Opening an account with a Chinese bank

Setting up a company in an attractive market in China can be associated with various requirements, largely depending on the business object chosen for further activity. A business bank account is a mandatory requirement when setting up a company in China to provide a minimum authorized capital and for further financial transactions. Since this can take a long time, especially for foreigners who do not understand the language and are not familiar with the requirements but want to work quickly in the Chinese market, it is best to seek the full support and guidance of company registration specialists in China.

Who can open a bank account in China

Foreigners can enter the Chinese market through a WFOE (fully foreign enterprise), representative offices, or joint ventures — three important business units that are easy to incorporate. A prerequisite in this sense is the opening of a corporate bank account in local currency (RMB), and if the business area concerns foreign relations, the entrepreneur can request other foreign currencies linked to the bank account. The State Administration of Foreign Exchange in China controls foreign exchange activities in this country. If you want to register a company in China, please keep in mind that our consultants can control the entire procedure. Here is an infographic that explains how you can open a bank account in China in simple steps.

Required documents for opening a bank account in China

Depending on the selected business entity in China, the bank must provide several documents, in addition to the forms proposed for submission by the financial entity. When opening a bank account in China, you need the following information:

Certificate of registration of your company in China.
A copy of your company’s business license;
The Charter of the Company with full information about the owners, the Board of directors.
Detailed information about your company’s legal representative in China.
For a smooth process of opening a bank account, you can contact one of our company registration agents in China. In addition, if you want to conduct your business in China from abroad and you need to open a bank account, it is recommended that you provide the financial institution with all the documents through your legal representative.

Why do I need a bank account in China?

If you want to create a Chinese company, a bank account is required for the minimum authorized capital and for future financial transactions in the firm. A bank account in China can be easily set up, but for a complete guide in this sense, you can refer to the Chinese company creation agents.

Can I open a bank account in China from abroad?

Yes, foreign entrepreneurs can open bank accounts in China from their own countries, but under special rules. For example, they must travel to China to fill out the final forms before it opens.

Information about bank fees in China

Every bank account in China comes with a contract that mentions several provisions. Among them, we mention fees related to transfers, currencies, exchanges, and other services. It is best to check any bank contract before an agreement on future cooperation is concluded. The video below explains how you can open a bank account in China:

Bank account for WFOE in China

Foreign investors can create WFOEs in China under certain conditions, including the requirement to open a local bank account to deposit a minimum authorized capital of 30,000 yuan. A fully foreign enterprise is the right business choice for international investors in China, allowing them to fully control and own it. The bank account associated with the WFOE will be used for the company’s daily financial transactions. International investors are required to open a bank account in local currency to deposit a minimum share capital. Then, if your business will carry out its operations and activities in other currencies, you can talk to the selected financial institution and see the options and offers that you have. Opening a bank account in China is not a complicated process, but it is recommended to keep in mind the support of a company creation agent in China, who can handle all the formalities associated with this, including those necessary to start a business. Let us help you set up your business in this country.


What you need to know when opening a corporate bank account in China

Foreign companies can open a bank account without the need for a local legal entity. In other words, such a company can open a bank account to serve mainland Chinese customers and suppliers, for example, without registering a Chinese WOFE.

Various leading international and local banks in China can offer foreign companies the opportunity to secure a non-resident corporate bank account. Our Chinese lawyers can provide you with detailed information about opening a corporate bank account in China so that you can choose the right bank for you. Depending on your choice-a corporate bank account in China may include electronic banking, a corporate ATM or debit card, a checkbook in yuan, single or multi-currency corporate accounts, dedicated banking staff, and a banking app for your phone.

This may seem like a difficult task or time-consuming. And given the fact that the shareholders, directors are resident abroad, our lawyers in China will successfully help you in this process, making it easy for you.

Documents required to open a corporate bank account in China

The requirements for this procedure may vary depending on the selected bank. In general, when opening a bank account, some of the following certified documents are required:

Copies of passports.
Confirmation of the address of the account signatories.
Certificate of registration of the company.
Certificate of the position held.
The founding agreement and the charter.
The concept of opening a corporate bank account in China that serves the needs of a global business is new at the moment. However, it is an attractive option for companies looking for local banking support in this emerging market.

How long does it take to open a bank account in China?

Your account details can be received within a few days, as soon as all the formalities and approvals are completed. We remind you that opening a bank account in China is a simple process that begins with the preparation of documents that must be submitted to the bank, filling out and signing a set of documents, with the full support of one of our consultants. We can represent you with a power of attorney, so you don’t have to go to China to open a bank account.

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