Published · Lombard

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 onboarding process, common friction points, and how to prepare before you apply.

For most foreign founders, the company registration certificate feels like the finish line. It isn't. Until your mainland entity has a working corporate bank account, you cannot comfortably pay staff, collect revenue from customers, settle tax, or move capital in and out. Banking is where paperwork meets operational reality in China, and it deserves to be planned from day one rather than treated as an afterthought.

This article explains how corporate bank accounts generally work in mainland China, what banks typically ask for, where foreign founders usually get stuck, and how to prepare. It is general information only, not legal, tax, or financial advice. Rules and bank practices change and vary by city, bank, and even branch, so confirm specifics with your bank and professional advisers before you commit.

First, understand what kind of account you need

Chinese banks distinguish between several account types, and foreign founders often confuse them.

• Basic deposit account (基本存款账户): The primary account for a legal entity. It is used for day-to-day payments, payroll, and tax payments. A company can generally have only one basic account, and it usually must be opened before other accounts.
• General deposit account (一般存款账户): Additional accounts for borrowing, repayment, or specific operational needs. These are opened after the basic account.
• Special deposit account (专用存款账户): Used for ring-fenced purposes such as certain capital, project funds, or regulated uses.
• Temporary deposit account (临时存款账户): For temporary activities such as a short-term project or a temporary office.
• Foreign currency account: Many banks offer USD, EUR, or other currency accounts alongside RMB accounts. This matters if you invoice overseas customers or receive shareholder funding from abroad.

For a newly registered foreign-invested enterprise, the practical sequence is usually: register the company, complete tax registration, then open the basic RMB account, and add foreign currency or general accounts as needed.

The documents banks typically ask for

Exact checklists differ, but most banks in major cities will ask for a core set of documents. Prepare clean, consistent copies and originals.

• Business license (original and copy), showing the unified social credit code.
• Articles of association and, where relevant, the foreign investment information report or filing receipt.
• Legal representative's ID: passport for a foreign legal representative, and sometimes a residence permit or entry record.
• Company seal, financial seal, and legal representative's seal, depending on local practice.
• Proof of registered address: lease agreement, property certificate, or a utilities bill, depending on the bank.
• Tax registration information and, increasingly, confirmation that tax obligations have been initialized.
• Authorization letter and the authorized signatory's ID if someone other than the legal representative handles the account.
• For foreign currency accounts: shareholder resolution, investment or capital documentation, and sometimes contracts supporting the expected flows.

One recurring theme: banks want the name on the business license, the seals, the signatory, and the address evidence to line up. Small inconsistencies, such as a translated address that differs slightly from the lease, can trigger requests for clarification.

Who actually opens the account

In most cases the legal representative is expected to appear in person at the branch for identity verification, at least at account opening and sometimes for later changes. Some banks and cities have introduced remote or video-based onboarding for certain entity types, but availability is uneven. If your legal representative is based abroad, plan a trip or confirm with the bank in advance whether a representative can attend with a notarized power of attorney. Do not assume remote opening is available just because a bank advertises digital services.

The onboarding process, step by step

1. Choose the bank and the branch

Foreign founders often default to the largest banks. That can be sensible for stability and network coverage, but smaller banks and city commercial banks may be more flexible on document interpretation or faster to respond. The branch matters as much as the bank: relationship managers differ in experience with foreign-invested entities. Ask peers in your city which branches have handled similar companies recently.

2. Pre-screen with the bank

Before you book an appointment, send the bank your business license, shareholder structure, expected transaction types, and a short description of your business. Banks conduct know-your-customer (KYC) and anti-money-laundering checks, and they want to understand what your company actually does. A clear, honest explanation of your business model, customers, and expected payment flows helps. Vague descriptions such as "consulting" or "trading" without specifics tend to slow things down.

3. Prepare the physical documents

Bring originals and copies. If documents are in English, ask whether the bank requires Chinese translations, and whether translations need to be notarized. For foreign shareholders, banks may ask for notarized or apostilled corporate documents and proof of the ownership chain up to the ultimate beneficial owner. This can be the longest lead-time item, so start early.

4. Attend the appointment

Expect the legal representative or authorized signatory to sign forms, set passwords, and complete identity verification. The bank may take photographs, verify seals, and ask detailed questions about expected transaction volumes and counterparties. Answer consistently with what you submitted in pre-screening.

5. Activate and test the account

After approval, activate online banking, set up token or U-key access, and confirm limits for domestic and cross-border payments. Make a small test transfer and confirm that payroll and tax payment functions work before you rely on the account.

Where foreign founders usually get stuck

• Address evidence: A registered address that looks like a virtual office or shared space can raise questions. Be ready to explain your actual operations and provide supporting documents.
• Beneficial ownership: Multi-layer offshore holding structures require a clear ownership chart and supporting corporate documents. Ambiguity here is a common cause of delay.
• Expected transaction narrative: Cross-border flows need a plausible business rationale. Prepare contracts, invoices, or a short business plan if asked.
• Legal representative availability: If the legal representative cannot attend, confirm the power-of-attorney route and notarization requirements with the specific branch.
• Seal management: Different banks may require different seals at different stages. Clarify the list before the appointment.
• Timing: Opening can take days or weeks depending on KYC complexity, document gaps, and branch workload. Build buffer into your hiring and invoicing plans.

Practical preparation checklist

• Confirm your company registration, tax initialization, and registered address are consistent across all documents.
• Map your ownership chain to the ultimate beneficial owner and gather notarized or apostilled documents early.
• Write a one-page business description covering products, customers, suppliers, and expected payment flows.
• Decide which accounts you need: basic RMB, foreign currency, and any specialized accounts.
• Confirm whether the legal representative must attend in person and what identification is accepted.
• Ask the branch for its document checklist in writing and compare it with this list.
• Plan a test transaction and online banking setup before your first payroll or customer payment.

A final word

Corporate banking in China is workable, but it rewards preparation. The founders who move fastest are usually the ones who treat the bank as a partner to be briefed, not a counter to be visited. Be accurate, be consistent, and be patient with KYC. And because practices vary by city and institution, treat this guide as a starting point for conversations with your bank and your professional advisers rather than a substitute for their advice.