TEL:15066768857
E-MAIL:sales@dxjclegalconsulting.com
China Corporate Bank Account Opening
After successful registration of your company in China, opening the corporate bank account will be your next step. Let's see how to handle this!
Different Types of Bank Accounts in China
- Non-Resident Account: available for foreign institutions and companies in every domestic and foreign bank based in the Chinese Mainland, strictly regulated by the State Administration of Foreign Exchange (SAFE);
- Offshore Account: opened for overseas institutions and individuals only available in four banks that have been authorized, which areadministered by China Banking Regulatory Commission;
- Free Trade Non-Resident Account: available for foreign institutions within the area of Free Trade Zone;
Capital Account: An account for foreign-funded enterprises to deposit currency contributions as a means for the State of China to regulate the investments and the approval of the Administration of Foreign Exchange. - General Deposit Account: used for the renewal or repayment of the loan for fund receipt and payment in other settlements, which excludes cash withdrawal with limitation of foreign currency remittance only;
- Virtual Account: non-physical and online bank accounts that can be set up quickly and conveniently with an easy application form;
Opening a Bank Account as an Offshore Company
Required Company Documents for Opening Bank Account as an Offshore Company
- Certificate of incorporation
- Corporation by-laws
- Business contract (at least with two purchase contracts and two sales contracts)
Opening a Bank Account as a Chinese Mainland Company
Account Type
Features
Available Banks
Requirements
Remote Application
Basic deposit account
Settlement, withdrawal
Most banks (Industrial and Commercial Bank of China Limited/Bank of China Limited/Bank of Communications Co., Ltd)
Fulfilled the basic requirements of the domestic Chinese company
Open a bank account via online video chat
Capital account
For capital remittance only
Most banks
Fulfilled the basic requirements of the domestic Chinese company
Open a bank account via online video chat
Foreign currency bank settlement account (general deposit account)
No withdrawal, for foreign currency remittance only
Most banks
Fulfilled the basic requirements of the domestic Chinese company
Open a bank account via online video chat
Required Company Documents for Opening Bank Account as a Chinese Mainland Company
- Original copy of the company's business license
- Official seal/Finance chop/Seal of Legal representative
- Original copy of the legal representative's identity card
- Original copy of the identity card of the USBKey owner
- Original copy of the proof of registered address
Frequently Asked Questions
Still have a question? No worries! We are glad to answer!
Is it mandatory to open a basic account for a company?
Yes, according to regulations in China’s banking sector, a company must open a basic account to carry out daily financial activities and bank transactions. Other types of accounts can be opened based on the company’s needs.
Is it required to deposit a certain amount of capital when opening a company account?
Generally, no specific capital deposit is required when opening a company account. However, banks may ask for proof of the company’s funding sources, especially when applying for a foreign exchange account. If there is an initial deposit requirement, the amount is usually small and varies depending on the bank.
Do banks provide corporate online banking services?
Yes, almost all commercial banks offer corporate online banking services, which help companies manage funds, make payments, and conduct transfers. Companies can choose different online banking services based on their needs.
How do I update or modify company account information?
If a company changes its legal representative, registered address, or shareholder information, it needs to submit a change request to the bank and provide relevant updated documents, such as the new business license and legal representative’s identity proof. The bank will update the account information accordingly.
Can a company open multiple accounts?
Yes, a company can open multiple accounts depending on its business needs. For example, some companies may open multiple general accounts for different departments or business units to manage funds separately.
Can a company open a foreign currency account?
Yes, if the company engages in foreign trade and needs to handle foreign currency transactions, it can apply to open a foreign currency account. This account is used to manage foreign exchange funds, deposits, and transfers.
What fees will the bank charge?
Opening a company account typically does not involve an account opening fee from the bank side, but banks may charge fees for account maintenance, interbank transfers, international remittances, etc. The specific fees vary depending on the bank, so it is advisable to check with the bank for detailed fee schedules.
Please give us a message
Tel:15066768857
E-mail:sales@dxjclegalconsulting.com