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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: choosing a bank, preparing documents, navigating due diligence, common delays, and keeping the account compliant after opening.

For most foreign founders, the corporate bank account is the step that turns a registered company into a working business. You can finish the business licence, carve the company seal, and still be unable to pay a supplier, receive customer funds, or pay salaries until the account is open and activated. In mainland China, account opening is less a formality than a compliance review: banks are required to understand who owns and controls the company, what it does, and where its money comes from.

This article is general information for planning purposes, not legal, tax, or financial advice. Rules and bank practices vary by city, by bank branch, and over time. Confirm requirements directly with the bank you intend to use and, where relevant, with a qualified local adviser.

First, understand what kind of account you need

Foreign-invested enterprises in China typically need two things: a basic deposit account (基本存款账户) and, if they trade internationally, a foreign currency account or accounts for cross-border settlement. The basic account is the company's main renminbi account. It is the one from which you can withdraw cash and, in practice, the anchor account that other bank relationships reference.

• Basic RMB account: day-to-day operations, salaries, supplier payments, tax payments.
• General RMB accounts: additional accounts for specific purposes; these usually cannot be opened before the basic account.
• Foreign currency account: receiving overseas capital, paying foreign suppliers, and handling cross-border receipts and payments.
• Capital account (for registered capital): where foreign shareholders remit registered capital; funds are released according to foreign exchange rules and the purpose declared.

Ask the bank early which of these it can open for you, in what order, and whether it requires the company to maintain a minimum balance or use other services.

Who can open the account, and where

The account is opened in the company's name, not the founder's. The legal representative normally must be present, or at least verified, at the branch. Some banks allow a authorised delegate with a notarised or bank-accepted power of attorney, but this is bank-specific. Plan for the legal representative to attend in person if possible; it removes a common source of delay.

Most companies open accounts at a branch near their registered address, because banks apply local onboarding standards and may prefer or require a local relationship. If your registered address is in a development zone or an incubator, ask the zone's service team which banks are used to working with foreign-invested companies there. A branch that regularly onboards foreign founders will be far smoother than one that rarely does.

Documents you should prepare

Requirements differ, but a typical document set includes:

• Business licence (original and copies).
• Company seal, financial seal, legal representative seal, and contract seal where applicable.
• Articles of association, and the foreign investment information report where required.
• Legal representative's ID or passport, and copies of beneficial owners' passports.
• Proof of registered address, such as a lease or the zone's address certificate.
• Shareholder structure chart showing ownership up to the ultimate beneficial owners.
• Board resolution or shareholder resolution authorising account opening and appointing signatories.
• Business substance documents: contracts, invoices, a business plan, website, or descriptions of expected transactions.
• For capital or foreign currency accounts, supporting documents for the source and purpose of funds.

Prepare English and Chinese versions where the bank asks for them, and expect the bank to keep copies. If documents originate overseas, they may need apostille or consular legalisation and Chinese translation. Ask the bank in advance rather than discovering this at the counter.

The opening process, step by step

1. Shortlist banks before you incorporate

Compare a large domestic bank, a smaller city commercial bank, and an international bank with a mainland presence. International banks can be convenient for cross-border treasury but often have higher balance requirements or focus on larger clients. Domestic banks may be more accessible for small companies but vary widely in English support and foreign-founder experience.

2. Pre-screen with the branch

Call or visit the branch and describe your business plainly: what you sell, who your customers and suppliers are, expected monthly volumes, and where funds come from. Banks conduct customer due diligence and must understand your business model. Vague answers such as "consulting" or "trading" without detail slow the process.

3. Book the appointment and attend

Bring originals, seals, and copies. The legal representative signs forms and is photographed or video-recorded in many branches. Expect questions about ownership, control, and expected transactions.

4. Complete onboarding and activation

The bank submits the account for approval and internal review. Once approved, you receive account details and set up online banking, usually with a token or certificate. Activation may take days to several weeks depending on the bank, the city, and the completeness of your file.

Why accounts get delayed or declined

• Opaque ownership: complex offshore layers without a clear beneficial owner chart.
• Thin business substance: no contracts, no website, no clear explanation of revenue.
• Mismatch between declared and expected activity: for example, a company registered for consulting expecting large volumes of unrelated trade receipts.
• Address issues: a registered address the bank cannot verify or considers high-risk.
• Legal representative unable to attend and no accepted delegation arrangement.
• Missing translations, legalisation, or seals.

If declined, ask what specifically was missing. Sometimes a different branch or a different bank with more experience in your sector resolves the issue; sometimes the business model itself needs clearer documentation.

After the account is open

Opening the account is the start of an ongoing relationship. Keep records of transactions, retain contracts and invoices supporting cross-border payments, and respond promptly to bank requests for updated information. Banks periodically refresh know-your-customer files, and a company that cannot explain a transaction may find its account restricted.

Also plan for practicalities: online banking tokens and who holds them, payment approval workflows, foreign exchange conversion rules, and how registered capital is released and used. These are operational matters best agreed with the bank and your finance adviser before money starts moving.

A realistic timeline

Assuming the company is registered and documents are complete, many foreign founders should allow roughly two to six weeks from first branch conversation to a fully activated account, with cross-border and capital accounts adding time. Treat this as a planning range, not a promise: bank onboarding capacity, city practice, and the complexity of your ownership structure all affect the outcome.

The founders who move fastest are usually those who choose a branch experienced with foreign investment, bring a complete and consistent document set, and can explain their business in plain terms. The account is not just a place to hold money; it is the bank's evidence that it understands your company. Prepare accordingly.