Case: Remote account opening at a Chinese bank without a residence permit

What was the client's request?

To open a corporate account with a reliable Chinese bank without having to visit in person. The main requirements were: the ability to make payments in yuan and foreign currency, access to multi-currency payments, and remote account management via a mobile app. There was no requirement to import goods into China or have a residence permit.

Why did he not want to or could not accomplish the task on his own?

The client would have faced the following difficulties:

• Chinese banks check non-residents very carefully and rarely open accounts directly without intermediaries;
• language and legal barriers;
• lack of a clear understanding of the list of documents and the remote identification procedure;
• high risk of rejection without professional training;
• inability to open an account remotely without a local representative.

What solution did we propose and why?

We suggested that the client open a corporate account with a reputable Chinese bank with full support:

• preparation and verification of documents in accordance with the bank's requirements;
• remote account opening procedure (no need to travel to Shanghai);
• support during the account verification and activation stage;
• consulting on working with the yuan and multi-currency payments.

Were there any difficulties in resolving the request, what were they?

• Clarification of the bank's requirements for non-residents (especially those with CIS passports).
• Agreement on the remote account activation procedure.
• All difficulties were resolved through partners in China and our preliminary communication with the bank.

Duration of the case?

The entire process of opening two accounts took six months.

What specialists were involved?

• A private banker at a Chinese bank;
• A translator and notary public to prepare the documents;
• An Intelligent Solution Group specialist in international settlements and bank account support.

Result

• A complete set of documents was prepared and submitted to the Chinese bank.
• Remote identification and verification of the company was completed.
• A corporate account in yuan was opened with access to multi-currency payments.
• Mobile banking (iOS and Android) was activated.
• The company received an alternative payment instrument in Asia.
• Communication with bank employees via WeChat was set up.