Published · Nyanja (Chichewa)

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

A practical guide for foreign founders on opening a corporate bank account in mainland China, covering account types, documentation, bank selection, timeline, common pitfalls and ongoing compliance. General information only, not legal or tax advice.

Opening a corporate bank account is one of the first operational milestones after you register a company in mainland China — and for many foreign founders, it is also one of the most frustrating. The process is more document-heavy than in most Western jurisdictions, bank onboarding is relationship-driven, and an account can be frozen or restricted if routine compliance tasks are missed. This guide walks through what to expect, how to prepare, and where founders commonly get stuck. It is general information only, not legal or tax advice.

Understand the two main account types first

Chinese banks distinguish between two categories of corporate account, and you will likely need both:

• Basic deposit account (基本存款账户) — your company's primary operating account. A company can have only one basic account, and it is the account used for cash withdrawals and for paying salaries and taxes. It must be opened at a bank branch that has the authority to process the account, which usually means a branch near your registered address.
• General deposit account (一般存款账户) — additional accounts for specific purposes, such as receiving foreign currency, project funds, or payments from a particular client. You can open several, but they generally cannot handle cash withdrawals.

Most foreign-invested enterprises (FIEs) open a basic RMB account first, then add a foreign currency account if they need to receive capital contributions or overseas payments. Some banks also offer specialist accounts for cross-border trade settlement or e-commerce, which may be relevant depending on your business model.

What the bank will ask for

Requirements vary by bank, branch and city, but expect a core document set:

• Business license (营业执照) — original and copies
• Articles of association and, for FIEs, the approval or filing documents from the local commerce authority
• Legal representative's ID or passport; if the legal representative cannot attend in person, a notarised power of attorney and the authorised person's ID
• Company seal, financial seal and legal representative seal (the bank will typically verify these against your registration)
• Proof of registered address — lease agreement, property certificate, or utility bill
• Beneficial ownership information and, where required, supporting documents on shareholders and ultimate controllers
• Foreign exchange registration certificate (for foreign currency accounts)
• Tax registration and, depending on the bank, social insurance registration details

Banks increasingly apply anti-money-laundering and know-your-customer checks. Be prepared to explain your business model, expected transaction volumes, counterparties and source of funds. A clear, consistent explanation matters more than a polished pitch deck.

Choosing a bank

There is no single best bank. Consider these trade-offs:

• Large state-owned banks — broad branch networks and strong foreign exchange capability, but onboarding can be slower and service standards vary by branch.
• Joint-stock and city commercial banks — often faster to open accounts and more flexible with smaller companies, but international services may be more limited.
• Foreign bank subsidiaries — familiar processes for founders used to international banking, but fewer branches and sometimes higher minimum balances or fees.

Ask about digital banking for foreign passport holders, English-language support, cross-border payment capabilities, and minimum balance requirements. A branch's willingness to take on a newly registered FIE often depends on the relationship manager, so an introduction from your accountant or corporate services provider can help.

The process, step by step

1. Complete company registration and tax setup. You generally cannot open a corporate account until the business license is issued and the company has a tax identification number.
2. Shortlist banks and speak to a relationship manager. Confirm the branch can serve your registered address and ask for a document checklist in writing.
3. Book an appointment. The legal representative usually needs to attend in person for the basic account, though some banks allow an authorised representative with a notarised power of attorney.
4. Submit documents and complete onboarding. Expect KYC interviews, seal verification and possibly a site visit to your registered address.
5. Activate online banking and set up users. This often requires a separate visit or additional forms, and tokens or USB keys may need to be collected in person.

Timelines vary widely. A straightforward case with complete documents might take one to three weeks; complex ownership structures, missing documents or a branch unfamiliar with FIEs can stretch this considerably.

Common pitfalls

• Address mismatch. The address on your business license must match the lease and the branch's service area. Virtual or shared addresses can complicate onboarding.
• Legal representative abroad. If your legal representative is not in China, plan for notarisation and apostille or consular legalisation of the power of attorney, and confirm the bank accepts it.
• Thin business rationale. Banks may decline or delay accounts for companies whose expected activity is unclear or inconsistent with their registered scope.
• Seal management. Keep company seals secure and document who holds them; banks rely on seals for transactions and disputes over seal control can freeze operations.
• Ignoring post-opening compliance. Annual account reviews, updated KYC information and timely responses to bank queries help avoid restrictions.

After the account is open

Opening the account is not the end of the process. You will need to keep the bank informed of changes to directors, shareholders, address or business scope, and respond promptly to periodic reviews. Foreign currency accounts come with foreign exchange reporting obligations, and capital contributions must be handled through the correct channels. Work with a qualified accountant or corporate services provider to align banking, tax and foreign exchange compliance — this article is general information and cannot substitute for professional advice on your specific situation.