Chinese Lawyer in Shanghai, Shenzhen, Guangzhou and BeijingA Blog about Chinese Civil and Business Laws, Legal Service Center for Overseas Chinese and Foreign Investors. Back in 1998, China has started its offshore banking business with some designated banks in China by allowing these banks to open forex accounts for foreign forex trading tax implications australia and individuals. Such accounts are called “OSA” accounts in China’s banking administration.
OSA accounts are treated in the same way as accounts opened in foreign banks. The eligible banks have independent OSA departments, separate from onshore banking business. Chinese investors to manage their foreign exchange fund. OSA accounts, creating now another option for foreign investors to open forex accounts in China. Now, the thing you want to know most is the difference between OSA accounts and NRA accounts. However it shall be noted that in most aspects, there are really similar from the perspective of account holders. NRA accounts is counted in calculating the short-term foreign debt balance of their opening banks, but fund in OSA accounts is not so counted.
This will give OSA banks unlimited power to open as many foreign exchange accounts as they wish and are not restricted by foreign debt balance limitation. OSA accounts but cannot open NRA accounts. Contact the author if you want to know more. Is it legal to terminate labor contract upon closure of branch office? Thanks your for nice and helpful article ! Do u have any idea about the receiving or transfer charge or others any fee by offshore account?