Article 17 Upon completing the preparation and passing the preparation inspection, the applicant shall submit the completed application form for business commencement and the following documents to the banking regulatory agency in the place where the proposed bank is to be established:

(1) the name-list and curricula vitae of the principal persons-in-charge of the proposed bank;

(2) the power of attorney to the proposed principal persons-in-charge of the bank;

(3) the capital verification certificate issued by a statutory capital verification agency;

(4) documentation on security precautions and other business-related facilities;

(5) a guaranty letter issued by the foreign bank establishing a branch, stating that it shall be responsible for all the taxes and other indebtednesses the proposed branch will incur; and

(6) other documents required by the banking regulatory agency of the State Council.

The banking regulatory agency in the place where the proposed bank is to be established shall submit the application documents together with its examination opinion to the banking regulatory agency of the State Council in due time.

Article 18 The banking regulatory agency of the State Council shall, within two months from the date of receiving the complete application documents for business commencement, make a decision to approve or not to approve the application for business commencement and notify the applicant of such a decision in writing; if deciding to approve the application for business commencement, issue a financial services permit; if deciding not to approve the application for business commencement, give the reasons thereof.

Article 19 An approved operational foreign-funded bank shall, by presenting its financial services permit, register with the administrative department for industry and commerce and obtain a business licence.

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