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bank account policies changes in 2018, let’s have a review!

2019 is very approaching, here we would like to summarize a review of bank and tax policies of 2018 in china. click the photos to know more about the details and review the changes that have taken place around you!

1

chinese banks: new limits on overseas cash withdrawals!

new limits on the amount of money people can withdraw from their chinese bank accounts while overseas, in the move by beijing to tighten its capital account controls and curb money outflows.

2

more imported food & products are 0% tariff now!

according to ministry of commerce, free trade agreements (fta) have come into effect, covering 23 countries and regions, and more than 8,000 kinds of zero-tariff imported products.

 

3

new policy on bank account & mobile payment!

people’s bank of china has implemented a new rule on “bank account & mobile payment”. how does the new rule affect us?

① only one type ⅲ bank account is allowed to be bound up with mobile payment account individually.

② only one type ⅱ account and 5 type ⅲ bank accounts at most are allowed for individual. 

③ the allowable account balance has been increased by 2,000rmb, and daily accumulative spending amount has been decreased by 2,000rmb.

4

china ban all bitcoin & cryptocurrency websites!

china reportedly blocks anyone in the country from accessing websites that offer cryptocurrency trading services or initial coin offerings (icos).

advertisements relating to bitcoin and other virtual currencies have also been scrubbed from search engines and social media in the country.

5

china to cut the vat rates & change tax standard!

the state council decided to deepen the vat reform measures to reduce the tax burden further of the market subject and unified the standard for small-scale taxpayers, starting from may 1.

6

new policy! can buy house without residence in china now!

there is a hard-and-fast rule for house-purchase: 

more than one year of living and working in china, but the latest news changed the rule!  now providing the working certificate and business license then you can purchase a house in guangzhou!

7

china to raise individual income tax threshold!

bank account policies changes in 2018, let's have a review!

8

usd from these countries can’t be transferred into your account?

there are a number of foreigners doing foreign trading business in china, but what if the countries of your clients were sanctioned by usa or eu, which may lead to difficulty in remittance? thus, it is suggested that you must check and inspect in advance to ensure the success of remittance when doing business with clients from high-risk countries.

9

china to launch new anti-tax avoidance & strict punishment!

new anti-tax avoidance clauses were added into personal income tax, which may hit the act of off-shore tax evasion hard!

10

new measures let you pay less individual tax in china!

china is set to introduce a range of new allowances that could save taxpayers tens of thousands of yuan a year. it’s worth mentioning, the new allowance are not only aimed at chinese nationals but foreign residents.

11

notice! have you received this message from bank recently?

many of our friends have received a message from banks as below these days, worryingly, they asked hacos, ‘what is this all about’? well, let’s figure it out!

12

abc bank removed english interface of online banking! 

to rent a car in china with your foreign driving license?

china does not recognize any other driving license except for the chinese one and . to rent a car in china, you should first get a chinese driving license. the latter can be subdivided into two types:

  • temporary license (for the duration of your visa, but not more than 90 days). at each entry, you should get it once again;

  • permanent driving license (for 6 years). it is to be granted if you have a residence permit (e.g. if you are a student or an english teacher holding work visa).

 

to rent a car in china with your foreign driving license?

© image | google

 

how to apply for china driving license?

you can click the link below to know more. 

what you need to know

 

foreigners in china should keep in mind that driving can be another challenge. according to statista.com, in 2016 china’s main national highways had reached an average traffic volume of 24,468 vehicles per day. moreover, rental cars are not allowed to leave a particular administrative area.

 

how can foreigners driving 

in china rent a car?

companies refuse to provide

 you with a rental car

tourists driving in china may start facing the problems at once if their driving license expires next month or even earlier. some (mostly large) companies refuse to provide you with a rental car if you stay in the country over a short period. 

however, small rental agencies that don’t have so many clients usually don’t pay attention to the expiry date of your international driving permit in china.

 

to rent a car in china with your foreign driving license?

© image | aeroportodicomiso

 advice 

we recommend tourists driving in china to book a car beforehand since prices here vary considerably according to the season and a day of the week. that is why the earlier you book the desired service, the more you save!

the price of a rental car

the cost of car rental in china, as elsewhere, depends on the class and brand of the car, its engine capacity, type of transmission, etc.

to rent a car in china with your foreign driving license?

© image | thezebra

make sure you have carefully inspected the car. otherwise, you will be asked to pay for the cost of any scratches and dents, etc. if you fail to prove they have already been there.

to rent a car in china, you should provide your temporary license. then you should pay the deposit ($700 to $1,500) in cash or by credit card. the deposit amount will be blocked on your card until you return the car.

to sign a rental contract

foreigners driving in china should draw up and pay for a car insurance policy together with signing a rental contract. in china,car insurance premiums cost not more than $10 per day. 

to rent a car in china with your foreign driving license?

© image | template.net

however, tourists driving in china will have to pay another $80 in case of traffic penalties. if you drive carefully and do not violate local traffic rules and regulations, you will get your money back.

read the contract carefully since in most cases employees at rental agencies may include additional service options in the contract.

keep calm & well-organized 

when driving chinese roads.

thus, do not be in a hurry. keep calm and well-organized when driving chinese roads. statistics is implacable: in 2009, a total of 67,759 individuals died from road traffic crashes in china. of the 67,759 road traffic deaths in 2009, more than three-fifth (40,886) occurred in rural areas. 

so, please be careful and obey the traffic rules and regulations of the country you are in.

traffic accidents

if you are involved in a traffic accident, however small, you should immediately stop, remain with the vehicle and wait for the police. call general emergency number 110, or 122, and ask for english service. you should fully co-operate with the police. 

 

to rent a car in china with your foreign driving license?

© image | google

however, if you are required to sign any documents, do so, but write clearly in your own language on the same page that you do not understand what you are signing.

 

alternative ways to rent a car in china

if you don’t like red tape, you can rent a car with a driver. driver hire service is widely available. foreigners can easily find a local driver. if a driver speaks your language, that will be awesome. 

 

to rent a car in china with your foreign driving license?

© image | todayonline

 

however, keep in mind that you will have to pay the cost of the fuel, highway toll, etc, as well as driving food and accommodation and translation services. prices in this segment vary significantly — from $80 to $300 per day.

good news! three new metro lines to open today!

good news! guangzhou metro line 14 (first phrase), line 21 (zengcheng square-zhenlongxi) and guangfo line (yanggang-lijiao) will officially go into operation today, december 28th.

according to guangzhou metro, line 14 and line 21 are in operation from 2 p.m., while guangfo line starts running at 6 a.m

good news! three new metro lines to open today!

© image | 广州地铁

 

this will bring the total mileage of metro lines in guangzhou close to 500 kilometers, and the operating mileage will rank third in china and place the city in the world’s top ten. 

line 14 

(first phase)

good news! three new metro lines to open today!

© image | gdtoday

  • line 14 (first phase) will be the first metro running in conghua district,  connecting dongfeng to jiahewangang. 

  • after its opening, guangzhou will begin a new chapter of “metro accesses to all districts. ” 

  • meanwhile, line 14 (first phase) is the first express service in guangzhou.

good news! three new metro lines to open today!

© image | 广州从化发布

 

pricing 

10 rmb (whole trip)

schedule

jiahewangang (interchange with lines 2,3) 嘉禾望岗

6:00 a.m. (first train) to 

10:50p.m. (last train)

dongfeng 东风

6:00 a.m. (first train) to 

10:35p.m. (last train)

good news! three new metro lines to open today!

© image | gzmetro

 

environment

 

good news! three new metro lines to open today!

© image | gzmetro

good news! three new metro lines to open today!

© image | gzmetro

 

dongfeng

good news! three new metro lines to open today!

© image | gzmetro

conghua coach terminal

good news! three new metro lines to open today!

© image | gzmetro

line 21 

(zengcheng square – zhenlongxi section) 增城广场-镇龙西

good news! three new metro lines to open today!

© image | 增城日报

 

  • zengcheng square station is decorated in red and green, the color of lychees, the most famous fruit in zengcheng. 

  • in addition, the entrance has been equipped with two “face-scanning” machine, it is likely that passengers can enter the station simply by scanning their face in the future, however, this equipment is still under testing.

“face-scanning” machinegood news! three new metro lines to open today!

good news! three new metro lines to open today!

© image | 掌中广视

pricing 

7 rmb (whole trip)

schedule

zengcheng 

square 增城广场

6:00 a.m. ( first train) to 

10:35 p.m. (last train)

zhenlongxi 镇龙西

6:10 a.m. (first train) to 

10:55 p.m. (last train)

 

environment

 

dongfeng

good news! three new metro lines to open today!

© image | 增城日报

 

good news! three new metro lines to open today!

© image | 掌中广视

guangfo line 

(yangang – lijiao section)

燕岗-沥滘部分

good news! three new metro lines to open today!

© image | 广州参考

  • there are four stations in the new section, yangang, shixi, nnzhou, and lijiao. the shixi – lijiao section covers a total length of 5.4 km. 

  • all the stations are equipped with bathrooms and a public baby diaper changing station.

  • nanzhou and lijiao are both transfer stations. you can transfer to line 2 at nanzhou and line 3 at lijiao. 

pricing 

8 rmb (whole trip)

yangang  to lijiao: 3 rmb

 

schedule

lijiao 沥滘

6:00 a.m. ( first train) to 

11:00 p.m. (last train)

xinchengdong 新城东

6:00 a.m. (first train) to 

10:30 p.m. (last train)

good news! three new metro lines to open today!

© image | 广州参考

new business license to launch officially soon!

the general administration of market supervision issued a notice on december 24th, deciding to start a new version of the business license nationwide from march 1, 2019.

example of the new business license 

new business license to launch officially soon!

© image | gov.cn

 

what is the difference?

 

qr code

the general administration pointed out in the notice that the biggest highlight of the new version of the business license is the addition of the qr code. 

 

the qr code function of the original business license is uniformly adjusted, and the qr code is accurately connected with the enterprise information publicized on the national enterprise credit information publicity system. you can learn more about registration, filing, licensing, regulatory information’ by scanning the code.

new adjusted layout

the new version of the business license photo layout is uniformly adjusted to the horizontal version, with originals and copies. 

 

the original size is: 297mm (height) × 420mm (width); the size of the copy is: 210mm (height) × 297mm (width). the copy is issued with a cover.

the original copy is printed with the national emblem, border, title (business license), the website of the national enterprise credit information publicity system, the official seal of the registration authority, the date, the supervision of the state administration of markets, the unified social credit code and number, the name and content of the record, qr code and other content.

 

the copy is accompanied by an annual report prompt. the name of the supervisory unit in the “registration certificate for permanent representative offices of foreign (regional) enterprises” and “representative certificates of permanent representative offices of foreign (regional) enterprises” shall be adjusted together.

 

keep 8 formats‍

the new version of the business license maintains the original license in 8 formats. that is, 

  • a format is applicable to the company legal person, 

  • b format is applicable to the non-corporate legal person, 

  • c format is applicable to the partnership enterprise, 

  • d format is applicable to the farmer professional cooperative legal person, 

  • e format is applicable to the individual proprietorship enterprise, 

  • f format is applicable to the individual industrial and commercial enterprise, 

  • g format is applicable to the domestically-owned unincorporated enterprise, domestically-owned non-corporate enterprise branches, domestic-funded branches, branches of foreign-invested enterprises, branches of partnership enterprises, branches of individual-owned enterprises, foreign (regional) enterprises engaged in production and business activities in china, etc. 

  • h format applies to branches of farmers’ professional cooperatives. ‍

 

 

notice of the general administration of markets on the activation of the new business license

new business license to launch officially soon!

© image | gov.cn

when will the new 

business license be used?

 

since march 1, 2019, companies that have been approved by the registration authority to establish, change registration, and reissue business licenses may issue new business licenses. the original business license can continue to be used, or you can apply for a new business license. 

 

for companies that have received a new version of the paper business license, they must simultaneously generate a new version of the electronic business license and upload it in the electronic business license library.

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