Opening a Chinese bank account
A corporate account in China is a solution to the problem of money transfers from Europe, America, Asia to CIS countries and vice versa. Traditional Chinese banks are ready to open their doors to non-residents. To ensure your success, use the support of Intelligent Solution Group.
What are the benefits of a China account?
If you are running an international business, making transfers in different currencies, including RMB (CNY), a corporate account in a bank in China for a legal entity is a natural solution. A company in Hong Kong + an account in China is an excellent combination that we recommend to our clients.
Among the advantages of Chinese banks:
- almost every one is backed by the state, providing stability to depositors;
- payments are made through the Chinese money transfer system and SWIFT (including multi-currency);
- a company director can set up a personal account (free of charge) + get a Union pay card.
How do we help?
You set the task of opening a Chinese bank account for your business, and we will fully accompany you on the way to the solution.
Important! You can choose a convenient option of opening an account:
- remotely – through an authorized representative;
- with presence - when you visit Shanghai in person.
At the moment it does not affect the cost of opening a Chinese bank account.
Let us consider the procedure step by step:
1. Document preparation.
We will analyze the business, collect and send the documents to the bank for pre-approval - preliminary approval of the bank's compliance department.
Important! If the company documents are in Chinese/English, we will need high quality scanned copies of the originals. If the documents are in another language, we will need to translate them.
To open an account, you need to prove the physical presence of the business in the country (regardless of the currency of the account). We will help with this. In particular, we will provide rent of an office in Shanghai, where the bank manager will pay a visit.
3. Local phone number.
You can purchase a local SIM card with our help or by yourself. This step is mandatory: you must specify your local number when you sign up for an account. Then SMS from the bank will be sent to it.
4. Obtaining a client code.
This special code is issued by the Central Bank of China, it is ordered by the bank manager, and it is usually ready within 2 weeks after the bank receives the client's documents.
5. Submission of documents to the bank.
We help with filling out the client's questionnaire, collect copies of the documents to be attached. If the client makes a personal visit to the Chinese bank for the company, he should bring the originals with him. When sending documents by post, we need to enclose:
- legalized and translated copy of corporate documents with corporate seal impressions;
- original passport of the beneficiary/director, original passport of the authorized person.
6. Resolving the issue with the trustee.
If the director and the beneficiary are the same person, the bank will require to involve additionally a proxy, to whom a duplicate token is issued by passport.
7. Account opening.
If the opening is done remotely, the authorized representative receives all documents and tokens. Then sends them to the client by mail. If with presence, the client receives them himself.
Why Intelligent Solution Group?
- It is a team of experts in the field of international business support.
- You are guaranteed to fulfill all obligations - we put our reputation on the line.
- With us you will get help with urgent tasks.
- At the moment of account opening we do not put an end to it – you can order accounting services and audit of the company.
- KYC form;
- company registration documents, articles of incorporation;
- passports of directors and shareholders;
- proof of business activities (contracts, invoices and so on);
- a statement from another bank (if available).