Published · Tahitian

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, required documents, KYC and UBO checks, timelines, common rejection reasons, and how to prepare before you apply.

For most foreign founders, the company registration paperwork feels like the hard part. Then comes the bank account, and the project stalls. In mainland China, a corporate bank account is not a formality: you need it to inject registered capital, pay staff, issue invoices, and connect to the tax and customs systems. Banks, in turn, treat every new company as a compliance question first and a customer second. This guide explains what to expect, what to prepare, and where founders typically get stuck.

This article is general information only. It is not legal, tax, accounting, or financial advice. Banking requirements vary by bank, branch, city, and the nature of your business, and they change. Confirm everything with your bank and your local professional advisers before you act.

Two accounts, not one

Chinese companies typically operate with at least two accounts, and confusing them is a common early mistake.

• Basic deposit account (基本存款账户): The company's primary account. It is where you receive registered capital, pay salaries, and handle day-to-day RMB settlement. A company can have only one basic account, and it must be opened before most other banking services.
• General deposit account (一般存款账户): Used for specific purposes such as project funds, loan disbursements, or a second operating account. You can hold several, but they are opened after the basic account exists.
• Foreign currency account: Needed if you will receive capital contributions or trade payments in USD, EUR, or other currencies. Many banks bundle this with the basic account setup, but the foreign exchange (FX) registration steps are separate.

If you plan to export or import, you will also need to complete foreign trade operator registration and set up the relevant FX and tax arrangements. Your bank will ask about this during onboarding.

Who actually opens the account

Chinese banks apply strict know-your-customer (KYC) and anti-money-laundering rules. In practice, this means the bank wants to see the people behind the company, not just the company documents.

• Legal representative: Usually must appear in person at the branch, with original ID or passport. Some banks allow a video interview instead, but this is the exception rather than the rule, and it is more common for established companies than for newly registered ones.
• Ultimate beneficial owners (UBOs): Expect to disclose shareholders holding roughly 25% or more, and possibly those with control rights. For corporate shareholders, the bank may trace the ownership chain up to the individuals at the top.
• Authorized signatories: If someone other than the legal representative will operate the account, they need to be documented and may need to attend in person.

Founders who live outside China should plan a physical trip. It is rarely possible to open a basic account remotely, and attempting to do so through intermediaries who promise otherwise is a compliance risk you do not want.

Documents to prepare

Requirements differ by bank and city, but a new foreign-invested company is normally asked for most of the following:

• Business license (original and copy, with official seal)
• Company charter (articles of association), including any amendments
• Official company seals: company seal, legal representative seal, finance seal, and contract seal where applicable
• Legal representative's passport and, if applicable, residence permit or visa
• Passport copies and proof of address for UBOs and authorized signatories
• Shareholder documents: certificates of incorporation, registers of members, and ownership charts for corporate shareholders, often notarized and legalized or apostilled depending on the jurisdiction
• Foreign investment registration form (企业设立备案) and, for capital contributions, the relevant FX registration
• Lease agreement and proof of address for the company's registered office
• Board resolution or shareholder resolution authorizing account opening and signatories
• Business description: what the company does, who its customers and suppliers are, expected transaction volumes, and source of funds

Translation into Chinese is usually required for foreign-language documents. Ask the bank for its checklist in writing before you travel, and ask again a week before your appointment, because branch-level requirements can shift.

Realistic timelines

Timelines vary widely by bank, city, and company profile. As a rough planning assumption:

• Pre-application review: one to three weeks, including document collection and bank due diligence questions
• Branch appointment and submission: one day, assuming documents are complete
• Approval and account activation: several days to several weeks after submission
• Online banking and payment tools: often issued separately, sometimes requiring an additional visit by the authorized user

Do not schedule payroll or supplier payments against an assumed account opening date. Build in a buffer, and keep your registered capital injection ready to move once the account is active.

Why applications get delayed or declined

Most problems are predictable. The common ones:

• Unclear business model: vague descriptions such as “consulting” or “trading” without specifics invite questions. Be ready to explain products, customers, countries, and expected flows.
• Registered address concerns: a virtual or shared address may trigger extra scrutiny, especially if the bank cannot verify it.
• Ownership opacity: offshore holding structures with multiple layers slow down UBO checks. Prepare a clean ownership chart with names, percentages, and supporting documents.
• Missing or mismatched documents: name variants, outdated passports, or seals that do not match the business license are common friction points.
• In-person attendance gaps: if the legal representative cannot attend and the bank does not permit alternatives, the process stops.
• Sanctions and country risk screening: banks apply their own screening policies. Founders with shareholders or counterparties in higher-risk jurisdictions should expect more questions and longer reviews.

Being turned down by one branch does not always mean a permanent no, but repeated applications across banks without fixing the underlying issue can create a poor record. Diagnose the problem first.

Practical tips before you apply

• Talk to the bank early: before or during company registration, ask which branch handles foreign-invested companies and request its document checklist.
• Choose the right bank type: large state-owned banks have broad networks but can be process-heavy for small new entities; some joint-stock and city commercial banks are more flexible but vary by branch. Compare service, digital tools, and FX capabilities, not just speed.
• Prepare a one-page business summary: in Chinese and English, covering the business model, ownership, key customers, expected monthly transaction volumes, and source of capital. Bank staff will use it to write their internal review.
• Keep your seals and IDs consistent: use the same legal name spelling everywhere, and update documents before applying.
• Expect ongoing monitoring: account opening is not the end. Banks review transactions, and unusual flows can lead to requests for explanation or restrictions. Keep invoices, contracts, and supporting records organized from day one.
• Use professional support judiciously: a reputable local accountant or corporate services firm can prepare documents and accompany you, but they cannot replace the legal representative's presence or the bank's own due diligence.

The bottom line

Opening a corporate bank account in China is a compliance exercise as much as an administrative one. The founders who move fastest are those who treat the bank as a partner to be briefed, not a form to be filed: they arrive with clean ownership documents, a clear business story, the right people in the room, and realistic timelines. Do that, and the account becomes what it should be, a routine step on the way to operating your business.