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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: documents, timelines, common friction points, bank choices, and how to stay compliant. General information only, not legal or tax advice.

For most foreign founders, the corporate bank account is the step that turns a registered company into a working business. You can incorporate a wholly foreign-owned enterprise (WFOE) or a joint venture, get your business licence, and still be unable to pay salaries, collect revenue, or move capital until an account is open. This guide walks through what to expect, what to prepare, and where the process usually slows down. It is general information, not legal or tax advice; your lawyer, accountant, and bank will have the final word on your specific case.

Why the bank account is harder than it looks

China has tightened bank account opening over the past several years as part of anti-money-laundering (AML) and counter-terrorist-financing rules. Banks are required to apply enhanced due diligence to new corporate clients, and foreign-invested entities often attract extra scrutiny. In practice this means more documents, more questions about your business model, and a longer onboarding process than founders expect from their home markets.

Two things follow from this. First, plan the account opening as a project with its own timeline, not as an afterthought to registration. Second, expect the bank to ask why your company needs an account and how money will flow through it. A clear, consistent story about your business — customers, suppliers, expected volumes, and the countries you will transact with — makes onboarding smoother.

Which account do you actually need?

Foreign founders usually need more than one account, and it helps to know the difference before you start talking to banks.

Basic deposit account (基本存款账户)

This is the company's main RMB account. A company can generally have only one basic account, and it is the account from which you pay salaries, taxes, and day-to-day expenses. It is also the account tied to your tax and social insurance obligations. Opening this account is usually the first priority after registration.

General deposit account (一般存款账户)

Companies can open multiple general accounts for borrowing, project funds, or separating business lines. These are secondary accounts and typically require the basic account to exist first.

Foreign currency account

If you will receive capital contributions, pay overseas suppliers, or hold USD, EUR, or other currencies, you will need a foreign currency account. Capital account transactions — moving registered capital into China — are handled separately from ordinary trade payments and are subject to foreign exchange (SAFE) rules. Your bank will guide you, but expect additional documentation for capital inflows.

Special accounts

Certain activities — such as some types of escrow, securities, or project funds — require dedicated special accounts. Most early-stage foreign founders do not need these immediately.

Documents you will typically be asked for

Requirements vary by bank and city, and banks may ask for more. A commonly requested set includes:

• Business licence (original and copies), plus the company's official seal, financial seal, and legal representative's seal where applicable.
• Articles of association and, for foreign-invested entities, the foreign investment information report or filing receipt.
• Legal representative's ID — passport for a foreign legal representative — and, if someone else opens the account, a signed power of attorney and that person's ID.
• Proof of registered address: lease agreement, property certificate, or the address documentation your registration agent arranged. Banks may conduct a site visit or ask for photos.
• Beneficial ownership information: who ultimately owns or controls the company, with supporting documents for the ownership chain.
• Business substance evidence: contracts, invoices, a business plan, website, or correspondence with customers and suppliers that explains what the company does.
• UBO and AML declarations signed by the legal representative or authorised signatory.

Documents in a foreign language often need translation, and some banks require notarisation or legalisation of foreign corporate documents. Ask the bank for its exact checklist in writing before you travel or courier originals.

The process, step by step

1. Choose the bank and branch

Large state-owned banks, joint-stock banks, and foreign banks with mainland branches all serve foreign-invested companies, but their appetite varies by branch, industry, and company size. A branch that has handled WFOEs in your sector is usually easier to work with than one that has not. Introductions from your registration agent, lawyer, or accountant can help you reach the right relationship manager.

2. Pre-screen with the bank

Before submitting a formal application, share a short profile: ownership structure, business activity, expected transaction volumes and counterparty countries, and the accounts you need. Banks can flag issues early — for example, if your planned activity touches sensitive sectors or high-risk jurisdictions.

3. Submit the application and KYC

The bank will run know-your-customer checks on the company, its shareholders, and the legal representative. Expect questions about the source of funds for registered capital and about the nature of expected transactions. Answer consistently and keep records of what you submit.

4. Site visit and account activation

Many banks conduct a site visit to confirm the registered address. After approval, the legal representative or authorised signatory usually needs to appear in person to sign and activate the account. Some banks allow video verification for parts of the process, but in-person attendance remains common.

5. Set up online banking and payments

Once the account is live, arrange online banking, payment tokens, and any payroll or tax-deduction arrangements. This is also the moment to confirm the bank's cut-off times, fee schedule, and requirements for outbound foreign currency payments.

Realistic timelines

Timelines vary widely by bank, city, ownership structure, and business activity. Some straightforward WFOEs open a basic account within a few weeks of submitting a complete file; others take longer, especially where the bank needs to escalate approvals or the company's activity requires enhanced review. Build a buffer into your hiring and invoicing plans, and do not assume funds can move on day one.

Common friction points and how to reduce them

• Thin business substance. A newly registered company with no contracts, website, or clear customers looks high-risk to a bank. Prepare a concise business narrative and supporting materials.
• Registered address issues. Virtual or shared addresses can trigger extra checks. Confirm your address documentation is complete and that someone can receive a site visit.
• Legal representative availability. If your legal representative is overseas, plan travel or confirm in advance whether the bank accepts remote signing for any step.
• Inconsistent information. Mismatches between the business licence, articles, and what you tell the bank slow everything down. Keep one master fact sheet and reuse it.
• Foreign currency complexity. Capital inflows and outbound payments have their own documentation. Ask the bank's foreign exchange desk for a checklist early.

Staying compliant after opening

Opening the account is not the end of the process. Keep your KYC information current — changes in shareholders, legal representative, address, or business scope should be reported to the bank. Retain contracts, invoices, and customs documents that support your transactions, because banks may request them during periodic reviews or for specific payments. Work with a qualified accountant on tax filings and foreign exchange reporting; the rules are detailed and change over time.

A final note

Bank account opening in China rewards preparation. Founders who arrive with a complete document set, a clear explanation of their business, and realistic expectations about timing tend to have a smoother experience than those who treat it as a formality. Use your professional advisers, ask banks for written checklists, and keep your information consistent across every submission. This article is general information only and is not legal, tax, or financial advice.