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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, documents, bank selection, the onboarding process, common delays, and day-to-day account management.

For most foreign founders, the company registration paperwork feels like the hard part. Then comes the bank account, and suddenly the timeline stretches again. In mainland China, a corporate bank account is not a formality you handle in an afternoon. It is a compliance process, and understanding how it works before you start will save you weeks of back-and-forth.

This article covers the basics: what kind of account you need, what banks typically ask for, how the process runs in practice, and where foreign-invested companies commonly get stuck. It is general information only, not legal, tax or financial advice. Requirements vary by bank, by city and by your business model, so confirm details with your bank and your local advisors.

First, understand the two accounts you will likely need

Chinese banks generally distinguish between two types of corporate accounts for a foreign-invested enterprise (FIE):

• Basic deposit account (基本存款账户, jiben cunkuan zhanghu). This is your primary operating account. It is the only account from which you can withdraw cash, and it is where you receive your registered capital and handle everyday payments. A company can have only one basic account, and it must be opened at a bank branch that has been approved to handle it.
• General deposit account (一般存款账户, yiban cunkuan zhanghu). Used for specific purposes such as a second operating account, loan proceeds or project funds. You can have several, but they cannot be used for cash withdrawals.

Most new FIEs start with a basic account and add general accounts later if needed. There are also special-purpose accounts (for example, for foreign currency capital contributions) that your bank will explain if relevant to your structure.

When can you actually open the account?

Timing matters. In most cases, the bank will want to see a completed business licence (营业执照) showing your company is legally established, along with the company seal set. Some banks will begin preliminary onboarding conversations earlier, but the account itself is normally activated after registration is complete and the company has its official chops (seals).

If you are contributing registered capital in foreign currency, the capital account and the basic account are usually handled together, and the bank will guide you on the foreign exchange (forex) registration steps. Expect the bank to ask how the capital will arrive and from where.

Documents banks typically request

Exact lists differ, but a foreign founder should expect to prepare most of the following:

• Business licence (original and copies)
• Articles of association and, where relevant, the foreign investment information report
• Legal representative's identity document (passport for a foreign national)
• Company seal, financial seal, legal representative seal and, often, the invoice seal
• Proof of registered address (lease agreement, property certificate or a letter from the landlord)
• Shareholder and ultimate beneficial owner (UBO) information, including passports and corporate documents for corporate shareholders, often notarised and translated
• Board resolution or shareholder resolution authorising account opening and naming signatories
• Business plan, contracts or invoices showing expected transaction flows
• Tax registration information and, in some cases, social credit code details

Banks are required to conduct know-your-customer (KYC) and anti-money-laundering checks. That is why they ask about your business model, your counterparties and where money will come from and go to. Answer consistently and in writing where possible.

Choosing a bank: big four versus smaller and foreign options

The large state-owned banks (ICBC, Bank of China, China Construction Bank, Agricultural Bank of China) have broad branch networks and strong forex capabilities, which suits import/export businesses. Bank of China is often a default choice for cross-border capital flows. Smaller joint-stock banks and city commercial banks can be more flexible and faster to respond, but their international network may be thinner.

Foreign banks with a mainland presence can be a good fit if you already bank with them internationally or need multi-currency services, but they tend to be selective about client size and may have limited branches. Whichever you choose, ask three practical questions up front: How long does onboarding usually take for an FIE like ours? Who is our relationship manager, and how reachable are they? What are the monthly fees, minimum balance requirements and transaction charges?

What the onboarding process looks like

The sequence is broadly similar across banks:

• Pre-screening. You submit company details and the bank runs initial KYC checks. This can take days to a few weeks.
• Document review. The bank reviews your file and may request clarifications or additional translations and notarisation.
• In-person visit. The legal representative or an authorised signatory usually needs to appear at the branch, and some banks require a site visit to your registered office.
• Account activation. Once approved, you receive account details, online banking tokens and cheque books if applicable.

Realistically, allow several weeks from first contact to a working account, and longer if your shareholders are offshore corporate entities or your documents need notarisation and consular legalisation. Do not book payments or sign supplier contracts assuming the account will be live by a fixed date.

Common reasons applications stall

• Unclear business substance. Banks want to understand what the company actually does. A vague business plan or a registered address that looks like a mailbox can trigger extra scrutiny.
• Offshore ownership complexity. Multi-layer holding structures require full UBO disclosure and certified documents.
• Inconsistent information. Names, addresses and amounts that differ between documents cause delays.
• Missing seals or signatories. Bring the full seal set and ensure the authorised signatory is available in person.
• Weak transaction narrative. Be ready to explain expected counterparties, countries and typical invoice values.

After the account is open

Opening the account is the start of an ongoing relationship. Keep your KYC file current: update the bank when directors, shareholders or signatories change, and when your business scope shifts. Respond promptly to periodic reviews, which are routine for all corporate clients.

Practical habits help. Keep your online banking tokens and passwords secure and separate. Reconcile transactions monthly. Understand that some payments, especially cross-border transfers, require supporting contracts and invoices, and build that paperwork into your finance workflow rather than treating it as an exception. If you need to pay salaries, confirm the bank's payroll and foreign exchange procedures early.

Finally, use your advisors. Your corporate services provider, accountant and lawyer in China see bank onboarding every week and can flag document gaps before the bank does. A little preparation at the start turns a frustrating process into a manageable one, and gives your China operation the financial plumbing it needs to run.

This article provides general information only and does not constitute legal, tax or financial advice. Requirements differ by bank and location; consult your bank and professional advisors about your specific situation.