Published · Lingala

Opening a Corporate Bank Account in China: A Practical Guide for Foreign Founders

A practical, plain-English guide for foreign founders on opening a corporate bank account in mainland China: account types, documents, the role of the basic deposit account, common friction points, and how to prepare before you apply. General information only, not legal or tax advice.

Opening a corporate bank account is one of those steps that looks simple on paper and can quietly become the slowest part of setting up in mainland China. You have your business licence, you have an office address, and then you discover that the bank wants to meet your legal representative in person, understand your business in detail, and see documentation that ties your company to a real operating presence.

This guide walks foreign founders through what to expect, how the process generally works, and where the friction usually appears. It is general information, not legal or tax advice, and bank practices vary by city, branch and institution. Always confirm requirements directly with the bank you plan to use and, where relevant, with your accountant or legal adviser.

First, understand the account types

Chinese banks distinguish between several categories of corporate account. The two that matter most at the start are:

• Basic deposit account (基本存款账户, jiben cunkuan zhanghu). This is your company's primary account. A company can generally hold only one basic account, and it is the account through which day-to-day payments, payroll and cash withdrawals are handled. Opening it usually requires approval and registration through the local branch of the People's Bank of China system, and the bank handles that filing on your behalf.
• General deposit account (一般存款账户, yiban cunkuan zhanghu). A company can open multiple general accounts, often at other banks or branches. These are used for specific purposes such as loan disbursement, project funds or receiving payments, but they generally cannot handle cash withdrawals in the same way as the basic account.

There are also specialized accounts, such as foreign currency accounts, temporary accounts for specific projects, and dedicated accounts for purposes like housing provident funds. Most foreign founders start with a basic RMB account and add a foreign currency account if they expect inbound or outbound foreign exchange transactions.

The documents banks typically ask for

Requirements differ between banks and cities, but a typical onboarding pack for a wholly foreign-owned enterprise (WFOE) or joint venture includes:

• Business licence (营业执照), original and copy.
• Company seal, financial seal, legal representative seal and, where applicable, contract seal. Seal management matters in China; banks will check which seals are registered.
• Articles of association and, for foreign-invested enterprises, the filing or approval documents related to establishment.
• Legal representative's identity document. For foreign nationals, this is usually a passport; some banks also ask for a residence permit or proof of entry.
• Beneficial owner information, including the ownership chain up to ultimate natural persons, with supporting documents.
• Proof of registered address, such as a lease agreement and property certificate, or documents from the registered address provider.
• Board resolution or shareholder resolution authorizing account opening and appointing signatories.
• Authorized signatory documents and specimen signatures.
• Foreign exchange registration documents if you plan to open a foreign currency account or receive capital contributions.

Expect the bank to ask why your company exists, what it does, who its customers and suppliers are, and where its money comes from. This is part of know-your-customer (KYC) and anti-money-laundering (AML) review, and it is taken seriously.

The basic account is the gatekeeper

For many foreign founders, the basic deposit account is the key milestone. Until it is open, it can be difficult to pay staff, sign up for utilities in the company name, or complete some downstream registrations. The bank typically submits the account for approval and, once cleared, issues an account opening permit or confirmation. Timelines vary; in some cities and with complete documentation it can be relatively quick, while in others it may take longer, particularly if the bank has questions about the business or the ownership structure.

One practical point: the legal representative usually needs to appear in person at the branch, at least for the initial meeting and sometimes for the account opening itself. If your legal representative is based abroad, plan a trip or confirm with the bank whether a remote process or a locally based authorized representative is acceptable. Policies on this differ and have tightened in recent years.

Choosing a bank

Foreign founders generally choose between large state-owned banks, joint-stock commercial banks, and the China-based subsidiaries or branches of international banks. Each has trade-offs:

• Large domestic banks have broad branch networks and are well integrated with local payment systems, but onboarding can be document-heavy and service levels vary by branch.
• Joint-stock and city commercial banks may be more flexible and faster to respond, especially for smaller companies, but their international network is more limited.
• International banks can be convenient for cross-border treasury and English-language service, but they may have higher minimum balances or focus on larger clients, and not all offer full RMB services to small entities.

It is worth speaking to two or three banks before committing. Ask specifically about their experience with foreign-invested enterprises, their requirements for the legal representative's presence, their foreign exchange services, and their digital banking platforms for English-speaking users.

Common friction points

Most delays come from a small number of recurring issues:

• Address verification. Banks may visit or otherwise verify your registered address. Virtual or shared addresses can trigger extra scrutiny, so confirm in advance what the bank accepts.
• Beneficial ownership complexity. Layered offshore holding structures require clear documentation. Prepare an ownership chart and supporting certificates.
• Business substance. A newly established company with no trading history may be asked for contracts, invoices, or a business plan. Having these ready speeds things up.
• Seal and signature mismatches. Ensure the seals you bring match those registered and that the authorized signatories are correctly documented.
• Language and translation. Some banks require Chinese translations of foreign documents, sometimes notarized or apostilled. Ask early.

A practical preparation checklist

Before you walk into a branch, assemble a complete pack: business licence, seals, legal representative passport, ownership chart, lease and address documents, board resolutions, and any foreign investment filing certificates. Confirm the branch's specific requirements in writing if possible. Bring a Chinese-speaking colleague or interpreter if your Mandarin is limited, and be ready to explain your business model clearly and consistently.

Finally, treat account opening as part of a broader compliance setup rather than an isolated task. Your bank account, tax registration, foreign exchange arrangements and accounting processes are connected. Getting the documentation and structure right at the start saves considerable time later. For advice specific to your company, consult a qualified professional in China.