving/checking/joint account)
  • need of withdrawal from atm
  • currency
why is kyc verification so important for offshore bank account?
the more detailed you fill in, the easier and more efficient to get the account. if you have any questions about opening hk bank account, please feel free to contact hacos

why is kyc verification so important for offshore bank account?

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why is kyc verification so important for offshore bank account?

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why is kyc verification so important for offshore bank account?

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why is kyc verification so important for offshore bank account?why is kyc verification so important for offshore bank account?

starting from today! foreigners can get covid-19 vaccine in gd

starting from today! foreigners can get covid-19 vaccine in gd

guangdong will provide covid-19 vaccination service for foreigners in the province from april 12. here’s what you need to know about it, let’s check! 

starting from today! foreigners can get covid-19 vaccine in gd

 
good news! starting from april 12, guangdong will start the covid-19 vaccination service for foreign expats subject to local age eligibility restrictions, following the principle of: 
  • voluntary participation 
  • giving informed consent 
  • assuming personal responsibility for risks 
foreign nationals who are covered by the local health insurance program can be vaccinated for free, enjoying the same policy as insured chinese citizens. 
 
those not covered will be charged 100 yuan (about $15) per dose, according to the foreign affairs office of the guangdong provincial government. 
 
by now, the vaccines available in guangdong are domestically developed inactivated vaccines, and two doses are needed for each recipient. 
 
starting from today! foreigners can get covid-19 vaccine in gd
 
 
how to make a reservation? 
 
foreigners in guangdong who are of an eligible age and want to be vaccinated on a voluntary basis can make a reservation via a wechat mini program “yuejiantong” (粤健通) run by the provincial health commission. 
 
you can long-press the following code or click the link to directly open the mini program and book your vaccine ↓↓↓
 
starting from today! foreigners can get covid-19 vaccine in gd
after then, you can sign in and submit the essential information to make a reservation. here’s a simple guide for you: 
 

starting from today! foreigners can get covid-19 vaccine in gd

starting from today! foreigners can get covid-19 vaccine in gd

△ the info you need to enter and submit. 

what’s required for the vaccination? 
 
it is noted that you need to show your passport or other id documents such as permanent resident id card and valid residence permit at the designated site prior to vaccination. don’t forget to prepare the required documents. 
starting from today! foreigners can get covid-19 vaccine in gd
before taking vaccine, you should sign both a form of informed consent and a statement of bearing personal responsibility for all risks associated with vaccination. 
 
please take necessary precautions and inform the vaccine giving personnel of your health condition so that they can decide whether you can take vaccine. if you show any discomfort symptoms 14 days after vaccination, please go to the hospital. 
 
starting from today! foreigners can get covid-19 vaccine in gd
 
 
is it available in all gd cities? 
the schedule of vaccination vaires from cities to cities. based on the epidemic preventin and control situation in guangdong, vaccination priorities are fiven to the folloing cties: 
  • guangzhou 
  • shenzhen
  • foshan 
  • dongguan 
  • zhuhai 
other cities in the province will commence the vaccination as appropriate. please keep an eye on the vaccination arrangement at your communities.
 
if you have any questions about living in china, please feel free to contact hacos

starting from today! foreigners can get covid-19 vaccine in gd

in order to help you reach the latest update on the global pandemic situation, hacos has set a quick link on the menu of our wechat page. follow us, you can check it whenever you want! 

 

starting from today! foreigners can get covid-19 vaccine in gd

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starting from today! foreigners can get covid-19 vaccine in gd

source | xinhua news / shenzhen daily / grtradio

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starting from today! foreigners can get covid-19 vaccine in gdstarting from today! foreigners can get covid-19 vaccine in gd

money saved! china to extend tax relief measures to december!

money saved! china to extend tax relief measures to december!

china has announced that several preferential tax policies will be extended in order to further support small and micro enterprises. what’s more, the government will take further steps to implement tax and fee reduction policies. 
money saved! china to extend tax relief measures to december!
 
china will extend the duration of several temporary tax relief measures to offset the impact of the covid-19 pandemic and further support small and micro enterprises, government officials said on mar 23. 
 
the ministry of finance and the state taxation administration said that the duration of some preferential tax policies, specified in 16 documents, will be extended till dec 31, 2023, specifically to support the development of small and micro enterprises and foster scientific and technological innovation. 
 
money saved! china to extend tax relief measures to december!
 
experts said the extended policies will increase the share of pretax deductions for research and development expenses, the value-added tax exemptions of interest income of small and micro businesses of financial institutions, and vat exemption for some pension institutions. 
 
the vat relief to support the resumption of privately owned business will be extended to the end of this year. for small-scale vat taxpayers in hubei province, the tax rate will be reduced to 1 percent from 3 percent for taxable sales income and some prepaid vat items. 
 
related article:
 
some relief for personal income tax and supportive measures for the movie industry will also be extended to the end of this year, the two government departments said. 
 
money saved! china to extend tax relief measures to december!
 
by extending the duration of some tax relief measures to specifically benefit smaller businesses, the government is determined to maintain stability and continuity of macroeconomic policies, said li xuhong, director of the institute of finance and taxation policy and application with the beijing national accounting institute. 
 
because of the covid-19 shocks, many small and micro enterprises are still weak, and some are in the process of work resumption. this year, china’s proactive fiscal policy will maintain continuity, stability and sustainability, with additional supportive measures coming up, which are crucial for consolidating the economic fundamentals, said li. 
 
the nation issued the tax relief measures after the outbreak of the covid-19 pandemic. last year, the country reduced the burden on market entities by more than 2.6 trillion yuan ($399.4 billion) by cutting taxes and fees, including 1.7 trillion yuan in social insurance premium cuts and exemptions, according to the ministry. 
 
money saved! china to extend tax relief measures to december!
 
china’s economy has shown a stable recovery so far this year, but the pandemic has not ended and there are several uncertainties in the external environment. some industries are still influenced by covid-19 shocks. 
 
the finance ministry and the nation’s tax authorities will take further steps to implement already-launched tax and fee reduction policies to support key areas, according to officials from the ministry of finance. 
 
according to the government work report, which was passed at the annual session of the national people’s congress earlier this month, the vat threshold for small-scale businesses was raised from 100,000 yuan to 150,000 yuan in monthly sales. 
 
on the basis of preferential policies already in force, the government will halve the income tax of micro and small enterprises and self-employed individuals on annual taxable income below 1 million yuan, the report said. 
 
we will keep following the updates on the preferential tax policies. stay tuned! 
 
if you have any questions about doing business in china, please feel free to contact hacos

money saved! china to extend tax relief measures to december!

in order to help you reach the latest update on the global pandemic situation, hacos has set a quick link on the menu of our wechat page. follow us, you can check it whenever you want! 

 

money saved! china to extend tax relief measures to december!

share to let your friends know!

money saved! china to extend tax relief measures to december!

source | china gov / china daily / 央视网

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money saved! china to extend tax relief measures to december!money saved! china to extend tax relief measures to december!

china’s 2021 ramadan calendar just came out! let’s check!

china's 2021 ramadan calendar just came out! let's check!

ramadan 2021 is expected to begin on tuesday, april 13, 2021. as it’s coming, hacos has summarized the timings and made the ramadan calendar of several chinese cities. you can check it and plan in advance. 
china's 2021 ramadan calendar just came out! let's check!
 
the blessed month of ramadan upon us once again! ramadan is the ninth and most holy month of the islamic calendar, which is based around the lunar cycle. for muslims across the globe, these few weeks are a sacred time for worshipping allah. 
 
this year, ramadan is expected to begin on tuesday, april 13, depending on the sighting of the moon. 
during this period, muslims fast from dusk from dawn until dusk, focusing on worship activities, such as praying, reading the quran, and doing acts of charity. 
 
the timings for the following ramadan timetable for 2021 have been sourced from guangzhou islamic association and islamic finder. 
 
beijing
china's 2021 ramadan calendar just came out! let's check!
shanghai
china's 2021 ramadan calendar just came out! let's check!
guangzhou
china's 2021 ramadan calendar just came out! let's check!
shenzhen
china's 2021 ramadan calendar just came out! let's check!
changchun

china's 2021 ramadan calendar just came out! let's check!

chengdu
 
china's 2021 ramadan calendar just came out! let's check!
chongqing
china's 2021 ramadan calendar just came out! let's check!
harbin
china's 2021 ramadan calendar just came out! let's check!
nanjing
china's 2021 ramadan calendar just came out! let's check!
xi’an

china's 2021 ramadan calendar just came out! let's check!

yiwu

china's 2021 ramadan calendar just came out! let's check!

ramadan is the most sacred month of the year for muslims. it is believed that it is during this month that allah revealed the first verses of the qur’an to the prophet mohammed. 
 
as we’ve said last year, “ramadan start date” is definitely one of the most-searched phrases every single year since it is never a set date but based on
the sighting of the moon. so the above-mentioned date is tentative. 
 
we get the timings from various platforms such as local mosques, islamic associations and some islamic websites. there might be a slight difference due to the different calculations. all info is for reference only. 
 
anyway, it’s time to start planning your schedule ahead of ramadan 2021. hacos wishes you a joyful and blessed ramadan. alhamdulillahchina's 2021 ramadan calendar just came out! let's check!
 
if you have any questions about living and doing business in china, please feel free to contact hacos

china's 2021 ramadan calendar just came out! let's check!

in order to help you reach the latest update on the global pandemic situation, hacos has set a quick link on the menu of our wechat page. follow us, you can check it whenever you want! 

 

china's 2021 ramadan calendar just came out! let's check!

share to let your friends know!

china's 2021 ramadan calendar just came out! let's check!

source | 广穆 / islamic finder

👇these articles may help you

china's 2021 ramadan calendar just came out! let's check!china's 2021 ramadan calendar just came out! let's check!

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