The following types of banks may, through their head offices, apply to the competent authorities for a license to establish an offshore banking branch within the ROC with independent accounting to conduct offshore banking business:
1.Foreign banks authorized by the CBC to engage in foreign exchange businesses within the ROC
2.Foreign banks authorized to have a representative office in the ROC
3.Reputable foreign banks approved by the competent authorities.
4.Domestic banks authorized by the CBC to engage in foreign exchange businesses.
The regulations governing the requirements for the application for approval mentioned in the preceding paragraph hereof, application procedure, required documentation and other matters to be complied with shall be prescribed by the FSC and the CBC.