Today, there are nearly 60,000 Foreign-Invested Enterprises in Shanghai, which contribute more than a quarter of the city’s GDP, 1/3 of its tax revenue, and about 2/3 of the city’s total foreign trade volume. Furthermore, according to the municipal science and technology commission, which oversees the issuing of foreigner work permits, the number of foreigners working in Shanghai reached 215,000 last year, topping all cities on the Chinese mainland. So, how to make Foreign exchange more convenient for foreigners? In this article, we’ll explain how to use the “Fast Pass on Foreign Talents Remuneration Foreign Exchange”.
The New Fast Pass Policy about Foreign Exchange money in Pudong
On December 24, 2020, the New Fast Pass Policy was announced at the Shanghai Global Talents Innovation and Entrepreneurship Summit, which is one of the important talent policies to support Shanghai Pudong’s high-level opening up. In accordance with the policy, Shanghai became the first city in Mainland China that simplifies currency exchange services for foreigners.
Fast Pass on Foreign Talents Remuneration Foreign Exchange Form
Generally speaking, Foreigners who work in the companies registered in the Pudong district will no longer need to bring the employment contracts, proof of income tax completion certificates when they want to exchange their money in RMB to foreign currencies. All they need to do is the “Fast Pass”, which they can apply for at the foreigner work permit office by filling out the Fast Pass on Foreign Talents Remuneration Foreign Exchange Form.
With the “Fast Pass”, foreigners can purchase foreign exchange at all banks in Shanghai without further verification for an unlimited number of times as long as the total purchases don’t exceed their legal income.
The State Administration of Foreign Exchange’s Shanghai branch said the policy will be gradually rolled out across the city, and it will direct banks to develop related e-banking functions.
Basic “Fast Pass” on Foreign Exchange Condition
- The company’s address in the Business License that you are working for should be located in Pudong, Shanghai.
- The company should have an account in the Tax Bureau and pay social insurance for employees.
- The company should be a normal enterprise that has no violates act or Dishonest records.
- The employee’s salary cannot under the minimum wage standards in Shanghai.
- The Foreign employee should be tight talent in the industry.
- The Foreign employee should be at least 18 years old without an illegal record.
- The Foreign employee should have a valid work permit.
How to use the “Fast Pass on Foreign Talents Remuneration Foreign Exchange”
The Fast Pass form application
Firstly, you can download the Fast Pass on Foreign Talents Remuneration Foreign Exchange Form and fill in the content of the form with signature and company stamps.
Secondly, you can go to the Shanghai Pudong New Area Talent Exchange Center to submit the “Fast Pass” form, then it will be put on record.
If you need to apply for the “Fast Pass”, you can download the Fast Pass on Foreign Talents Remuneration Foreign Exchange-form here.
Shanghai Pudong New Area Talent Exchange Center
Zhangjiang Branch of Pudong New Area Talent Exchange Center
Address: 1st floor, building 1, Pudong International Talent port, Lane 999, Huanke Road, Pudong New Area, Shanghai.
Lujiazui (Finance) sub-center of Pudong New Area Talent Exchange Center
Address: 1st floor, no.1996 Zhangyang Road, Pudong New Area, Shanghai
Time: 8:45-11:00 12:45-16:30 from Monday to Friday
Window acceptance time: 9:00-11:30, 13:00-17:00 from Monday to Friday
So many Policy benefits around the Foreign Invested Enterprises mushroomed booming. Further, an increasing number of expats will have more and more benefits from the government. So, why not set up a company in Pudong to exchange the money earlier.
Baseinshanghai is the important branch of GWBMA in Shanghai, which provides one-stop business service for enterprises based in Shanghai, including Business registration, Location, Rent apartment, Accounting & Tax, HR outsourcing.
This Post Has 4 Comments
Well, I actually followed all these steps and you need to register online first before you go into the counter. I still haven’t figured out the online portion exactly, but it seems not as straightforward as presented here.
The link to the full instructions and requirements for this application form are here (In Chinese, but Google Translate works pretty well): https://www.pdrcfw.com/ServiceIndex.aspx?ServiceType=E30&PageType=1
Please note that this online official website is only used for the Foreigners who work in Pudong Dist.
Isn’t that what your article says? That this is only available for foreigners that work in Pudong District? lol
I did a more detailed write up on Reddit that includes a lot of missing details from your article.
Shanghai is a Supercity. The area of Shanghai is equivalent to 3 Tokyos, 4 Londons, 10 Paris, and the population in Shanghai is 20 million. As China’s largest economic center, Shanghai is further divided into 16 Districts. This article is published in December 2020, PUDONG is Special District as the pilot area in Shanghai for the FAST PASS Policy. Today, every foreigner can also apply for the FAST PASS in every district in Shanghai.
If you need help, GWBMA can provide professional Foreign exchange service for your Foreign staff.