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.
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.
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).