The term "overseas financial institutions" as mentioned in the preceding paragraph refers to domestic financial institutions, non-financial institutions and overseas Chinese-funded financial institutions and non-financial institutions established or acquired overseas and engaged in financial businesses such as deposits, loans, bill discounting, settlement, trust and investment, financial leasing, guarantee, insurance and securities. Article 3 The People's Bank of China is the examination and approval authority for the establishment or acquisition of overseas financial institutions. Article 4 A domestic financial institution applying for the establishment or acquisition of an overseas financial institution shall meet the following conditions:
(a) approved by the People's Bank of the State Council or China, registered in accordance with the law, and holding the License for Operating Financial Business issued by the People's Bank of China;
(2) Having been approved by the State Administration of Foreign Exchange to engage in foreign exchange business, holding a foreign exchange business license issued by the State Administration of Foreign Exchange, having more than three years' experience in foreign exchange business and professionals suitable for their business;
(3) The sources of foreign exchange funds are legal;
(4) Having its own funds with foreign exchange equivalent of not less than 80 million yuan. Article 5 A domestic non-financial institution applying for the establishment or acquisition of an overseas financial institution shall meet the following conditions:
(a) large companies and enterprises approved by the relevant departments and registered according to law;
(2) There are group companies, enterprises or other large enterprises abroad, and they have a good foundation and profit prospects;
(3) The equivalent foreign exchange with its own funds of not less than RMB 1 billion, if a financial institution is established overseas with the consent of the competent department;
(4) Having professionals suitable for financial business and foreign exchange business. Article 6 Overseas Chinese-funded financial institutions and non-financial institutions applying for the establishment or acquisition of overseas financial institutions shall meet the following conditions:
(a) approved by the competent department, legally established overseas, with formal approval documents and proof of legal operation in the local area;
(2) The strength of Chinese-funded financial institutions in the proposed institution area is weak, so it is necessary to set up financial institutions;
(3) The application complies with the laws of the relevant countries or regions. Article 7 The establishment or acquisition of overseas financial institutions shall be reported and approved in accordance with the following provisions:
(1) The establishment of representative offices and branches, the establishment of Chinese-funded and Sino-foreign joint venture financial institutions or the acquisition of overseas financial institutions by domestic financial institutions shall be approved by the People's Bank of China;
(2) Where a domestic non-financial institution establishes a Chinese-funded, Sino-foreign joint venture financial institution or acquires an overseas financial institution, the competent department shall solicit the opinions of the Ministry of Foreign Trade and Economic Cooperation, examine and approve it, and report it to the People's Bank of China for approval;
(3) The establishment or acquisition of overseas financial institutions by overseas Chinese-funded financial institutions and non-financial institutions shall be reported to the People's Bank of China for approval after consultation with the Ministry of Foreign Trade and Economic Cooperation by their domestic investment units. Article 8 Where a financial institution is established or acquired overseas, its domestic investment entity shall apply to the People's Bank of China, and the application shall specify the name, business scope, conditions and necessity of the financial institution to be established or acquired. After the project is approved by the People's Bank of China, the application documents shall be submitted in accordance with the provisions of these Measures.
The People's Bank of China examines the application documents submitted by the applicant, and decides whether to approve or not within three months from the date of receiving the application documents. Article 9 For an overseas financial institution approved to be established or acquired, its domestic investment unit shall go through the formalities of foreign exchange remittance with the approval document of the People's Bank of China. Article 10 A domestic financial institution applying for establishing a representative office abroad shall submit the following documents:
(1) An application report signed by the principal responsible person of the applicant, including the name, domicile, chief representative and resume of the representative office to be established;
(2) the budget for the establishment of the representative office and the proof of foreign exchange sources. Article 11 A domestic financial institution applying for establishing a branch abroad shall submit the following documents:
(1) An application report signed by the principal responsible person of the applicant, including: name, domicile, business capital, business type, resume of the principal responsible person, etc. The name of the branch to be established;
(2) The balance sheet, profit and loss statement and operating status report of the applicant for the previous three years;
(3) Feasibility study report;
(4) Other relevant documents required by the People's Bank of China. Article 12 Domestic financial institutions, non-financial institutions and overseas Chinese-funded financial institutions and non-financial institutions shall submit the following documents when applying for the establishment of Chinese-funded financial institutions overseas:
(1) An application report signed by the principal responsible person of the applicant, including the name, domicile, registered capital and actual capital of the Chinese-funded financial institution to be established, source of funds, business type, resume of the principal responsible person, etc.
(2) The balance sheet, profit and loss statement and operating status report of the applicant for the previous three years;
(3) Feasibility study report;
(4) Other relevant documents required by the People's Bank of China.