1 Days to Open an Account in China

After your business approved, you can open the corporate account within 1 working day by submitting the related documents and requirements.

If you are looking for the detail documents and requirements to open a China account, this is a right place for your studies, SMEsChina.com assists our customers to open bank accounts comfortably and quickly by our supporting and assistance. Planning out the bank account opening for Chinese businesses and considering to incorporate a Chinese company, even though you need to register business first but also need a local bank account to operate finances and transactions. And this procedure still need a long time application and documents need to submit to Chinese banks and foreign exchange department to approval. As a foreign owned enterprise registered in Mainland China, will obtain the approval of opening bank accounts supervised by the Center Bank of People’s Republic of China and the local Foreign Exchange Department.

To open a China bank account just needs 1 working day and submit the following requirements and documents.

How to open China bank account?

SMEsChina has posted another guidance of China bank accounts opening previously, edited by our banking consultant, Amy Zuo, this article analyzed that how to start a Chinese local bank account for a private business, and the purpose, functions an difference for basic RMB accounts, general accounts, and the registered capital accounts, and their exchanging principle transferred from foreign currencies to local RMB currency (CNY). You may link the page to read more details if you are interested.

After you getting the 5-in-1 business license and the corporate stamps (known as: company seals) from the local registry authorities, you can submit the required documents and requirements to a local bank to apply for the bank account.

Normally, open a bank account just needs 1 working day by SMEsChina lawyers assistance, the current price is 300 USD, if you want to open a bank account without visiting China to interview, you can make a video to get approval of opening bank account.

Required documents of China bank opening?

List of Requirement:File / Documents Description:
Approved 5-in-1 business licenseOriginal business license and copy with company stamp
Certificate of foreign owned enterprises (known as: approved certificate of business registration of foreign invested enterprises).Original business license and copy with company stamp
Identity certificate of China company’s legal representativeChinese people needs original ID card and copy Foreign people (nonresidents) needs original passport with entry record within 6 months (if the foreign legal representative does not want to visit China, can issue notarized passport from China embassy instead of original passport).
Application forms of opening bank accountYou can entrust a local accountant going to bank and filling in the information and submit to bank to get approval.
Make a videoCorporate legal representative (know as executive director) takes his/her passport in hand and read the required content (contain the company registered number, tax ID, and passport number and other information).
Appointment letterEntrust document signed by the legal representative

What functions for a local basic account?

The functions of basic RMB account include online internet banking payment and transaction, and as an international account can receive payments from oversea and local customers. And the same time, you can use this basic RMB account to open Wechat Pay and Ali pay accounts for your online electronic commerce businesses. Basic account can make payments for daily operations, such as monthly salaries, social insurance, housing fund, office rent, purchase goods and service fees of suppliers and marketing, reimbursements of traveling costs other corporate expenses. Also, basic account can receive payments from customers ( local customers must use RMB transactions and foreign customers can use Euro, USD and other foreign transactions of currency ). Basic can receive exchanged registered capital from capital account.

Sometimes, if China company does not have enough fund to develop local market, such as: loss or registered capital is insufficient, basic account also can receive payments from shareholder/parent company, but if shareholder transfers payment to basic account rather than capital account, whole exchanging process will be required to pay tax. You have to remember that, once you use basic account to pay daily operations, must provide relevant original invoices issued from local suppliers (known as: fapiao).

Ready to Start and Launch a Business in China? So Are We.

SMEsChina teams focus on the growth of enterprise and providing a variety of business solutions in the area of strategy consultancy, WFOE setting up services, business registration, company formation, incorporation of domestic invested enterprise, finance and audit services, HR and payroll, corporate bank account, resident permit, immigration and visa, trademarks and legal compliance.

China is attracting more and more foreign companies, SMEs,entrepreneurs, startups, brands to invest and establish their business entities through reforming various laws and regulations actively. More than 47 million companies and small medium enterprises have registered their business entities in mainland China and over 3.5 million new enterprises are incorporated during each financial year with comfortable process of registering companies. Here SMEsChina is sharing our knowledge and business insights to global enterprises and companies for better learning the regulations and rules of China corporations running and corporate maintaining. All reference and guidance collected by SMEsChina Teams in accordance with the latest implemented laws of the People’s Republic of China on Wholly Foreign-Owned Enterprises ( WFOE ), Joint Venture ( JV ) and Limited Liability Company ( LLC ), Limited Liability Partnership ( LLP ), and other relevant and officially promulgated regulations and rules on the corporation formation and registration of industrial and commercial enterprises and related IP laws, immigration and resident policies ( VISA ), tax laws.

SMEsChina teams happy to work around you and look after your daily China operations confidently and smoothly. Check if setting up a private company is right for you, if you have everything to set up a business in Mainland China, you can get in touch with our teams to get more useful information and online guidance.

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