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Does entrepot trade require a verification form? Come and find out!

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My company recently plans to carry out entrepot trade business. We have no previous exposure to this area, so I would like to ask if entrepot trade requires a verification form. I heard that verification forms were used to check trade transactions in import and export trade in the past, but now the policies are constantly changing. I don't know the specific regulations for entrepot trade. I hope friends who know about it can help answer this question. Thank you very much!

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Professional consultant answers

Robert Chen
Robert ChenYears of service:6Customer Rating:5.0

Customer service consultantConsult

Entrepot trade does not require a verification form. In the past, verification forms were mainly used for export foreign exchange receipt verification and import foreign exchange payment verification to ensure the authenticity and compliance of foreign exchange revenue and expenditure. However, with the reform of China's trade foreign exchange management system, verification forms have been completely abolished since August 1, 2012.

Entrepot trade refers to the buying and selling of imported and exported goods in international trade, which is not carried out directly between the producing country and the consuming country, but through a third country. Nowadays, when enterprises carry out entrepot trade, they no longer need to handle relevant procedures with a verification form. However, they still need to truthfully declare entrepot trade revenue and expenditure information through the monitoring system in accordance with foreign exchange management regulations to meet the requirements of trade authenticity review. At the same time, relevant transaction documents such as contracts, invoices, and transport documents should be properly retained for inspection by the State Administration of Foreign Exchange and other departments.

Sarah Zhang
Sarah ZhangYears of service:8Customer Rating:5.0

Document expertConsult

No need. In the past, verification forms were used to supervise foreign exchange receipts and payments. Now, with the reform of foreign exchange management, there is no such requirement for entrepot trade. Just do a good job in reporting trade data.

Andrew Huang
Andrew HuangYears of service:7Customer Rating:5.0

Supply chain optimization expertConsult

Entrepot trade does not require a verification form. After the policy change, the process has been simplified. Enterprises are compliant as long as they declare information as required and keep transaction documents properly.

Elizabeth Li
Elizabeth LiYears of service:3Customer Rating:5.0

Compliance and risk managerConsult

No verification form is needed. Entrepot trade now pays more attention to the declaration of trade authenticity. Enterprises should truthfully provide relevant information and documents.

Michelle Chen
Michelle ChenYears of service:3Customer Rating:5.0

Business coordination consultantConsult

The verification form has been abolished for a long time. For entrepot trade, just complete the corresponding declaration according to the new foreign exchange management requirements.

William Yang
William YangYears of service:5Customer Rating:5.0

International logistics consultantConsult

Entrepot trade does not require a verification form. Enterprises just need to comply with the current foreign exchange management regulations and make accurate information declarations.

James Liu
James LiuYears of service:10Customer Rating:5.0

Foreign trade tax refund consultantConsult

No. According to the current foreign exchange policy for entrepot trade, just do a good job in declaring revenue and expenditure information and retain documents for inspection.

David Li
David LiYears of service:6Customer Rating:5.0

Senior customs declaration consultantConsult

There is no requirement for a verification form in entrepot trade. The key is to follow foreign exchange management regulations and do a good job in the declaration.

Emily Liu
Emily LiuYears of service:10Customer Rating:5.0

Settlement and payment expertConsult

No. After the abolition of the verification form, entrepot trade is compliant by declaring information according to the new regulations and retaining transaction materials.

Joseph Zhou
Joseph ZhouYears of service:10Customer Rating:5.0

Senior foreign trade managerConsult

Entrepot trade does not involve the requirement of a verification form. Enterprises just need to truthfully declare information according to foreign exchange management requirements.

The relevant questions or replies only represent the user’s personal stance and do not represent any views of this website.

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