Step 1: The foreign-invested enterprise (FIE) shall be approved by and registered at the Ministry of Commerce or its authorized organs;
Step 2: The FIE shall obtain a Business License issued by the administration of industry and commerce;
Step 3: The FIE shall apply for the Foreign Exchange License of the Foreign Invested Enterprises to the administration of foreign exchange in the place where it registered with required documents;
Step 4: The FIE shall apply for the opening of a capital account to the administration of foreign exchange in the place where it registered and then obtain an approval certificate for opening a foreign exchange account;
Step 5: The FIE shall go to banks with foreign exchange business or other financial institutions to open the account with the approval certificate;
Step 6: If the bank is authorized to approve foreign exchange capital settlement by the administration of foreign exchange, the FIE can go through the capital settlement procedures with required documents at the bank; otherwise, it shall apply for capital settlement to the administration of foreign exchange with required documents first and then go through the capital settlement procedures with the approval certificate issued by the administration.
The required documents for opening a foreign exchange account:
1. Application Form for Opening of Foreign Exchange Current Account
2. Original and photocopy of Business License or Association Registration Certificate
3. Original and photocopy of the Foreign-related Business Operation License issued by the authorities, the Foreign Exchange License of the Foreign Invested Enterprises, or the proof materials relating to the foreign exchange income of the current account (such as the remittance sheet, etc.)
4. Original and photocopy of the Organization Code Certificate
5. Other materials required by the State Administration of Foreign Exchange.