You should set up and incorporate a company in mainland China first, and then here’s local banks will advise foreign enterprises what extra files and documents need you prepare and submit. If you want to open a Chinese bank for your business, generally Chinese banks need a minimum deposit amount at the beginning then can activate all functions of transaction and internet banking.

There are many limit rules of foreign exchange laws and financial regulations if foreign enterprises want to open a bank account in mainland China, so as actual controllers, shareholders and legal representative, local finance managers need to provide legal ID or passports to Chinese banks to check and approval their identity and residence information, and require them sign all documents of bank opening.

Normally types of Chinese company bank accounts:

+Capital accounts, functions of capital accounts can receive foreign shareholder’s investment amount and payments. And need providing extra procedure to foreign exchange administrative government office and to apply for currency conversion from foreign currencies to RMB basic accounts.

+Basic RMB accounts, as legal currency in circulation in mainland China, foreign enterprises must use RMB payments and transaction, and the same time, basic accounts also can receive foreign currencies from oversea payments.

+Foreign currencies accounts, can receive all foreign currencies from all over the world, but need to provide local banks the documents of business credit, and need extra security deposit from balance of basic accounts.

If your business wants to open a local bank account. Do not worry, SMEsChina GROUP can guide and provide you all banking accounts open and business services in mainland China. You can contact our senior consultants online and get more suggestion.

Opening Chinese Business Corporate Bank Accounts for foreigners ( Non Residents ):

In order to do business in mainland China after your Chinese company incorporation, foreign enterprises need to apply for corporate accounts from local banks, and as we know, there are too much increasingly challenging to open it for foreigners and most of these local banks need the legal representative of company to present and through face to face then can be accepted to open the bank accounts.

But you do not worry about this problem, we have strong resource and trustworthiness with Chinese local banks and we have cooperated together long time, our great relationship and rich experience of opening bank accounts in mainland China can assist foreign enterprises obtaining approval without arriving bank office, and your bank accounts can be approved within 5 working days by using our services.

+Process of Opening a Chinese local bank for foreign Companies:

When your company placing an order to Chinese business banking, if you are not a Chinese local resident and same time you also as the legal representative of China company, your passport or identity need to be inspected from bank office, or you can apply for a notarized and authenticated passport copy from China Embassy in your home country, this legal documentation issued by China Embassy is also can be accepted to apply for bank accounts. And all steps and procedure of opening bank accounts you may ask our accountants to complete it.

Your Chinese bank accounts generally can be approved within 5 working days, whole process is not necessary to enter into mainland China in person for non Chinese residents. All Chinese required documents and forms of application will be submitted in time. Certainly, sometimes maybe meet a bit delay because banks and Chinese foreign exchange department need to do some due-diligence checks for legal representative from different countries. If your passport has bad records before you opening a corporate bank account, local banks and government departments have the rights to reject your application.

+What documents, forms and compliance of files are required to open a China account:

1. Foreign investment enterprises certificate of registration
2. Company stamp, financial seal and seal of legal representative
3. Original and copy for business license
4. Recent utility bill for your registered office address
5. Lease contract of registered address ( or physical / actual office )
6. Articles of association and corporate resolutions
7. Original passport of legal representative ( or notarized and authenticated passport from China Embassy )
8. List of board of directors, members of board of shareholders
9. Country of origin of registered capital and currency registration
10. Letter of authorization and forms of application and registration
11. Fixed-line telephone and office zip code
12. Financial administrator and senior management officer
13. Foreign exchange business registration certificate
14. The due-diligence checks for nationalities of actual controlling persons
15. Industrial properties and code and business entity self certification
16. Investigating information for countries and areas code of foreign investors
17. Certificate of institution credit code and application forms

Depending on different circumstances, local banks and foreign exchange departments may also ask for non residents from different countries and industries to submit additional documents, files and information. Although its a difficult task to open a China limited company bank account, but government departments and local banks office also need checking many information and documents and then can give non residents the decision if they accept you as a client.

Don’t worry about these troublesome works, our experienced senior consultants have the sufficient confidence to face these difficulties. Our accountants and secretaries services are fully capable to provide any assistance to non residents opening a local Chinese bank account for foreign entities who are planing to set up companies in mainland China.