The People’s Bank of China Shanghai Branch Announcement on Cancellation of Company Bank Account License in Shanghai 2019-06-27

  On 24th Dec, 2018, the executive meeting of State council decided to cancel the company bank account license nationwide in batches. Relevant issues are now announced as follows:

  1. From 30th Apr, 2019, license on company bank account in Shanghai will be canceled. Opening, changing or revoking of basic deposit account and temperate deposit account for a business entity, an unincorporated enterprise or an individual business (hereinafter jointly referred to as “company”), which is legally established in People’s Republic of China, will be changed from approval system to filing system. The People’s bank of China will cease to grant account opening license. Account opening license should no longer be used as the supporting document or evidence for a company when dealing with other business or affairs.

  2. For the companies applying for opening basic deposit account or temporary deposit account, bank of deposit are allowed to open accounts for qualified companies upon completion of the examination and verification of account opening. Company bank settlement account are allowed to receive or pay from the day when it opens.

  Company applies to change the name, legal representative or principal of basic deposit account or temperate deposit account which is opened before the cancellation shall turn in the original account opening license.

  3. In accordance with the spirit of “Streamline administration, delegate powers, Improve regulation and service” reformation by State council and the requirement of strengthen responsibility of bank account management by executive meeting of State council, the People’s Bank of China will strengthen the management of company bank account while cancelling license. To take precautions of impersonating account opening, and to protect the legal rights of company, bank of deposit should verify the true intention of the legal representative (or principal) when opening bank accounts. Legal representative (or principal) should cooperate to relevant business.

  4. After the cancellation of company bank account license, companies shall provide the basic deposit account number when applying to open general deposit account, special deposit account or temperate deposit account.

  Bank of deposit will inform the company with the basic deposit account number after opening the basic deposit account. In case of forgetting the number, the company can make inquiries to the bank of deposit following certain rules.

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