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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, covering account types, documents, the role of the basic account, bank selection, timelines, common friction points and ongoing compliance.

Opening a corporate bank account is one of those steps that looks simple on a checklist and turns out to be one of the more time-consuming parts of setting up in mainland China. The good news is that the process is well-trodden. The less good news is that it is document-heavy, bank-dependent, and often slower than founders expect. This guide walks through what actually happens, what banks tend to ask for, and where foreign founders commonly get stuck.

This article provides general information only. It is not legal, tax or financial advice. Requirements vary by bank, by city and by the nature of your business, and they change. Confirm details with your bank and with qualified local advisers before you act.

First, understand the two-account structure

When people say “open a bank account” in China, they usually mean two different things, and the distinction matters.

The basic deposit account (基本存款账户)

This is the anchor account for a China-registered company. Every company may have one basic account, held with a single bank branch. It is the account from which you can withdraw cash, pay salaries and taxes, and it is the account the authorities treat as your company's primary operating account. Most importantly, you generally need the basic account before you can open anything else, and before you can move on to foreign-currency or capital-related arrangements.

General and specialist accounts

Once the basic account exists, a company can open general deposit accounts (一般存款账户) at other banks or branches — useful for operational separation, payroll or project funds. There are also dedicated accounts for specific purposes, such as foreign-currency accounts and the foreign-invested enterprise capital account used to receive registered capital from overseas. If you are a foreign-invested enterprise (FIE), your capital account is not an optional extra; it is how inbound investment funds are supposed to arrive.

The practical sequence for most foreign founders is: company registration and licence issued, company seal set prepared, basic account opened, then foreign-currency, capital and general accounts as needed.

What banks typically ask for

Exact checklists differ between banks and branches, but the core set is fairly consistent. Expect to provide:

• Business licence (original and copies), showing the unified social credit code.
• Legal representative's ID — passport for a foreign legal representative, plus entry stamps or visa pages as requested.
• Company seals — typically the official company seal, the legal representative's personal seal, the finance seal and possibly a contract seal, depending on the bank.
• Articles of association and, for FIEs, approval or filing documents and the foreign investment information report where applicable.
• Registered address proof — lease agreement, property certificate or a confirmation from the address provider.
• Shareholder and beneficial owner information, including passports and ownership percentages for corporate shareholders.
• Board resolution or authorization appointing the account signatories, if the signatory is not the legal representative.
• Business substance evidence — contracts, invoices, a business plan or a description of expected transactions.

Two items cause the most friction. The first is the registered address: banks increasingly verify that the address is real and that the company can be reached there, sometimes through an on-site check or a visit to the branch. The second is beneficial ownership: if your company sits under an offshore holding structure, expect to map the ownership chain up to the ultimate individuals and to provide supporting documents at each layer.

Choosing a bank

There is no single best bank. The right choice depends on your business model. As a rough guide:

• Large state-owned banks have extensive branch networks and are comfortable with foreign-currency and cross-border business, but onboarding can be slower and branches vary in how much they want to see from a newly formed, small company.
• Joint-stock and city commercial banks are often more flexible and quicker to respond, and some are actively interested in foreign-invested SMEs. Their international network may be thinner.
• Foreign bank branches can be a natural fit if you already bank with them elsewhere and need multi-currency services, but their local branch coverage is limited and they may apply stricter thresholds.

Practical advice: ask other foreign founders in your city which branch — not just which bank — they use. In China, the branch and the relationship manager matter more than the logo. A branch that has recently onboarded FIEs will have a smoother internal process. It is also worth opening a conversation with two or three banks in parallel before committing.

How long it takes, realistically

Once all documents are in order, the basic account can sometimes be opened within a few business days, and the account may be activated shortly after. But plan for longer. Document gaps, address verification, ownership-chain questions and the bank's internal review of a newly registered company can each add days or weeks. For a foreign founder starting from scratch, budgeting several weeks between company registration and a fully functioning account is sensible. Do not schedule your first customer payment or payroll run assuming the account will be live on a specific date.

Practical tips that save time

• Bring originals and multiple copies. Banks will want to see originals and keep copies; some want copies stamped with the company seal.
• Have a local signatory ready. If the legal representative is overseas, confirm in advance whether the bank will accept a locally based authorized signatory — and get the authorization documented properly.
• Prepare a clear business narrative. Be ready to explain what the company does, who its customers and suppliers are, and what transactions the account will see. Banks are required to understand their customers.
• Check the internet banking setup. Ask what the online platform supports, what tokens or approvals are required, and whether English-language interfaces are available for your finance staff.
• Ask about fees upfront. Account maintenance, transfer, FX and document fees vary widely; get the schedule in writing.
• Keep your registration information current. If your address, legal representative or shareholders change, update the bank promptly.

After the account is open

Opening the account is not the end of the process. Banks in China operate under ongoing customer due diligence and anti-money-laundering obligations. Expect periodic reviews, requests to refresh your ownership and business information, and questions about unusual transactions. Keeping clean records — contracts, invoices, customs documents and board approvals — makes these reviews much easier.

Also, do not assume that having a bank account solves your cross-border money issues. Receiving foreign capital, paying overseas suppliers and repatriating funds each have their own documentation requirements, often involving foreign-exchange rules and, for capital flows, registration with the relevant authorities. Your bank's international desk and your accountant should be involved early.

The bottom line

Opening a corporate bank account in China is a procedural, relationship-driven exercise rather than a technical one. Get your corporate documents and ownership structure in order, choose a branch that knows foreign-invested companies, prepare to explain your business clearly, and build in more time than you think you need. Do that, and the account becomes a routine administrative step — and the more interesting work of actually running your China business can begin.

This article is general information and does not constitute legal, tax, accounting or financial advice. Requirements differ by bank, city and company structure; consult qualified professionals and your chosen bank for guidance specific to your situation.