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Complete Guide to Opening a Corporate Bank Account in China

Opening a bank account is a necessary step to starting a business in China, but opening a business account in China as a foreigner is more complicated than expected due to the global anti-tax avoidance measure, the Common Reporting Standard (CRS). To avoid uncertainties, many companies choose to work with local experts who can assist them in starting their business, including the opening of a bank account.

This guide will help you to understand the details of opening a corporate bank account in China.

 

Types of Accounts Available For Corporate Account Opening

Basic account	General account	Temporary account	Dedicated user
It is used for daily transfer settlement, cash receipt, and payment. Cash expenditures such as salaries and funds for enterprises can only be handled through the basic deposit account.	Bank borrowing transfers outside of the basic account can be made through this account for transfer settlement and cash deposits, but cash withdrawals are not available.	The account is opened for temporary business activities. This account can be used for transferring funds and making cash payments according to national cash management regulations.	The account is used for the managing and utilizing of various special funds and shall not be used for cash receipt and payment operations. The fund shall be deposited through a transfer from its basic deposit account.
An enterprise can only open one basic deposit account.	An enterprise can open more than one general account.	The validity period needs to be determined according to the period determined by the account opening certificate document or the needs of the depositor.	Only funds that are required by laws, administrative rules, and regulations to be stored and used in a special account are included in this account.

 

Requirements for Opening a Corporate Bank Account in China

The large state-owned banks in China include the Industrial and Commercial Bank of China, Bank of China, China Construction Bank, Agricultural Bank of China, and Bank of Communications. Some of the large foreign banks are the Bank of East Asia, DBS Bank, Citibank, HSBC, and Standard Chartered Bank.

To open a corporate account in China, the legal person needs to be present in person and the following documents need to be brought:

1. The original and a copy of the company’s business license
2. Original and a copy of the legal representative’s valid identity document
3. Certificate of Tax Registration
4. Company Articles of Association
5. Company seal, financial seal, and legal representative seal

 

Things to Keep In Mind When Opening A Corporate Account In China

1.Account opening process is complicated and tedious

In order to combat the use of public accounts for illegal activities, China requires major commercial banks to strictly verify the application for opening a new account and to investigate the accounts that have already been opened. Nowadays, in addition to providing relevant licenses and identification of legal representatives, banks will also arrange on-site verification, door-to-door photo taking, checking of door numbers, lease contracts, rent invoices, and utility bill lists, as well as verifying other companies under the legal person’s name. As a result, the process of opening an account becomes longer as applicants need to make an appointment with the bank for door-to-door verification.

 

2.Difficult to make an appointment

In the early days, enterprises usually needed to make an appointment with the bank one to two weeks in advance to open an account, but nowadays, because of the severe scrutiny, banks’ opening reservations in popular areas require longer notice.

 

3.Banks regulate the daily use of corporate accounts

Banks keep an eye on corporate accounts and have the right to ask for explanations and proof if they find transactions that seem suspicious.

3E Accounting Bank Account Opening Service is Part of the Company Registration Company Registration Package Package.

1. We will guide the new company in choosing a bank based on the expected activities of the company and your business background, free of charge.
2. We will outline the information you need to provide to the bank and provide a link to the relevant bank’s website.
3. We will arrange a meeting to guide you through how to open a bank account.

a.) Please note that we will not review your account opening application or supporting documents prior to submitting the application to the bank.

b.) We will not participate in any of your meetings with the bank or conversations with the bank.

c.) The decision to allow your company to open a bank account rests with the bank and is not affected by 3E Accounting.

d.) If the bank refuses to open an account, 3E Accounting will not be held responsible or liable for any losses.

 

For more information on opening a company bank account in China, please feel free to contact us and we will get back to you within 24 hours.