China to launch procedures foregoing the Automatic Exchange of Information

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Although the procedures will come into force as of September 2018, China will start checking non-tax residents that own bank accounts from January 1st, 2017 already.

I remember everyone’s rushing to Continental China to open bank accounts for their offshore companies after the account opening procedure in Hong Kong had become too complicated.

Now, businessmen can be advised either to close their bank accounts in the continental part of China or declare the accounts, if their country of residence has ratified a law on Control Foreign Corporations.