How to open an account with a Chinese bank?

For companies doing business with China, opening a corporate account with a Chinese bank can greatly simplify operations and enable transactions from virtually anywhere in the world. Opening such an account on your own is difficult, as it is important to take into account a large number of nuances and comply with the specifics of the Chinese banking system.

We assist international businesses by supporting the opening of corporate accounts for non-resident companies in trusted Chinese banks. This can be done remotely: it is not necessary to come to Shanghai in person. Client support includes assistance in preparing documents, checking them, verifying them at the bank, and activating the account.

Who should open an account in China? First and foremost, those who do international business with this country and are looking for alternative financial instruments for foreign currency settlements.

Advantages of opening an account with a Chinese bank

What does a corporate account with a Chinese bank offer?

• Stable work with the yuan.
• An understandable and convenient infrastructure for transfers in the Asian region.
• The possibility of alternative settlements for non-residents and clients with a CIS passport without a residence permit anywhere.
• Enhanced status of the company in the eyes of partners from Asia.
• Availability of multi-currency payments.
• Work through a mobile app, which is available in the App Store and Google Play.

The procedure for opening an account in a Chinese bank with support includes the following steps:

1. Application review: consideration of the specifics of the company, corporate transfers, currency used and counterparties.
2. Preparation of documents. For documents in English and Chinese, it is sufficient to provide a high-quality scanned copy of the original. If the document is in another language, a certified translation will be required.
3. Sending documents to a Chinese bank for preliminary account approval.
4. Renting an office in China (Shanghai). Substance is a mandatory item, as the bank manager will come there for verification. The office rent must be paid, you must have a contract with the landlord, and equipment must be installed in the office — all of this is recorded by the bank manager.
5. Purchase of a Chinese phone number: it will be required to receive SMS notifications from the bank, as well as to communicate with the personal manager of the Chinese bank via messenger.
6. Obtaining a customer code from the Central Bank of China. The manager will order it for you after confirming that the office exists and is ready for operation. Obtaining the code takes up to two weeks on average.
7. Filling out the customer questionnaire. If you plan to be present in person when opening the account, you can attach copies of the documents to the questionnaire and provide the originals in person. If you want to complete the procedure remotely, you need to attach the originals of the documents to the application form, including the passports of the company director and the authorised representative (who will be present when opening the account in China).
8. Opening an account. This can be done in person or through an authorised representative. In the first case, we will organise your trip to Shanghai, meet you and accompany you to the bank. The entire procedure will take no more than one day, after which you will receive two tokens (for the director and beneficiary or director and authorised representative) for internet banking. If you are acting through an authorised representative, your representative will receive all the documents for the corporate account and tokens and send them to you by post.

For an additional fee, we will help you set up online banking and make transfers in the desired currency.

Requirements for companies to open an account 

1. Bank fees: 10 USD for incoming payments and 0.2% of the amount for outgoing payments, but not less than 50 USD.
2. Online banking fees.
3. SWIFT payment: 25 USD.
4. Transfers can only be made to banks that are not subject to sanctions.
5. Turnover of 1 million USD per year.
6. Local presence (substance).

Importing goods into China is not required to open an account with a local bank. A European residence permit is not required.

Conclusion

We will arrange support for opening an account with verified traditional Chinese banks (two options to choose from). We work with reputable banks that are loyal to non-residents. From the moment of collecting documents to receiving tokens — no more than two months. It is possible to carry out the procedure remotely, without your presence, with the involvement of a trusted person. Attentive and responsible attitude to each client. We are results-oriented and will accompany you every step of the way!

Submit your application now and find out more: Corporate account in China