What is a Hainan Free Trade Account and how to set one up

What is a Hainan Free Trade Account and how to set one up.

A Free Trade account is a unified domestic and foreign currency account. Free trade accounts are also divided into short-term, deposit accounts and long-term, deposit accounts and notification deposit accounts.

Before the account number of a free trade account, special free trade codes such as FTE, FTN, FTU FTF and FTI are added according to the account opening entities.


When accepting an application for the opening of an FTE account, banks will ask customers to provide the following information

  1. Free Trade Account Application Form
  2. Institutional Information Collection Form
  3. Your original copy of your Business License issued by the State Administration for Industry and Commerce; or the Registration Certificate of Social Organisations, issued by the civil administrations; or valid approval certificates or other practice certificates approved by state authorities.  
  4. The original copy of the Certificate of Code of Organisational Institutions issued by the state Bureau of Technical Supervision (not needed if integrated into the “Three Certificates”.
  5. The original tax registration certificate issued by the tax authorities, (not needed if integrated into the “Three Certificates”.
  6. The original copy of valid identity documents of the entity’s legal representative shall be provided. If the account is opened by an authorised agent, the original authorisation letter by the legal representative and the original identity documents of the authorised agent shall also be provided.
  7. The Permission License to open a Basic Deposit Account by The People’s Bank of China.
  8. The Application for opening a Free Trade Account.
  9. Sign the “Management Agreement of Free Trade Accounts” by ICBC Hainan.
  10. There may, in some cases, be other documents required.

Import Letter of Credit

To apply for an import letter of credit, you need to provide the following materials:

  1. Application Form For Letter of Credit with valid signature
  2. Agreement for Issuing Irrevocable Documentary Credits
  3. Import Trade Contracts (Agency Agreements for Letter of Credit Application if necessary)
  4. Import Payment record Form (if necessary),
  5. Enterprises that first apply for Letter of Credit in Industrial and Commercial Bank of China also need to submit copies of business licenses and loan cards
  6. Other materials may be needed in some cases.

Import Bills Financing

You need to submit the corresponding documents to ICBC.

  1. Application for Imports Bills Financing
  2. Trust Receipt
  3. Agreement on Import Bills Financing
  4. Identity Proof for Legal Representative and/or Letter of Authorisation, Articles of Association and Resolutions of the Board of Directors of the company, (if requested)
  5. Other materials may be required.

Export Invoice Financing

  1. You need to sign the Export Invoice Financing Agreement with ICBC and submit
  2. Application for Export Invoice Financing
  3. Import and Export contract and the complete set of commercial documents by your company as stipulated in the contract (including commercial invoices and a complete set of shipping documents etc.
  4. Other materials may be required.

International Remittance

Industrial and Commercial Bank of China, Hainan Provincial Branch.

No. 54 South Heping Road, Haikou City,

Hainan Province,


Post Code: 5720203


Source: ICBC