RMB corporate settlement accounts are RMB current deposit accounts opened by corporations, institutions, self-employed entities and other organizations to facilitate their settlement operations.

There are mainly four types of RMB corporate settlement accounts: basic deposit account, general deposit account, temporary deposit account and special deposit account.

Basic Deposit Account

Function Summary

A settlement means based on which the corporate client can conduct day-to-day transfer and funds settlement, as well as receipt and payment of cash.

A corporate client may only keep one basic deposit account in banks.

Features

With the least restrictions among the 4 types of accounts.

Business Processing

Eligible clients to open corporate basic deposit account including:

•  Enterprise legal persons and their subsidiaries that maintain separate accounts;

•  Fiscal sectors that manage fiscal budgetary funds and extra-budgetary funds;

•  Budget administrative institutions;

•  Military forces, armed polices that of regimental units or higher;

•  Resident agencies of foreign countries and international organizations;

•  Social organizations;

•  Private businesses;

•  Self-employed entities and other eligible clients.

For the account opening, the following documents are required:

•  Original copy of the legal person business license for enterprise that is a legal entity;

•  Original copy of the business license for enterprise that is not a legal entity;

•  Original copy of the business license for self-employed entities;

•  Approval letters or certificates of registration issued by the personnel department, staffing quota commission, or civil administration sector of the central or local government for government agencies and public institutions;

•  Certificates of account holding by the treasury departments in units that are above army level or in headquarters of the armed police for military force or armed police units;

•  Registration certificates for social organizations, and approval letters or certificates issued by religious affairs administration authorities for religion organizations in addition;

•  Approval letters issued by the government of where they are located for resident offices outside their places of residence;

•  Approval letters issued by relevant Chinese authorities for resident offices of foreign countries and international organizations, and registration certificates issued by the Chinese registration agencies for representative offices or operational branches for foreign-invested enterprises.

In addition, tax registration certificates issued by taxation authorities are also required for clients that are taxpayers and are engaged in productive and commercial activities.

General Deposit Account

Function Summary

Settlement account opened by the corporate client to meet the client's borrowings or other payment needs.

Non-financially independent subsidiaries that have different registration area from their parent entities can open, subject to the approval from their parent entities, general deposit accounts to serve their separate settlement needs.

Features

Main services that corporate general deposit accounts encompass are:

•  Receipt and repayment of loans

•  Receipt and payment of other settlement funds

•  Receipt of cash, but

•  No cash withdrawal

Business Processing

To open general deposit accounts, depositors shall present as may need, in addition to the documents required for and the registration certificate of, the opening of basic deposit account, loan contract for borrowing from bank or relevant documents required for other settlement demand.

Temporary Deposit Account

Function Summary

Settlement account for temporary need and to be in effect within a prescribed period.

Features

•  Temporary deposit accounts are opened for the management and use of funds arising from the establishing of temporary institutions or other temporary business operations.

•  Cash withdrawal from the temporary deposit account shall abide by state rules and regulations on cash management.

•  Valid period of the temporary deposit account is determined by relevant documents submitted for account opening or by the depositor's business need, not exceeding 2 years, however.

Business Processing

To open temporary deposit account for the purpose of establishing temporary institutions, conducting temporary business operations in other places, or meeting registration and examination of capital requirements, the client shall present:

•  Approval letters for their establishments issued by relevant authorities in where they are located for temporary institutions establishment;

•  Original copies of their or their parent entities' business licenses, permission issued by local construction/installation authorities or contracts of construction and installation, and certificates for opening of basic deposit accounts for construction and installation enterprises in other places;

•  Original copies of their licenses and approval letters issued by local industrial & commercial administration bureaus for institutions engaged in temporary operations in other places;

•  Notices of advance approval of enterprises' names issued by the industrial & commercial administrative authorities or approval letters of other relevant authorities for funds deposited for registration and examination of capital requirement compliance.

Special Deposit Account

Function Summary

Settlement account set up by the depositor to separately manage and use the earmarked funds in accordance with relevant laws and administrative regulations.

Features

Depositors may apply for opening of special deposit accounts for the management and use of various types of embarked funds. And cash withdrawal from special deposit accounts shall abide by the Rules on RMB Banking Settlement Account Management of the PBOC and other regulations on cash management.

Business Processing

The client shall present relevant documents and approvals issued by the authorities concerned for the project or relevant regulations and files issued by the government, in addition to certificate documents required for the opening basic deposit account and registration certificates of the opening basic deposit account.