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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 onboarding process, common friction points, and how to choose a bank.

For most foreign founders, the first time you try to open a corporate bank account in mainland China feels like a test of bureaucracy more than a banking transaction. You have a business licence, you have a registered address, and yet the account — the thing you actually need to pay staff and receive revenue — can take weeks. This guide walks through how the process generally works, what banks tend to ask for, and where the predictable bottlenecks are. It is general information only, not legal, tax or financial advice; rules and bank policies change, so confirm details with your own advisers and the specific bank branch.

First, understand the account types

Chinese banks distinguish between a few basic corporate account categories, and the names matter because they drive what you can do with the money.

• Basic deposit account (基本存款账户) — the primary RMB account. A company can generally have only one, and it is where you handle payroll, cash withdrawals and day-to-day operations. It is tied to your registration and requires a permit from the local branch of the People's Bank of China (PBOC).
• General deposit account (一般存款账户) — additional RMB accounts for specific purposes, such as loan repayment or separate project funds. You can open several.
• Special deposit account (专用存款账户) — earmarked funds, for example capital contributions or specific regulated uses.
• Foreign currency account — for USD, EUR and other currencies, often needed for cross-border payments and capital account transactions.

In practice, a foreign-invested enterprise (FIE) usually opens a basic RMB account plus a foreign currency account, and sometimes a capital account for inbound investment. Some founders also need a temporary account during the setup phase, before the business licence is fully in place.

The paperwork: what banks typically request

Requirements vary by bank and branch, and by the type of entity (WFOE, joint venture, representative office). Expect to provide, at minimum:

• Business licence (营业执照), original and copy
• Articles of association and, where relevant, the approval or filing certificate for foreign investment
• Legal representative's ID or passport, plus the company chop (公章), financial chop and, if applicable, contract chop
• Proof of registered address — lease agreement, property certificate or a letter from the landlord
• UBO (ultimate beneficial owner) information and shareholder structure chart, often going up several layers to natural persons
• Board resolution or shareholder resolution authorising account opening and appointing signatories
• Passports and sometimes proof of address for authorised signatories
• For foreign currency and capital accounts, foreign exchange registration documents and capital contribution evidence

Most banks now also require a physical visit to the branch, and increasingly a short interview or video call with the legal representative or UBO as part of anti-money-laundering (AML) and know-your-customer (KYC) checks. If the legal representative is not in China, ask the bank early whether a remote process or a power of attorney arrangement is acceptable; policies differ significantly.

How the process usually runs

1. Choose the bank and branch

The branch matters more than the brand. A branch that regularly handles FIEs will have a clearer checklist and fewer surprises than a small local branch. The four large state-owned banks, joint-stock banks and some city commercial banks all serve foreign-invested companies; the right choice depends on your currency needs, transaction volume, online banking requirements and whether you need English-language support.

2. Pre-approval and document review

Submit your documents for pre-check, usually by email or in person. Expect follow-up questions on your business model, expected transaction volumes, counterparties and source of funds. Vague answers slow things down; a short written explanation of your business and payment flows helps.

3. In-person signing and KYC

Signatories attend the branch, sign forms, and complete identity verification. The legal representative may need to be present or available by video. Bring originals and the company chops.

4. PBOC account permit and activation

For the basic account, the bank submits the application and the PBOC issues the account permit. This step can take several working days. Once active, you receive account details, online banking tokens and, often, a corporate card.

5. Foreign currency and capital accounts

If you are bringing in registered capital, you will also need a foreign exchange registration and a capital account. Inbound capital is monitored, and using it requires supporting documents for each payment. Plan for this with your finance team or accountant.

Where foreign founders get stuck

• Address proof. A virtual office or shared address may be rejected. Some banks want a lease in the company's name and a site visit.
• Legal representative abroad. Remote KYC is possible at some banks but not all. Confirm before you commit.
• UBO tracing. Multi-layer offshore holding structures take time to document. Prepare a clear ownership chart up to natural persons.
• Business substance questions. Banks are cautious about shell-like entities. Be ready to explain what the company actually does and who pays it.
• English support. Not every branch has English-speaking staff. Ask, or bring a Chinese-speaking colleague or adviser.
• Timing. Opening an account can take anywhere from a couple of weeks to over a month depending on documents, KYC and the branch's workload.

Practical tips before you start

• Get your business licence, chops and tax registration sorted first; the bank will ask for them.
• Prepare a one-page company profile: shareholders, business model, main customers and suppliers, expected monthly flows.
• Keep names consistent across all documents — mismatches between the licence, lease and signatory IDs cause delays.
• Decide who the authorised signatories are and make sure they can attend the branch.
• Open the basic RMB account and foreign currency account together if you can; it saves a second onboarding round.
• Ask the bank for its written checklist and estimated timeline before submitting.
• Keep records of every inbound capital transfer and the supporting documents, as they will be needed for later payments.

A final word

Corporate banking in China is workable, but it rewards preparation. The founders who move fastest tend to be the ones who treat the account opening as a documentation project: clear ownership, clear business explanation, consistent paperwork and a branch that knows FIEs. Rules around foreign exchange, capital accounts and KYC are updated from time to time, so treat this as a starting map rather than a final answer, and confirm the specifics with your bank and professional advisers.