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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, documentation, bank selection, common delays, and how to prepare before you apply. General information only, not legal, tax or financial advice.

Opening a corporate bank account is one of the first operational milestones for any foreign-invested company in mainland China — and, for many founders, one of the more frustrating. The rules are set by China's banking regulator and implemented differently by each bank and each branch. The process is document-heavy, often slow, and heavily dependent on how well prepared you are before you walk into a branch.

This guide explains how the process generally works, what banks typically ask for, where applications tend to stall, and how to prepare. It is general information only and is not legal, tax or financial advice. Requirements change and vary by city, bank and branch, so always confirm with your bank, your corporate service provider and a qualified local professional before acting.

First, the basics: what kind of account do you need?

Most foreign founders need at least two types of account:

• Basic deposit account (基本存款账户) — the company's primary RMB account. A company can generally have only one basic account, and it is the account from which payroll, tax payments and day-to-day operating expenses are handled. It usually requires a People's Bank of China (PBOC) account-opening permit, obtained through the bank.
• General deposit account (一般存款账户) — additional RMB accounts for specific purposes, such as receiving loan proceeds or separating business lines.
• Foreign currency account — for cross-border receipts and payments, often used to receive registered capital and foreign-currency revenue. Many companies open this alongside, or before, the RMB basic account.
• Capital account (资本金账户) — a dedicated foreign-currency account for inbound registered capital, subject to foreign exchange (SAFE) rules.

Your bank will help you determine the right combination, but it helps to arrive knowing what you need and why.

Who can open an account, and when?

The company must be legally established first. In practice that means the business licence (营业执照) has been issued and the company has completed its registration with the market regulator, obtained its official company seal(s), and completed tax registration. Some banks will begin preliminary discussions earlier, but they cannot open a functioning account until the entity exists on paper.

Foreign-invested enterprises (FIEs) face the same core requirements as domestic companies, plus additional documentation related to foreign investment and, where applicable, foreign exchange registration.

The documents banks typically request

Exact lists differ by bank and branch, but a typical application package includes:

• Business licence (original and copies), often with the unified social credit code.
• Company seals — the official company seal, financial seal, legal representative seal and, where used, contract seal. Seals carry legal weight in China and must be handled carefully.
• Articles of association and, for FIEs, the foreign investment-related filing or approval documents.
• Identification of the legal representative — passport for a foreign national.
• Identification and authorization of the account handler — if someone other than the legal representative opens the account, a power of attorney and the handler's ID are usually required.
• Proof of registered address — lease agreement, property certificate or similar.
• Beneficial ownership information — banks are required to identify the ultimate beneficial owners of the company, so expect to disclose shareholder structures, including layers offshore.
• Foreign exchange registration for capital and foreign-currency accounts, where relevant.

Banks may also ask about your business model, expected transaction volumes, counterparties and source of funds. This is part of anti-money-laundering (AML) and know-your-customer (KYC) compliance, and it is not optional.

How the process usually unfolds

While every bank is different, a typical sequence looks like this:

• Pre-screening. You contact the bank (often a corporate relationship manager) and share your company profile. Some banks decline certain industries or business models at this stage.
• Document submission. You provide the package above; the bank reviews it and may request additional items.
• In-person verification. The legal representative or authorized handler usually must appear at the branch in person with original documents. Some banks now offer limited remote or video verification, but availability varies.
• Approval and PBOC filing. For a basic account, the bank files with the PBOC and obtains the account-opening permit. This can take days to weeks.
• Account activation. You receive account details, online banking credentials and, often, a corporate debit card. Initial transaction limits may apply until the bank's review is complete.

Realistic timelines range from roughly two weeks to two months, depending on the bank, city, document completeness and the complexity of your ownership structure.

Choosing a bank

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

• Large state-owned banks have broad branch networks and are accustomed to FIEs, but service can be formal and branch staff may be less familiar with foreign founders' needs.
• Joint-stock banks are often more responsive and digitally oriented, though English-language support varies.
• International bank subsidiaries can be easier for founders already banking with the parent group and offer familiar service standards, but eligibility, fees and product ranges differ, and not every city has a branch.

Practical factors matter as much as brand: proximity to your office, English-speaking relationship managers, online banking quality, fee schedules, and whether the bank can support the foreign-currency and cross-border transactions your business needs.

Common reasons applications stall

• Incomplete beneficial ownership disclosure. Layered offshore holding structures take time to document.
• Address issues. A registered address that looks like a virtual office or shared space can trigger extra scrutiny.
• Unclear business model. Banks want to understand what money will flow through the account and from whom.
• Missing seals or mismatched signatures. Small formal errors cause rework.
• Legal representative availability. If the legal representative is abroad and cannot attend in person, confirm remote options early.

Practical preparation checklist

• Complete company registration and obtain all seals before approaching banks.
• Prepare a clear one-page company profile: ownership, business model, expected transaction types and volumes.
• Gather certified translations of foreign documents where required.
• Map your beneficial ownership chain in advance.
• Confirm the legal representative's availability for in-person verification, or ask about remote alternatives.
• Open the foreign-currency and capital accounts alongside the RMB basic account to avoid a second round of paperwork.
• Keep copies of everything you submit, and record the name and contact details of your relationship manager.

A final note

Bank account opening in China rewards preparation and patience. The rules are strict, but they are applied consistently once you understand them. Start early, work with a bank that has experience with foreign-invested companies, and keep your corporate service provider and local advisors involved. This article is general information only and should not be relied on as legal, tax or financial advice; confirm all requirements with your bank and qualified professionals.