Kushicilelwe · Zulu

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, timelines, common delays, and how to work with your bank. General information only, not legal or tax advice.

Opening a corporate bank account is one of those steps that looks administrative on paper but can quietly become the bottleneck of your China setup. You have your business licence, you have an office address, and then you discover that the bank wants to meet your legal representative in person, review the source of your funds, and understand exactly what your company will do. None of this is unusual, but it helps enormously to know what is coming.

This article walks through how corporate banking works in mainland China for foreign-invested enterprises (FIEs), what documents banks typically request, where timelines slip, and how to prepare so that you are not making repeat trips to a branch. It is general information, not legal or tax advice—requirements vary by bank, branch, city and your company's specific profile, so always confirm with your bank and your professional advisers.

First, understand what kind of account you need

Chinese corporate banking is more segmented than in many Western markets. A single company often ends up with more than one account, and each has a distinct purpose.

• Basic deposit account (基本存款账户) — the company's primary account. It is where you handle day-to-day RMB payments, payroll and cash withdrawals, and it is the account from which you can open others. A company can generally have only one basic account, and it must be opened at a bank branch with the appropriate licence to handle it.
• General deposit account (一般存款账户) — used for specific purposes such as receiving loans or handling payments at a second bank. You can hold several.
• Special deposit account (专用存款账户) — earmarked funds, for example certain capital or project money.
• Foreign currency account — needed if you receive capital contributions, export proceeds or pay overseas suppliers in USD, EUR or other currencies. Many banks will set this up alongside your RMB account, but it may require separate approval and documentation.
• Capital account (资本金账户) — where foreign shareholders' registered capital is remitted. This is tightly regulated, and the bank will want to see the capital contribution documentation.

In practice, most foreign founders start with a basic RMB account plus a foreign currency/capital account, and add general accounts later as operations grow.

The documents banks typically ask for

Specific checklists differ by bank, but expect a core set that rarely changes:

• Business licence (营业执照) — original and copy.
• Articles of association and, where relevant, the foreign investment approval or filing receipt.
• Legal representative's ID or passport, plus their presence at the branch for verification.
• Company seal, financial seal, legal representative seal and, if applicable, contract seal. Seal management is a real operational issue in China; banks will ask which seals are authorised for banking.
• Proof of registered address — lease agreement, property certificate, or a utilities bill in the company's name.
• Beneficial ownership information — the ultimate owners behind the corporate shareholder, with supporting documents.
• Board resolution or shareholder resolution authorising account opening and appointing signatories.
• Information on expected transaction volumes, counterparties and business scope, often captured in a questionnaire.
• For foreign currency or capital accounts, the capital contribution plan and source-of-funds documentation.

The direction of travel is clear: banks are expected to apply enhanced due diligence, so expect questions about who really owns the company, where the money comes from, and what the company actually does.

Who needs to be there, and where

Most banks require the legal representative to appear in person at the branch to sign and be video-recorded or photographed as part of identity verification. Some banks allow a authorised representative with a notarised power of attorney, but this is discretionary and increasingly rare for new accounts. If your legal representative is based overseas, plan a trip, or structure the company so that a China-based legal representative can handle the process.

Branches also differ in their appetite and capability. A branch that regularly handles FIEs will have staff who understand foreign ownership structures, translated documents and cross-border capital rules. A small branch in a residential district may not. Ask your lawyer, accountant or corporate services provider which branches in your city have a track record with companies like yours.

Timelines: what to expect

There is no universal processing time, and any bank that promises a fixed number of days is giving you a sales pitch rather than a commitment. In practice, the clock starts when your documents are complete and your legal representative is available. From there, the process usually involves an initial meeting, document review, internal compliance approval, and finally account activation. Realistic planning means allowing several weeks rather than several days, and longer if your ownership structure is layered, your business involves higher-risk sectors, or your documents need translation and notarisation.

Delays usually come from a small number of sources: missing or inconsistent documents, a legal representative who cannot attend, an address that does not satisfy the bank's verification requirements, unclear beneficial ownership, or a business description that raises compliance questions. Each of these is fixable—but only if you find out early.

Practical tips that save time

• Talk to the bank before you incorporate. Ask what it will need for a company with your ownership structure, and whether it will accept your registered address.
• Keep your documents consistent. Names, addresses and business scope should match across the business licence, articles, lease and bank forms. Small discrepancies cause big delays.
• Prepare a clear business narrative. Be ready to explain your products, customers, suppliers, expected payment flows and why you chose China. Compliance teams respond well to specificity.
• Translate and notarise early. Foreign-language documents usually need translation, and sometimes notarisation or legalisation, depending on the bank and the document.
• Decide your signatory and seal policy up front. Who can authorise payments? Which seal is used for banking? Document this in a resolution.
• Consider a China-based finance contact. A local accountant or finance manager who can visit the branch and respond to queries shortens the feedback loop considerably.
• Do not treat the first branch as the only option. If one bank is slow or unclear, another may be more receptive—but avoid opening multiple applications in parallel without telling the banks.

After the account is open

Account opening is not the finish line. You will need to keep the bank updated on changes to directors, shareholders, address and signatories, and you should expect periodic reviews of your account activity. Cross-border payments, capital injections and dividend remittances each have their own documentation requirements, often involving tax clearance or foreign exchange registration. Build a relationship with a bank officer who knows your company, and keep your records tidy.

Finally, remember that banking rules in China are administered by both the bank and the regulators, and practice varies by city and by institution. Use this guide as a map of the terrain, not as a substitute for advice on your specific situation. A short conversation with your lawyer, accountant or corporate services provider before you start can save weeks later.