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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, due diligence, timelines, common obstacles, cross-border payments and practical tips. General information only, not legal or tax advice.

For most foreign founders, the company registration certificate feels like the finish line. In practice, the corporate bank account is where the real work begins. Until the account is open and funded, you cannot pay staff, remit registered capital, invoice customers or move money across borders. And in China, opening that account is a process of its own — shaped by banking practice, foreign-exchange rules and anti-money-laundering (AML) checks that have tightened considerably in recent years.

This article explains how the process generally works so you can plan realistically. It is general information, not legal or tax advice, and procedures vary by bank, city and company profile. Always confirm requirements with your bank and your professional advisers.

First, understand what kind of account you need

Foreign-invested enterprises (FIEs) typically need two things: a basic deposit account (基本存款账户) and, usually, a foreign currency account or a capital account for cross-border flows.

• Basic deposit account: the company's main RMB account. It is the anchor account — it allows cash withdrawals and is generally required before you can open most other accounts. A company can normally hold only one basic account.
• General deposit accounts: additional RMB accounts for specific purposes (payroll, project funds, loan proceeds). These are opened after the basic account.
• Foreign exchange / capital account: used to receive registered capital and foreign-currency funds, and to handle cross-border payments. These are subject to foreign-exchange administration rules and require supporting documentation for each conversion or remittance.

Many banks can bundle these, but not every branch handles every product. Confirm early which branch and which relationship manager will actually service your entity.

Who can open the account — and who must be there

The account must be opened in the company's legal name, at a bank branch, with the company's own documents. In most cases, the legal representative must appear in person, or a duly authorised representative must attend with a notarised or apostilled power of attorney. Some banks require the legal representative to attend at least once regardless of authorisation.

If your legal representative is a foreign national based abroad, plan a trip. Remote or fully digital onboarding for a brand-new FIE is still the exception rather than the rule, and requirements differ sharply between banks and cities.

The document package banks usually ask for

Expect a long list. A typical package includes:

• Business licence (original and copies, often with an official translation if requested)
• Company charter / articles of association
• Legal representative's ID or passport
• Authorised signatory's ID and the power of attorney
• Company seal, financial seal and, where applicable, the legal representative's personal seal
• Proof of registered address (lease or property documents)
• Shareholder and ultimate beneficial owner (UBO) information, often up the chain to natural persons
• Business description, expected transaction volumes, counterparties and source of funds
• Tax registration and, depending on the bank, social credit or other registration records

Bank staff will verify originals and may keep copies. Inconsistent translations, missing seals or a mismatch between the charter and the business licence are common causes of delay.

The enhanced due diligence conversation

This is the part foreign founders underestimate. Under China's AML and counter-terrorism financing rules, banks must understand your business — who owns it, what it does, where money comes from and where it goes. Expect questions such as:

• What exactly does the company sell or buy, and to whom?
• Who are the main customers and suppliers, and in which countries?
• What are the expected monthly inflows and outflows, and in which currencies?
• What is the source of the initial capital?
• Who are the ultimate beneficial owners, and are any of them politically exposed persons?

Vague answers slow everything down. Prepare a short, clear business narrative and, where useful, contracts, invoices or a website. If your sector is sensitive — crypto, gaming, certain trading models, dual-use goods — expect closer scrutiny and possibly a refusal from some banks.

How long it takes, realistically

There is no universal timeline. A straightforward, well-documented FIE at a bank that actively serves foreign investors might complete onboarding in a few weeks. More complex structures, foreign shareholders with layered ownership, or banks with limited appetite for your sector can take considerably longer. Budget time for back-and-forth document requests, and do not assume the account will be live on the day you sign the application.

Common practical obstacles

• Branch appetite varies. Some branches are comfortable with foreign-invested clients; others are not. Ask other founders or your corporate services provider which branches and relationship managers have experience with FIEs.
• Minimum deposits and fees. Banks may set minimum balance requirements or charge account maintenance and remittance fees. Ask for the fee schedule in writing.
• Language and seals. Documents and forms are generally in Chinese. Bring a competent translator or adviser, and make sure your company seals are ready.
• Registered address checks. Banks may verify your address, sometimes in person. A virtual or shared address can complicate this.
• Capital contribution mechanics. Remitting registered capital involves foreign-exchange registration and supporting documents; the bank will guide you, but the process is document-heavy.

Cross-border payments: plan for friction

Once the account is open, moving money in and out of China involves foreign-exchange rules and bank-level verification. Payments must generally be supported by underlying documents such as contracts and invoices, and the bank may ask questions about each transaction. Build these checks into your finance workflow rather than treating them as exceptions. For routine flows, a good relationship manager is worth more than a slightly lower fee elsewhere.

Practical tips before you start

• Shortlist two or three banks and speak to branch-level staff before registering, not after.
• Ask specifically whether they onboard FIEs with your ownership structure and sector.
• Prepare a one-page business summary and a clear ownership chart.
• Have all documents translated consistently and seals ready.
• Confirm who must attend in person and what authorisation documents are accepted.
• Keep your registered address and contact details accurate and verifiable.
• Get the fee schedule, minimum balance and expected timeline in writing.

The bottom line

Opening a corporate bank account in China is not a formality — it is a compliance and relationship exercise. Founders who prepare a clear business story, complete documentation and realistic timelines generally fare best. Treat the bank as a partner you are onboarding, not a service you are purchasing, and seek local professional advice for your specific structure. This article is general information only and is not legal, tax or financial advice.