Step-by-step guide to opening a corporate account with a Chinese bank

Opening a corporate account with a Chinese bank gives companies a strategic advantage when working with partners from the PRC. This is not only a demonstration of serious intentions, but also an effective tool for optimising financial flows, minimising currency risks and building long-term cooperation with counterparties.

China continues to strengthen its position in the global economic market, so having an account with a local bank is becoming a prerequisite. We offer comprehensive support: from analysing the client's goals and selecting a suitable bank to submitting an application, going through all stages of verification and obtaining account details. Support is provided in both English and Chinese, including interaction with the bank on behalf of the client.

Advantages of opening an account with a Chinese bank

The ability to settle accounts with Chinese partners in yuan without conversion – having a yuan account eliminates the need for constant currency exchange, which reduces costs and simplifies financial planning. Suppliers are more willing to work with resident accounts opened with Chinese banks.

Increased trust from Chinese suppliers – companies with corporate accounts in the PRC are perceived as stable partners with serious intentions in the market. This can affect contract terms, payment deferral periods and access to internal offers.

Simplification of the VAT refund process in China – for exporters, having an account significantly simplifies document flow and the tax refund procedure. This is important when building logistics chains and working through foreign economic activity schemes.

Expanding business opportunities in the Chinese market – a corporate account opens the way to participation in local procurement, tenders, and private structures in the PRC.

Working with the largest state and commercial banks in the PRC – guarantees a high degree of protection of funds, developed infrastructure, and technologically advanced internet banking.

Support for opening an operating account, depending on the objectives – trade, investment, holding activities – it is possible to open various types of accounts, including foreign currency and yuan accounts, with access to international SWIFT platforms.

Who can open a corporate account in China?

Legal entities registered in mainland China, Hong Kong, Macau or other countries – both local and foreign companies – are entitled to open a corporate account if there is a justified need and confirmed business activity. Hong Kong structures are particularly popular due to their flexibility and simplified compliance.

Companies with business interests or partnerships in China – the existence of signed contracts, issued invoices, and intentions to supply goods or services contributes to the accelerated approval of the application by the bank.

Owners of international businesses wishing to optimise their settlements with the PRC – opening an account in China allows them to circumvent restrictions on transfers in yuan and reduce bank fees for cross-border transactions.

Step-by-step instructions for opening an account

1. Consultation and bank selection

The first stage involves an introductory consultation, during which we determine the purpose of opening the account, the specifics of the business and the expected volume of transactions. This allows us to narrow down the range of banks and select the best options.

What is included: 

• analysis of corporate structure, jurisdiction, industry and nature of business;
• selection of banks based on currency requirements, limits and account opening format;
• comparison of service conditions, documentation requirements and minimum balance.

2. Preparation and verification of documents

After selecting a bank, the process of compiling a package of documents begins. The exact list depends on the company's jurisdiction and the bank's internal policy.

What is included:

• collection of statutory, registration and financial documents;
• preparation of translations into Chinese;
• notarisation, apostille, legalisation (if required);
• verification of compliance with the bank's requirements.

3. Application submission and support

Once all documents are ready, interaction with the bank begins. This stage can take place either remotely or in person.

What is included:

• submitting an application and filling out bank forms;
• preliminary agreement on account parameters and service forms;
• preparation for an interview with a bank manager;
• accompanying the client to the branch (if necessary).

4. Compliance check

The compliance check takes place before visiting the bank. The bank conducts a thorough check of the company as part of its KYC and AML procedures. At this stage, it is important to be prepared for additional questions and to promptly provide the requested documents.

What is included:

• confirmation of the sources of funds;
• verification of the business reputation and profile of beneficiaries;
• additional requests (contracts, invoices, business plans);
• verification of information about the website, contact details, and physical address of the company.

5. Opening an account and subsequent support

After successfully passing all checks, the bank opens an account, the client receives bank details and access to online banking. Two accesses to the account are issued (main for the representative and additional for the accountant). Therefore, two SIM cards from a Chinese operator are required. Important to know:  you must bring the original passport of the second account management representative to the meeting at the bank. 

What is included: 

• signing a service agreement;
• receiving details and connecting to internet banking;
• setting up access, limits, and rights for employees;
• consultations on using the account and maintaining its active status;
• support in conducting the first transactions, transfers, and submitting reports to the bank (if necessary).

Terms and conditions

The opening period is between 4 and 8 weeks. In practice, it all depends on the complexity of the structure, the jurisdiction of the company's registration and the specifics of the chosen bank. Some banks approve applications faster, but may require an in-person visit.

Minimum requirements

Companies must demonstrate business activity, including the presence of a website, employees, signed contracts, invoices issued, warehouse or production facilities. These elements confirm the actual functioning of the business and reduce the risk of rejection by the bank.
A corporate telephone number and legal address registered in an accessible jurisdiction are required. The bank checks how stable and transparent the applicant is, so any details indicating the reality of the company play a decisive role.

Format of presence

Depending on the policy of the specific bank, both formats are possible: the director's personal presence at the meeting or remote account opening by notarised power of attorney. In this case, it is important to provide original passports. A local office and a telephone number are required. 

An in-person visit often speeds up the approval process and simplifies communication with the compliance department. In some cases, a video conference is allowed, which is held for the purpose of identifying the client and clarifying business intentions. This is convenient for foreign company owners who are unable to travel to China in person.

Additional services

The service package includes the rental of a legal address and assistance in setting up a representative office in mainland China or Hong Kong. This is particularly relevant for companies entering the Chinese market and requiring an official presence.
Support is provided for registering a business in the appropriate jurisdiction, opening multi-currency accounts, and consulting on taxation issues. If necessary, accounting services, preparation of reports, and mandatory audits can be provided.