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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, required documents, the role of the basic account, timelines, common friction points, and how to prepare before you apply.

Opening a corporate bank account is one of those steps that looks simple on paper and can quietly become the bottleneck in your China setup. Your company may be legally registered, your business licence issued and your office leased, yet without a working RMB account you cannot pay staff, invoice customers, pay rent or move capital into the entity. This guide walks through how it works in practice, what banks typically ask for, and where foreign founders most often get stuck.

This article is general information only. It is not legal, tax or financial advice, and bank policies vary by city, branch and time. Always confirm requirements directly with your chosen bank and, where relevant, with a qualified professional.

First, understand the account landscape

Chinese banks distinguish between several types of corporate accounts, and the sequence matters.

The basic deposit account (基本存款账户)

Every mainland company needs one basic deposit account, often called the basic account. It is the company's primary RMB account and the only one from which you can withdraw cash. It also anchors the company's banking identity: salary payments, tax payments and day-to-day operations usually run through it, and it must be opened before the company can open other RMB accounts. A foreign-invested enterprise (FIE) normally opens this at a bank branch in the city where it is registered.

General and special-purpose accounts

Once the basic account exists, a company can open general accounts (一般存款账户) for additional operational needs, and special-purpose accounts (专用存款账户) for designated uses such as capital injection, project funds or certain regulated purposes. Many FIEs also need a foreign currency account for cross-border receipts and payments, and possibly a capital account (资本金账户) to receive registered capital from overseas. Rules on capital account usage are specific and enforced, so treat them carefully.

Offshore versus onshore

An onshore account sits with a mainland bank and is subject to mainland foreign exchange rules. Some founders also hold an offshore account (for example, with a bank in Hong Kong) for international treasury. The two serve different purposes; do not assume an offshore account can substitute for the onshore basic account.

What banks typically ask for

Exact document lists differ, but for a newly registered FIE the core pack usually includes:

• Business licence (the current multi-in-one version with the unified social credit code).
• Company seal set: official company seal, legal representative seal, financial seal and, where used, contract seal. Banks often require the seals to be presented in person.
• Legal representative identification: passport for a foreign legal representative, plus entry records if they attend in person.
• Articles of association and, for FIEs, approval or filing documents connected to establishment.
• Registered address proof: lease agreement and often a property certificate or landlord documentation.
• Shareholder and beneficial owner information, including identity documents and ownership percentages, for know-your-customer (KYC) checks.
• Authorised signatory documents and board or shareholder resolutions if someone other than the legal representative will operate the account.
• Company chop and signature cards completed at the branch.

Banks increasingly apply enhanced due diligence to foreign-invested companies, so expect questions about the source of funds, the nature of your business, expected transaction volumes and your main counterparties. Prepare clear, consistent answers.

The practical process, step by step

1. Confirm the company is fully registered

You cannot open the basic account until the business licence is issued and the company's registration information is visible in the national credit system. If your registration is still in progress, the bank cannot proceed.

2. Choose a bank and a branch

Foreign founders commonly choose among the large state-owned banks, joint-stock banks and a few foreign banks with mainland licences. Larger banks tend to have broader branch networks and more experience with FIEs; smaller banks may offer more attentive service but fewer locations. Visit or call the specific branch that will service your registered address, because acceptance practices can vary branch by branch.

3. Book an appointment and attend in person

Most banks require the legal representative to attend in person for the basic account, at least for identity verification and signing. If the legal representative is abroad, some banks allow a authorised representative with notarised or apostilled power of attorney, but this is not universal. Confirm before you book flights.

4. Submit documents and complete KYC

The bank will review your documents, verify the seals, and conduct KYC and anti-money-laundering checks. This is where applications most often slow down. Be ready to explain your business model, your overseas parent or shareholders, and why the company needs the account.

5. Receive the account number and activate online banking

Approval is not always same-day. After the account is opened, you will typically set up corporate online banking, obtain tokens or USB keys, and register authorised operators. Note that some banks place a temporary restriction on outbound payments for a new account, so plan your first transactions accordingly.

6. Handle foreign exchange registration if needed

If you will receive foreign capital or pay overseas suppliers, you may need foreign exchange registration and a capital account. The bank can usually guide you, but the requirements are detailed and worth confirming early.

Common friction points for foreign founders

• Legal representative abroad. In-person attendance is often required, and remote alternatives are limited and inconsistent.
• Address issues. A virtual office or a shared address may not satisfy the bank's verification, especially for KYC purposes.
• Seal custody. Banks expect the physical seals. If your seals are held by an agent or accountant, arrange access well in advance.
• Language. Documentation and forms are usually in Chinese. Bring a Chinese-speaking colleague or interpreter, and do not sign documents you do not understand.
• Inconsistent information. Discrepancies between the business licence, lease and shareholder documents trigger extra checks. Keep everything aligned.
• Time expectations. Allow days rather than hours. A straightforward application may complete quickly; a complex ownership structure will not.

How to prepare before you apply

Do the groundwork before you walk into a branch. Finalise your registered address and ensure the lease documentation matches the business licence. Assemble originals of all corporate documents and identification, plus copies. Decide who will operate the account and prepare the relevant resolutions and authorisations. Draft a short, clear explanation of your business, your ownership chain and expected transaction flows, and make sure everyone involved tells the same story. Finally, ask the branch for its current document checklist in writing, and confirm whether the legal representative must attend in person.

A realistic view

Opening a corporate bank account in China is routine for well-prepared companies and frustrating for unprepared ones. The rules are not secret, but they are applied with discretion at branch level, and foreign ownership attracts closer scrutiny. Treat the bank as a partner you need to satisfy rather than a formality, budget more time than you think you need, and keep your documents consistent. Done that way, the account becomes a straightforward milestone rather than a roadblock.

Again, this is general information, not legal or tax advice. Requirements change, and individual circumstances differ. Verify everything with your bank and your professional advisers before acting.