Secondly, because the currency of Hua Nation cannot be freely converted, individual citizens of Hua Nation have an annual foreign exchange settlement quota of only 50,000 US dollars. If overseas funds exceeding one million need to be transferred into Hua Nation, it can only be done through the following channels:
1. Open a Hong Kong bank account. First remit the funds into the Hong Kong bank, and then withdraw the currency of Hua Nation at a domestic ATM. Although this method is not counted toward the 50,000 US dollar foreign exchange limit, the handling fee is very high.
2. Settle foreign exchange through freight forwarding companies or import and export companies. This method also requires handling fees, and fund convertibility will be restricted by the exchange company.
3. Register an offshore company and an offshore account to uniformly receive large amounts of US dollars, and then conduct separate foreign exchange settlements. This is currently a relatively common method. However, the foreign exchange regulatory authorities of Hua Nation are currently cracking down heavily on this method of foreign exchange settlement.
4. Register a foreign-funded investment company within Hua Nation, with the registered capital equal to the amount of funds you plan to bring in, and the business the company intends to conduct must match the amount of funds. Afterward, apply to the State Administration of Foreign Exchange. Or: prepare for the incoming funds to be far greater than the reg…
Chapter 20