Recently, some netizens, especially those in Shenzhen, have complained about their frozen account, saying that they cannot withdraw money via WeChat Pay, or transfer money via Alipay. In fact, not only banks in Shenzhen have been freezing or restricting bank cards since May this year, but also banks nationwide are also carrying out investigation, and as a result, a large number of "frozen accounts" have emerged, and thousands of people affected.
This is not the first time that there has been a wave of "frozen accounts". Last year, the wave in Yiwu hit tens of thousands of foreign trade merchants in Yiwu (the official website of the People's Bank of China showed that the frozen funds exceeded 1 billion).
Not only their funds were frozen, but also their offshore accounts were closed!
No required documents for export, Underground Bank
Why do frozen accounts appear frequently in such areas? In fact, the foreign trade model in many regions of the Pearl River Delta is no different from that in Yiwu. Foreign trade exporters (including factories, stalls, SOHO, foreign trade companies) mainly settle their payments in RMB.
However, foreign customers coming to China to wholesale goods, do not know how to operate the Chinese banking system, and unable to open their own bank account, so they have to find local people who provided exchange business to exchange for RMB, which is often called the underground bank.
The Chinese exporters are often considered as passive payees during transaction, as they can't decide the way how foreign customers to settle the payments, so they have no idea whether the source of funds is compliant.
Although foreign customers also do normal business, they may be exposed to unclear sources of money when changing money with underground banks, and then affects both trading parties, causing their bank cards to be frozen.
In addition, some foreign traders, lack of import and export rights or import invoices, will choose to export by using customs clearance documents of other import and export companies. However, it is impossible to collect foreign exchange in mainland when exporting with other’s documents, but only through offshore accounts such as Hong Kong and Singapore accounts. Therefore, many bosses in mainland will finally take risks to find underground banks to settle their foreign exchange.
Underground banks provide channels for illegal cross-border transfer of funds for corruption, smuggling, drug trafficking, gambling, terrorist financing and other downstream crimes, which seriously undermine the order of the financial market and endanger financial security and stability. Such banks have always been the object of national focus.
According to the law, illegal foreign exchange transactions and profits of more than 100000 yuan will be investigated for criminal responsibility according to the crime of illegal business operations. In addition, private collection, tax avoidance, large amount of foreign exchange received from cooperate account to private account, and private account to private account will also be strictly investigated.
After the launch of Golden Tax IV, the state has vigorously promoted tax compliance, and it is no longer possible to export by using customs clearance documents of other import and export companies and exchange foreign currency in underground banks as before. You may be put in jail!
1039Market Procurement Trade
For difficulties such as no import and export right, no input invoice, and no factory invoice, the state has issued the 1039 market procurement trade policy to promote the development of export trade and local small commodity markets in response to the legal collection and settlement of foreign exchange, and tax issues of individuals and enterprises.
Market Procurement Trade refers to the transaction specially aimed at the market with multiple varieties, small batches and multiple batches. Qualified buyers should purchase goods in the identified market gathering areas. The value of a single customs declaration form should not exceed 150,000 US dollars and the customs clearance procedures for export commodities should be conducted at designated ports. It is also referred to as "1039 market procurement" for that its customs supervision code is "1039".
01 Foreign exchange collection and settlement, safe and compliant
If you export through market procurement trade, you can legally and compliantly receive foreign exchange such as US dollars, and you will have no need to worry about the risk of accounts being closed.
02 Payments directly remitted into mainland CNY account
The 1039 policy broke the restriction of "who exports, who receives foreign exchange", allowing sellers to settle in RMB and supporting direct settlement of payments to domestic RMB corporate accounts. Such breakthrough greatly helps exporters avoid exchange rate risk and reduce exchange costs.
03 No require for invoices
The 1039 allows products with great product variety, small quantity of production and are frequently purchased to be exported without VAT invoices. No more barriers of export in terms of invoice. Such policy also stimulates the vitality of the market. and the custom declaration and the confirmation and specification of export goods are under the classification of large size item.
Compared with traditional model of trade, the 1039 model greatly promotes the business between the micro and small enterprise or self-employed enterprise and the international buyers.
1039 model
Step 1
Get the order
(No invoice is required, no tax is levied, and small commodities are acceptable.)
Step 2
Export through the national special 1039 market procurement trade platform
Step 3
Foreign exchange settlement via 1039 platform (according to the real-time exchange rate of the central bank)
Direct transfer to cooperate account in mainland
If you have any questions, please feel free to contact us~
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