The legitimate rights and interests of the commercial banks in China are protected by the Commercial Bank Law in the country, so are the clients or foreign investors who do businesses here. According to the Commercial Bank Law in China, the financial institutions or the banks can offer payment services, receive money deposits and extend loans to the public. Our Chinese lawyer can provide you with information and legal assistance if you want to open a bank account for you or your company or if you need details about the Banking Law in China.
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All commercial banks in China deal with many activities and businesses, under the laws’ provisions, such as:
• offer national and international payment services;
• can extend loans on short or long terms;
• deal with government bonds;
• deal with overseas transactions;
• offer safe deposit box facilities;
• accept money deposits from every individual in the country.
It is impetuous to know that a bank in China follows the rules and regulations related to honesty, parity, impartiality when performing businesses with the public or special clients like foreign investors, and will protect the rights and the safeties of the depositors. Our lawyer in China is able to offer you legal assistance if you want tax advice and planning for your company, or you need support on the matters.
Any bank in China follows the main principles related to the freedom of withdrawal, deposits and can refuse certain verification if asked by certain departments or institutions if it is not stipulated by a law in this matter.
A Chines bank handles the payments with full implications in acceptance, transfer or collection. The institution can make suitable cash entries usually followed by relevant provisions without having to detain bills and financial instruments. The appropriate endowments for the time limit of bill acceptance and entries in the accounting books need to be available to the public. On the other hand, it is good to know that the Chinese bank accounts or deposits cannot be subject to private investigations or money transfers unless is stipulated or outlined by the law on this matter.
You are invited to contact our law firm in China if you need additional information about the Banking Law in China or if you want legal services for your company in the country.