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How to open a corporate account in China in 2020

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Opening an account in China in 2020

The main advantages of opening an account in China:

  • Stable economic situation;
  • Reliable financial structure;
  • Modern data protection system;
  • Ability to open an account for a non-resident;
  • You can open a multi-currency account.
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If you are considering the possibility of entering the Chinese market, of course, you will need to open a corporate account in China. We recommend that you take a closer look at our material, which can help you in this matter.

Types of legal entities

It may be problematic to register a company in China without familiarizing yourself with certain requirements and conditions. If you doubt about which form of organization can be the most appropriate for your business, please contact IQD Consulting. Our lawyers will help you to choose the right legal form.

Foreign investors, who seek to open a bank account in China have 3 main options:
  1. Company with full foreign ownership (WFOE);
  2. Joint venture; and
  3. Representative office.
Requirements for opening an account in China

In order to open a corporate account with a Chinese bank, you must first prepare a full package of documents. The list of documents may vary depending on the selected banking institution. The main documents remain:

  • Confirmation of the identity of directors/shareholders and other responsible persons of the company;
  • A notarized copy of the company's AOA;
  • Proof that your business is registered properly (business license, tax registration certificate);
  • Information about the structure of the company and its activities.

If you plan to open an account for a joint venture in China, then you may have to provide evidence that the state approves your business.

Read also:
Bank selection process

China has a huge number of local and international banks. Most large banks offer their customers all the financial services necessary for doing business.

First of all, we suggest that you familiarize yourself with the three existing banks where you can open an account in the name of the company in China:

  • HSBC Mainland NRA Branch. This bank provides an extensive range of services (lending, deposits, international payments and others). Also, main advantages of this institution are the following: the presence of mobile and online banking, the ability to open multi-currency accounts in China and a modern data protection system;
  • Industrial and Commercial Bank of China (ICBC). If you want to open an account with ICBC, then you need to know that this bank has many branches and representative offices, does not require a minimum balance and provides an online banking services;
  • OCBC Wing Hang Bank (China) Limited. This banking group has has more than 550 branches and representative offices in 19 states. Also, it is one of the most reliable banks, that proposes investment bonuses and provides asset management services remotely.
Legal support services

IQD Consulting has been helping entrepreneurs to register their companies and open bank accounts for long years. If necessary, our specialists are ready to provide full legal support in the process of opening a corporate account in a Chinese bank.

In order to receive personal legal advice and start cooperation with qualified lawyers, please call our office using the contacts listed on the site.

  • The information outlined in the article is actual at the time of its publication.
  • Please refer to our specialists for checking possible solutions for your business.
  • Still have any questions?

    Fill out the form or contact us as you find convenient. Our experts will help you resolve the issue.

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