Published · Kabiye

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, documents, the process, common delays, and tips for getting paid and paying staff.

Opening a corporate bank account in China is often the step where a new foreign-invested company (FIE) discovers that paperwork alone does not get you a working account. Banks are regulated tightly, they apply their own risk controls on top of national rules, and the branch you visit matters. This guide walks through what to expect and how to prepare. It is general information only, not legal or tax advice; confirm requirements with your bank and your local advisers.

First, understand what kind of account you need

Chinese companies typically hold more than one account. Knowing the difference saves weeks.

• Basic deposit account (基本存款账户): the company's primary account. It is used for day-to-day payments, cash withdrawal and salary payment. A company can generally have only one basic account, and it must be opened before most other accounts.
• General deposit account (一般存款账户): used for additional deposits, borrowing and transfers. A company can hold several, for example one per project or per bank.
• Special-purpose accounts (专用存款账户): for ring-fenced funds such as certain capital items or housing fund money, where rules require separation.
• Foreign currency account: needed if you receive USD, EUR or other currencies. Many banks can attach a foreign currency account to the same corporate relationship.
• Capital account (资本金账户): used to receive registered capital from overseas shareholders. Opening it is tied to your foreign investment registration and the capital contribution schedule.

For most foreign founders, the sequence is: capital account to receive the shareholder's injection, then the basic deposit account for operations, then general and foreign currency accounts as needed.

The documents banks will ask for

Requirements vary by bank, branch and city, and they change. As a baseline, expect to provide:

• Business licence (营业执照) original and copies, with the official company seal.
• Articles of association and, for an FIE, the foreign investment information report or filing receipt.
• Legal representative's ID or passport, and the authorised signatory's documents if different.
• Company seals: the official seal, finance seal, legal representative's personal seal and, where used, the contract seal. Bring all of them; branches often ask for more than you expect.
• Proof of registered address: lease agreement and, in some cases, a property certificate or utility bill.
• Shareholder documents: certificates of incorporation, constitutional documents and sometimes notarised or apostilled copies for the ultimate beneficial owner (UBO).
• Board resolution or shareholder resolution authorising account opening and appointing signatories.
• Beneficial ownership declaration forms, completed on the bank's template.

If your legal representative cannot attend in person, ask the bank in advance whether a notarised power of attorney is accepted. Many branches require the legal representative to appear at least once, and some require a short video or in-person interview as part of know-your-customer checks.

How the process usually runs

The mechanics differ by city and bank, but a common path looks like this.

1. Choose the bank and branch deliberately

Do not simply pick the branch nearest your office. Compare international banks with a China presence, large domestic banks and city commercial banks on: English-language support, online banking quality, foreign currency capability, remittance speed, fee levels and whether the branch has experience with foreign-invested companies. Ask other founders in your city which branch handled their account smoothly; branch-level practice matters as much as the bank's brand.

2. Pre-clear your profile

Before you submit anything, talk to a relationship manager and describe your business: shareholders, countries involved, expected transaction volumes and counterparties. Banks apply enhanced due diligence to higher-risk profiles, and a business the branch does not understand will move slowly. Being upfront about your model, for example cross-border e-commerce or consulting invoiced to overseas clients, helps them prepare.

3. Submit and attend

Submit the document set, complete the bank's forms and attend the account-opening appointment. Expect questions about the source of funds, expected transaction patterns and the nature of your business. Answer consistently with your registration documents.

4. Wait for approval and activation

The basic account is registered with the People's Bank of China system, and activation can take from a few days to several weeks depending on the branch and the completeness of your file. Online banking tokens and passwords are usually issued after activation, sometimes at a separate appointment.

5. Test the account

Make a small domestic transfer and, if relevant, a small inbound foreign currency payment early. Problems with remittance instructions or beneficiary details are easier to fix before payroll and supplier payments depend on them.

What commonly slows founders down

• Name mismatches. The English name on shareholder documents must align with the Chinese name on the business licence. Inconsistencies trigger extra review.
• Missing seals or signatories. A single missing seal can send you back to the office. Bring the full set.
• Unclear business description. Vague answers about what the company does invite questions. Prepare a one-page explanation of your business model and expected flows.
• Address issues. Some registered addresses, particularly virtual office arrangements, are scrutinised. Check with the bank before committing to a lease.
• Timing around holidays. Chinese New Year and the National Day holiday period slow administrative processes. Build buffer into your plans.
• Sanctions and jurisdiction screening. Shareholders or counterparties in jurisdictions subject to restrictions will face longer reviews, and some banks may decline the relationship.

Practical tips

• Open the account as early as possible after incorporation. Until the basic account works, paying staff, rent and suppliers is difficult.
• Keep a single, consistent English translation of your company name and use it everywhere.
• Ask for the bank's document checklist in writing, and ask which items need notarisation or legalisation.
• Build a relationship with one named contact at the branch; follow up by phone rather than email alone.
• Keep records of every transfer and the supporting contracts, because banks may request them later.
• If one bank declines or stalls, another may not. Bank risk appetites differ, and a second application is often faster than escalating a stuck one.

The bottom line

A Chinese corporate bank account is achievable for most genuine foreign-founded businesses, but it is a compliance process, not a formality. Prepare a complete document set, choose a branch with relevant experience, be transparent about your business and transactions, and leave time for review. For anything involving capital contributions, tax treatment or cross-border structuring, consult a qualified professional in China before you act.