Published · Sakha (Yakut)

Opening a Corporate Bank Account in China: A Practical Guide for Foreign Founders

A practical, plain-English guide for foreign founders on opening a corporate bank account in mainland China: account types, required documents, bank selection, timelines, common rejection points, and day-to-day compliance.

Opening a corporate bank account is one of the first operational milestones for any foreign founder setting up in mainland China — and one of the most frequently underestimated. Registration paperwork can be completed relatively smoothly, yet the bank account can stall for weeks if you are unprepared. This guide explains what the process involves, what banks typically ask for, and where foreign-invested enterprises (FIEs) most often get stuck.

General information only. This article is not legal, tax, or financial advice. Banking requirements vary by city, bank branch, and company structure, and they change. Always confirm current requirements with your bank and your local adviser.

Why the bank account matters more than you think

In China, a company cannot really operate without a corporate RMB account. You need it to pay staff and social insurance, pay rent and suppliers, receive customer payments, and handle tax payments. Registered capital contributions from overseas shareholders also need a compliant path into the company — typically via a foreign-currency capital account that is linked to the RMB basic account.

Practically, the bank account is also a gatekeeper: many landlords, payroll providers, and platforms will not finalise contracts until your account is live. Plan for it early rather than treating it as an afterthought once the business licence arrives.

The account types you will encounter

Most FIEs end up with a small set of accounts. Names and exact structures differ between banks, but the concepts are consistent:

• Basic deposit account (基本存款账户) — the company's primary RMB account. It is used for day-to-day payments, payroll, and cash withdrawal. A company generally has only one basic account, and it must be opened at a bank with the required licensing. Many other accounts are linked to it.
• General deposit account (一般存款账户) — additional RMB accounts for specific purposes, such as a separate account for a particular project or loan facility. These cannot be used for cash withdrawal in the same way as the basic account.
• Foreign-currency capital account (外汇资本金账户) — used to receive registered capital and shareholder loans from overseas. Funds are converted to RMB under foreign-exchange rules, and the bank will ask for supporting documents.
• Foreign-currency settlement account — for receiving export proceeds or other foreign-currency income, depending on your business model.

For most foreign founders, the sequence is: open the basic RMB account first, then add a capital account if shareholders are funding from abroad, and add other accounts as the business requires.

What banks typically ask for

Requirements vary, but a typical document set at the application stage includes:

• Business licence (original and copies), with the unified social credit code
• Company charter (articles of association) and, where relevant, the foreign investment information report
• Legal representative's ID or passport, and the authorised signatory's documents
• Company seal, financial seal, legal representative seal, and contract seal — Chinese banks rely heavily on chops
• Proof of registered address (lease agreement, property certificate, or a address verification document the bank accepts)
• Shareholder structure chart and ultimate beneficial owner (UBO) information, often up to 25% or more, plus identification for those individuals
• Business scope and a short description of expected transactions, counterparties, and volumes
• Board resolution or shareholder resolution authorising account opening and signatories

Banks increasingly apply know-your-customer (KYC) and anti-money-laundering checks that go beyond documents. Expect questions about who your customers and suppliers are, where money will come from and go, and why your company needs the account.

Choosing a bank: practical considerations

There is no single best bank. Foreign founders usually weigh a few factors:

• English-language support and FIE experience. Larger banks and those with international desks are more accustomed to foreign shareholders, but service quality varies by branch, not just by bank brand.
• Branch proximity and relationship. A nearby branch with a responsive account manager often matters more than the bank's overall size. Ask other founders in your city for branch-level recommendations.
• Digital banking. Check whether the corporate online banking portal and mobile app work well in English, and whether payment approvals can be handled by more than one signatory remotely.
• Foreign-exchange capability. If you will receive overseas capital or pay international suppliers, confirm the branch handles cross-border payments routinely.
• Fees and minimum balances. Account maintenance fees, transfer fees, and minimum balance requirements vary. Ask for a fee schedule in writing.

Realistic timelines

There is no guaranteed timeline, and founders should build in buffer. In practice, once all documents are ready and the bank has completed its checks, account opening can take anywhere from about one to several weeks. The basic account often requires an in-person visit by the legal representative or an authorised person, and some banks conduct an on-site visit to the registered address. Delays usually come from incomplete documents, unclear ownership structures, or a mismatch between the stated business and expected transactions — not from the bank's processing speed alone.

Common reasons applications stall

• Registered address issues. A virtual or shared address may trigger extra scrutiny, and some banks decline addresses they cannot verify.
• Complex or opaque ownership. Layered offshore holding structures require clear UBO documentation and explanations.
• Vague business description. "Consulting" with no detail raises questions. Be ready to explain your actual customers, contracts, and payment flows.
• Missing or inconsistent documents. Names, addresses, and translations must match across the licence, charter, and shareholder records.
• Signatory practicalities. If the legal representative is overseas, confirm in advance how the bank handles identity verification and signing.

After the account is open

Opening the account is the start, not the end. Keep the bank informed of changes to directors, shareholders, signatories, or business scope. Maintain records for cross-border payments and capital contributions, as banks will request supporting contracts and invoices. Use the corporate account for business transactions only — mixing personal and company funds creates compliance problems and can trigger account restrictions.

Also plan for annual obligations: the bank will periodically update your KYC file, and your company must complete its annual reporting and, where applicable, foreign-exchange registration updates. A bookkeeper or corporate services provider familiar with FIEs can help keep these on track.

A short checklist before you apply

• Confirm the exact document list with your chosen branch, in writing if possible
• Prepare chops and ensure the legal representative's availability for verification
• Draft a clear one-page description of your business, customers, and expected transaction flows
• Map your ownership structure and prepare UBO identification
• Verify your registered address documentation is acceptable to the bank
• Decide who the authorised signatories will be and how approvals will work

For foreign founders, the bank account is best treated as a relationship and a compliance exercise, not a formality. Start early, be transparent about your business, and keep your documents consistent. That approach will not remove every delay, but it will make the process far more predictable.

This article provides general information only and does not constitute legal, tax, or financial advice. Requirements differ by city and bank; consult your bank and a qualified local adviser before acting.