Do I have to pay tax after opening it? I believe this is what many people want to know after driving to offshore account. Offshore account is also called OSA account, and the accounts opened by overseas institutions in the offshore business department of domestic banks that have obtained offshore bank qualification according to law belong to overseas accounts; Offshore account only opens accounts for companies, not personal accounts. Compared with NRA accounts, offshore account is less subject to foreign exchange control. From the perspective of capital security, offshore account is safer and the supervision of the State Administration of Foreign Exchange is not so strict, so many people want to open offshore account.
In the financial field, offshore account refers to the bank where depositors open accounts outside their country of residence. On the contrary, banks located in the country where depositors are located are called onshore banks or domestic banks.
An account opened in a domestic bank. So this offshore account is not controlled by the foreign exchange bureau. Although it is a domestic bank, it is also a pure foreign currency account opened by an overseas company. So we use this offshore account to collect this large sum of money, and we don't need to pay taxes to China, let alone Hongkong.
The difference between NRA and OSA accounts
1.NRA: Domestic banks can open foreign exchange accounts for overseas institutions (non-resident accounts, referred to as NRA accounts).
Bank of deposit: it can be all banks in China.
Account opening unit: it can be all overseas institutions, but overseas individuals are not allowed to open accounts.
Approval and supervision: the local foreign exchange administration is responsible for it, and banks need to apply for foreign debt indicators before funds enter.
Account function: NRA account is different from OSA account, but some functions are similar and the basic attributes are completely different.
Basic nature: NRA account is still a domestic account in the final analysis, while OSA is basically an overseas account with completely different nature.
Tax: And the NRA account itself proves that this overseas company belongs to a non-resident enterprise, then the natural country will incorporate the income obtained by this overseas company into the tax of the non-resident enterprise for management.
Second, OSA: offshore account, abbreviated as OSA, offshore account.
The opening bank must be a bank approved by the Banking Regulatory Bureau. At present, it only includes China Merchants Bank, Shanghai Pudong Development Bank, Bank of Communications and Shenzhen Development Bank.
Account opening unit: it can be an overseas institution or an overseas individual;
Examination and approval and supervision: The Banking Regulatory Bureau is responsible for supervision, which is less regulated by foreign investment management policies. There is no need to occupy foreign debt indicators, funds come and go freely, and they are basically not controlled by foreign investment management policies.
Account function: OSA and NRA Zhang Hu are basically similar, but different in essence.
Basic nature: OSA is an overseas account and NRA is a domestic account.
Tax: Its tax is not declared in China.
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