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Transferring Money Out From China To A Foreign Country


QL7040

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hi there,

The situation is I like to transfer large sums of money out from Beijing back to Australia. There are 3 scenerios in my question.

My spouse runs and owns a small food business. My spouse is a citizen of China. I am a foreigner, not a citizen of China and married to my spouse.

My spouse started the business about 2 to 3 years ago. My spouse currently resides in Beijing most of the year to run our business, while I lived in Beijing for about 4 to 6 months, before heading back to Australia for the summer months.

Part A of my question

1) I like to get info how to get the money earned from the business back to Australia.

2) What I am after is

a) what are the procedures to do this? I like a break down of what I need to do to do this with minimal costs on me.

Part B of my question

1) If our business got sold, again the same question as Part A, 2(a), what are the procedures to transfer the money earned from selling the business in China to Australia?

Part C of my question

1) I have bought property in China and if my property got sold, again the same question as Part A, 2(a), what are the procedures to transfer the money earned from selling my property in China to Australia?

Thanks

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Assuming you have an account in China, isn't it just a matter of converting it into USD or AUD and then sending it via wire to your Aussie's account?

Can you please elaborate the above further?

I was informed by my spouse that it will be difficult to transfer money out from China back to Australia.

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You can't just turn up and send money overseas - you need to show where it came from, that whatever taxes due have been paid, etc. For example if you are employed you may need to show your contract, visas and permits, proof of tax paid. For company profits there are no doubt other rules.

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If you know the procedures with transferring company profits money from China to Australia, please share it here. Please assume that the company profits taxes been paid and the next step I am after is to transfer the money back to Australia. I need to get an understanding of the procedure. I am not employed by my spouse's food business and my spouse's the one running it. Thanks.

Please don't use fonts or colours unnecessarily

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Please don't use fonts or colours unnecessarily

Hi Moderator

Just a feedback. The fonts are quite small in many of the forums on the internet, as this will be fine for a young person but for a senior elderly person it's actually quite hard on their eyes to read it, that's my reason for using larger fonts. If this comment has offended you in any way apologies.

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@QL7040, any decent web browser will let you increase / decrease font size. That is the preferred way, as each person can set their font size to their own liking for all pages. Look under View -> Zoom (for firefox) or Page -> Zoom (Internet Explorer); or ctrl-+ and ctrl-- also works.

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If you know the procedures with transferring company profits money from China to Australia, please share it here. Please assume that the company profits taxes been paid and the next step I am after is to transfer the money back to Australia. I need to get an understanding of the procedure. I am not employed by my spouse's food business and my spouse's the one running it. Thanks.

Plainly speaking, your company cannot 'transfer profits money' to Australia, since profits can only be distributed to the company's shareholders, and none of them seem to be in Australia (assume this is your wife's own company).

For a Chinese company, there would be basically two reasons to transfer monies overseas:

- as a dividend (profit distribution) to an overseas shareholder (not your case, as I assume your wife holds 100% shares and she is Chinese citizen resident in China)

- as a payment for product or services to an overseas company. In this case, all necessary sales documentation has to be presented to the bank - contract, invoices/proof of delivery and price etc. Please enquire your bank about necessary documentation. Note that the timing of processing of overseas transfers can be up to a few months even if all documentation is present.

Your wife can of course withdraw some (or all? need to check with her accountant) profits (as a single shareholder) and as an individual, do whatever she wants to do with these money. Gift it to you, for eg. Then the question will be, how an individual can transfer money out of China? Here you must go to your bank and ask them - provided you act through the bank transfer. There are other ways, of course: cash (check Customs rules what is the max amount of cash -in foreign currency - you can take out of China); Western Union; may be others?

The best way would depend on how much money we are talking about. In any case, a better place to ask these sorts of questions is a lawyer or accountant's office, not the language learning forum. Or try any China expat forum.

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Your husband should be able to transfer funds back to NZ somehow - it's not like there's a shortage of Chinese people there spending money on one thing or another. But it's going to be easier for him to find out how to do it, and do it, than you.

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Thank you for the suggestions and everyone that has contributed. It's been helpful in steering me into the right direction. Please do not assume my spouse is female. The situation can be the other way around. Thanks.

:huh: sorry, sorry! I am not a native English speaker, and 'spouse' always sounded like a female word for me he-he...

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