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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 role of your legal representative, timelines, common friction points, and how to work with your Chinese bank. General information only, not legal or tax advice.

Opening a corporate bank account is one of those tasks that looks simple on paper and then surprises almost every foreign founder in China. The good news: it is a well-trodden path. The less good news: it is document-heavy, often slow, and depends heavily on your company structure, your city, and the bank branch you choose. This guide walks through what actually happens, so you can plan realistically.

This article is general information for founders setting up in mainland China. It is not legal, tax, or financial advice, and banking practices vary by bank, branch, and city. Always confirm requirements directly with your bank and, where relevant, with your lawyer or corporate services provider.

First, understand which account you need

Chinese companies typically work with more than one bank account, and the terminology matters when you talk to a bank.

• Basic deposit account (基本存款账户): the company's primary account. A company can generally have only one basic account at a time, and it is used for payroll, tax payments, and day-to-day operations. You need this one first.
• General deposit account (一般存款账户): additional accounts for specific purposes, such as collecting revenue or managing funds separately. You can open these after the basic account exists.
• Special-purpose accounts: used for designated purposes such as foreign-currency settlement, capital contributions, or certain regulated funds.
• Foreign-currency account: needed if you will receive capital injections, pay overseas suppliers, or hold foreign currency.

For most foreign-invested enterprises (FIEs), the sequence is: register the company, complete the relevant registrations, then open the basic RMB account, then add a foreign-currency account if needed.

Who actually opens the account

Chinese banks place strong emphasis on the legal representative (法定代表人). In practice, the legal representative is often expected to appear in person at the branch, present original identity documents, and sign forms. If your legal representative is a foreign national based abroad, this is one of the biggest practical hurdles.

Options founders use include:

• Having the legal representative travel to China for the account opening.
• Appointing a legal representative who is resident in China (this is a significant decision with legal implications, so take advice).
• Asking the bank in advance whether a power of attorney, notarised and legalised documents, or a video verification process is accepted. Policies differ and change.

Do not assume remote opening is possible. Ask the specific branch before you book flights.

Documents banks commonly request

Requirements vary, but a typical file for a new FIE includes:

• Business licence (original and copies).
• Articles of association and, where relevant, the foreign investment information report.
• Legal representative's passport or ID, plus a second form of identification in some cases.
• Company chop (official seal) and, depending on the bank, the financial chop and legal representative chop.
• Proof of registered address, such as a lease or property certificate.
• Shareholder information, including ultimate beneficial owner (UBO) documentation for the bank's know-your-customer checks.
• Board resolutions or shareholder resolutions authorising account opening and signatories.
• Foreign currency documentation if you are opening a capital account, including approval or registration evidence for capital contributions where applicable.

Expect the bank to ask for more, not less. Bring originals, bring copies, and bring a Chinese-speaking colleague or interpreter if you are not fluent.

How long it takes

There is no reliable national timeline. A straightforward basic account at a branch that handles foreign-invested companies can be opened in a few days to a couple of weeks once the file is complete. Complications, missing documents, UBO questions, or a legal representative who is not present can stretch this considerably.

Plan for the account opening to sit on the critical path of your China setup. Do not sign a lease or commit to payroll dates assuming the account will be live on a specific day.

Choosing a bank and a branch

China has a large banking sector, including the major state-owned banks, joint-stock commercial banks, city commercial banks, and foreign bank branches. For most foreign founders, the practical choice is between a large bank with extensive foreign-exchange capability and a smaller bank with more attentive service.

Questions worth asking before you commit:

• Does this branch regularly open accounts for foreign-invested companies?
• What is the process for foreign-currency receipts and payments, and what documentation is required?
• What are the fees for account maintenance, transfers, and foreign exchange?
• Is online banking available in English, and what are the limits?
• Who is the relationship manager, and how responsive are they?

A good relationship manager matters more than the brand on the door. A branch that understands FIE documentation will save you weeks.

Foreign exchange and capital contributions

If you are injecting registered capital from abroad, the money typically arrives into a foreign-currency capital account and is then converted and used for permitted purposes. Banks will ask for supporting documents for each conversion and payment, and the rules around foreign exchange are detailed and change over time.

Keep clean records: investment agreements, capital contribution registration, invoices, and contracts. Banks act as gatekeepers for foreign-exchange compliance, so a well-organised file speeds everything up.

Common friction points

• Legal representative not present: the most common cause of delay.
• Address issues: the registered address must match your documents, and some addresses raise extra questions.
• UBO documentation: complex offshore holding structures take longer to verify.
• Seal management: banks rely on company chops, so know who holds them and how they are controlled.
• Language: forms and online banking are often in Chinese; budget for translation support.
• Branch discretion: two branches of the same bank can apply requirements differently.

A practical checklist

• Confirm the legal representative's presence and identification requirements with the specific branch.
• Prepare originals and copies of all corporate documents, plus UBO information.
• Decide whether you need a foreign-currency account now or later.
• Book an appointment; walk-ins are often not accepted for FIE account opening.
• Bring an interpreter or Chinese-speaking colleague.
• Keep a digital and physical file of everything you submit.
• Ask about online banking setup, token issuance, and transaction limits before you leave the branch.

Final thoughts

Opening a corporate bank account in China is manageable if you treat it as a documentation and relationship project rather than a quick administrative step. Start early, ask the branch specific questions, and keep your corporate records tidy. The founders who move fastest are usually the ones who planned for the legal representative question and the UBO paperwork before they arrived.

Again, this is general information only. Banking requirements in China are detailed and can change, so verify everything with your bank and take professional advice on your specific structure.