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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, the process, common delays, and how to prepare. General information only, not legal or tax advice.

Opening a corporate bank account is one of those setup steps that looks simple on paper and then quietly becomes the bottleneck in your China timeline. You have your business licence, you have an office, you have a plan — and then the bank asks for a document you have never heard of. This guide walks through what foreign founders should expect, how to prepare, and where the process usually slows down.

This article is general information, not legal, tax or financial advice. Banking rules in China vary by bank, branch, city and your specific situation, and policies change. Confirm requirements directly with the bank and, where appropriate, with a qualified professional.

First, understand which account you actually need

Foreign-invested companies in China typically deal with two main account types, and confusing them is a common early mistake.

• Basic deposit account (基本存款账户): Your company's primary RMB account. A company can generally have only one basic account, and it is the one tied to day-to-day operations such as payroll, tax payments and cash withdrawals. You normally cannot open other accounts until this one exists.
• General deposit account (一般存款账户): Additional RMB accounts for specific purposes, such as a second operating account or a project account. These are opened after the basic account.
• Foreign currency account: If you receive capital contributions, overseas payments or need to hold USD, EUR or another currency, you will likely need a foreign-currency account, often alongside a capital account used for registered capital inflows.

Most founders start with the basic RMB account, then add a foreign-currency account for cross-border needs. Ask the bank early which combination fits your business model — for example, whether you will invoice domestic customers, receive overseas revenue, or both.

Prerequisites before you walk into a branch

Banks will not open a corporate account for a company that does not yet legally exist. In practice, you usually need the following in place first:

• A registered legal entity. This means a business licence (营业执照) issued after completing company registration with the local market regulation authority (SAMR).
• Company seals. Chinese companies use official chops — typically the company seal, legal representative seal, finance seal and, where applicable, contract and invoice seals. Banks will ask for specific ones, so have the full set made.
• A legal representative. The person named as legal representative usually needs to be present, or at least provide identification and cooperate with verification. If your legal representative is overseas, ask the bank in advance how they handle this — it is a frequent source of delay.
• A registered address. You will need proof of your registered office address, such as a lease or property certificate, matching your business licence.
• Beneficial ownership information. Expect to disclose who ultimately owns and controls the company, including shareholding percentages and identity documents for ultimate beneficial owners.

Documents banks commonly request

Requirements differ by bank and branch, but a typical list for a new foreign-invested company looks like this:

• Business licence (original and copy, often stamped with the company seal)
• Articles of association (公司章程)
• Legal representative's ID or passport, plus a company authorization letter if someone else is handling the account
• Identification documents for shareholders and ultimate beneficial owners
• Company seals and, where relevant, the finance seal
• Proof of registered address (lease agreement, property certificate)
• Foreign investment information report or filing documents, where applicable
• Tax registration details and, sometimes, a tax payment or registration confirmation
• Information on expected account activity: purpose, anticipated transaction types, counterparties and volumes

The last item matters more than many founders expect. Banks are required to conduct customer due diligence and ongoing monitoring, so they will want a credible explanation of what your account will be used for.

What the process actually looks like

The sequence usually runs like this:

1. Choose a bank and branch. Compare services, fees, English-language support, digital banking quality and how comfortable they are with foreign-invested companies. A branch near your registered address is often the practical choice.
2. Pre-screen by phone or email. Ask what documents they need, whether the legal representative must attend in person, and how long onboarding typically takes. Getting this in writing saves trips.
3. Submit an application and complete KYC. Expect detailed questions about ownership, business model and expected flows. Some banks conduct an on-site visit to your registered address.
4. Sign documents and activate the account. Once approved, you receive account details and set up online banking, payment tokens or U-keys, and authorized signatories.
5. Open supporting accounts. Add a foreign-currency or capital account if needed, and register the capital account with the relevant foreign exchange formalities through the bank.

Timelines vary widely — from roughly one to several weeks, sometimes longer if documentation is incomplete or the bank's compliance review is heavy. Plan for the longer end rather than the shorter one.

Why accounts get delayed — and how to avoid it

• Name mismatches. Your passport name, business licence name and seal text must align exactly. Small inconsistencies trigger rework.
• Missing or unstamped documents. Chinese banking paperwork is seal-heavy. Bring the full seal set and confirm which document needs which seal.
• Unclear business rationale. Vague answers about expected transactions invite more questions. Prepare a short, factual description of your customers, suppliers and payment flows.
• Legal representative unavailability. If your legal representative cannot attend in person, confirm the bank's alternative process before booking anything.
• Address issues. A registered address that looks like a virtual office or cannot be verified may cause problems. Be ready to explain your actual operations.
• Language. Bring a Chinese-speaking colleague or interpreter if your Mandarin is limited. Some branches have English-capable staff, but do not assume it.

Practical tips from the ground

• Open the basic account as early as possible. It unlocks payroll, tax and social insurance setup, so it sits on the critical path for hiring.
• Talk to two or three banks. Onboarding appetite for foreign-invested companies differs noticeably between institutions and even between branches of the same bank.
• Keep your documents in a single folder — digital and physical — and update it whenever ownership, address or signatories change.
• Expect ongoing reviews. Banks may ask for updated information periodically or when transaction patterns change. Respond promptly and keep records.
• Separate personal and company money from day one. Mixing them complicates compliance and accounting later.

A realistic timeline

Assume company registration and seals come first, then bank onboarding, then account activation and online banking setup. For a straightforward foreign-invested company with complete documents and an available legal representative, the banking step alone might take a few weeks. Complex ownership structures, overseas signatories or unusual business models can extend that. Build buffer into your plans and avoid promising employees or landlords a payroll date before the account is live.

The bottom line

Opening a corporate bank account in China is less about the form-filling and more about preparation: a clean entity, consistent documents, the right seals, an available legal representative and a clear story about what your business does. Get those right and the process is manageable. Treat bank requirements as a moving target, confirm everything with your chosen branch, and seek professional advice for your specific circumstances.

This article provides general information only and does not constitute legal, tax, accounting or financial advice. Rules and bank practices change; verify current requirements with your bank and qualified advisors.