In the past, export verification was an important part of export business, aimed at ensuring foreign exchange balance. However, with China's trade facilitation reforms, the State Administration of Foreign Exchange abolished the export foreign exchange verification form on August 1, 2012. Enterprises no longer need to provide the verification form when declaring goods for export. In other words, export agency no longer requires specialized verification procedures as before.
Although the verification form has been abolished, enterprises must still conduct foreign exchange receipts and payments for goods trade according to relevant regulations. For example, they must report trade credit and trade financing activities as required, ensuring that foreign exchange receipts and payments for goods trade correspond reasonably with actual imports and exports. Enterprises must retain relevant business documents for five years for potential inspection by the foreign exchange bureau. Overall, while traditional verification is no longer required, compliance and data reporting requirements for enterprises remain.
Professional consultant answers
Michelle ChenYears of service：3Customer Rating：5.0
Business coordination consultantConsult
In the past, export verification was an important part of export business, aimed at ensuring foreign exchange balance. However, with China's trade facilitation reforms, the State Administration of Foreign Exchange abolished the export foreign exchange verification form on August 1, 2012. Enterprises no longer need to provide the verification form when declaring goods for export. In other words, export agency no longer requires specialized verification procedures as before.
Although the verification form has been abolished, enterprises must still conduct foreign exchange receipts and payments for goods trade according to relevant regulations. For example, they must report trade credit and trade financing activities as required, ensuring that foreign exchange receipts and payments for goods trade correspond reasonably with actual imports and exports. Enterprises must retain relevant business documents for five years for potential inspection by the foreign exchange bureau. Overall, while traditional verification is no longer required, compliance and data reporting requirements for enterprises remain.
Elizabeth LiYears of service：3Customer Rating：5.0
Compliance and risk managerConsult
No need anymore. The old verification process was cumbersome, but now it's much more convenient after the cancellation. Enterprises just need to maintain daily business records and data reporting.
David LiYears of service：6Customer Rating：5.0
Senior customs declaration consultantConsult
Verification is no longer required. After the cancellation of the verification form, enterprises have fewer hassles and can focus more on business expansion.
William YangYears of service：5Customer Rating：5.0
International logistics consultantConsult
Export agency no longer requires verification, but the foreign exchange bureau monitors enterprises' foreign exchange activities through other means. As long as the business operates normally, there's no need to worry.
James LiuYears of service：10Customer Rating：5.0
Foreign trade tax refund consultantConsult
Verification was abolished long ago. After the policy change, export procedures have been greatly simplified, which is more conducive to enterprise export business development.
Amanda YangYears of service：3Customer Rating：5.0
Cost control consultantConsult
Export agency currently does not require verification. As long as enterprises report relevant data truthfully according to regulations, they can smoothly conduct their business.
Robert ChenYears of service：6Customer Rating：5.0
Customer service consultantConsult
No verification is needed anymore. This reflects trade facilitation, allowing enterprises to conduct export agency business more efficiently.
Emily LiuYears of service：10Customer Rating：5.0
Settlement and payment expertConsult
There is no verification step for export agency now, but enterprises should still prioritize compliance in foreign exchange business.
Jennifer WangYears of service：4Customer Rating：5.0
Market development consultantConsult
Export agency no longer requires verification. Enterprises just need to manage relevant data according to the new policy requirements.
Joseph ZhouYears of service：10Customer Rating：5.0
Senior foreign trade managerConsult
No verification is needed. After the cancellation of the verification form, enterprises can save significant time and effort in the export agency process.