How do I open a corporate bank account in China as a foreign company?
Opening a corporate bank account in China as a foreign company typically takes 5-15 business days from document submission to account activation. Foreign-invested enterprises must navigate 4-8 account tiers (Basic Account, Capital Account, RMB Settlement Account), with some banks requiring 300k-1M RMB minimum deposits for premium multi-currency packages. The People’s Bank of China (PBOC, 中国人民银行, Zhōngguó Rénmín Yínháng) and the State Administration of Foreign Exchange (SAFE, 国家外汇管理局, Guójiā Wàihuì Guǎnlǐ Jú) mandate separate account types for RMB operations, foreign currency (FCY) transactions, and capital injections — unlike jurisdictions where a single account suffices.
Quick Reference: Corporate Bank Accounts at a Glance
- What type of account you need: At minimum, a Basic RMB Account (基本存款账户) for daily operations plus a Capital Account (资本金账户) for registered capital injection. See our WFOE registration guide for entity setup context.
- Timeline: 5-15 business days for account opening — budget 3 weeks from submission to first transaction.
- Required documents: Business license, Articles of Association, company chops, legal representative passport, board resolution, and lease agreement. Check the full document checklist.
- Minimum deposit: 0 RMB for basic accounts, 300k-1M RMB for premium multi-currency packages.
- Physical visit required: Yes — the legal representative must be present in China with original documents and company chops.
Frequently Asked Questions About China Corporate Bank Accounts
Q1: What types of corporate bank accounts can a foreign company open in China?
Short answer: A foreign company can open 4-8 distinct account types, including RMB Basic, RMB General, Foreign Currency Capital, and RMB Settlement accounts.
What you need to know: The four essential accounts are: (1) Basic Deposit Account (基本存款账户, Jīběn Cúnkuǎn Zhànghù) for daily RMB operations, (2) General Deposit Account (一般存款账户, Yībān Cúnkuǎn Zhànghù) for loans, (3) Capital Account (资本金账户, Zīběnjīn Zhànghù) for injecting registered capital in foreign currency, and (4) RMB Settlement Account (人民币结算账户, Rénmínbì Jiésuàn Zhànghù) for trade settlements. Some businesses also open a Bonded Account or NRA (Non-Resident Account). You can have only one Basic Account per company.
Bottom line: Open at minimum a Basic RMB Account plus a Capital Account — most FIEs need 3-4 separate accounts to operate legally.
Q2: How long does it take to open a corporate bank account in China?
Short answer: The process takes 5-15 business days from document submission to full activation with correct paperwork.
What you need to know: Account opening follows a three-phase timeline: document review (2-3 days), physical bank visit (1-2 days), and PBOC license approval (2-10 days depending on jurisdiction). Beijing and Shanghai branches average 7 business days; smaller cities may take 10-15 days due to less automated processing. Urgent processing (3-5 days) is possible with international banks like HSBC if your company has an existing relationship.
Bottom line: Budget 3 weeks from document submission to first transaction — anything faster is a bonus.
Q3: What documents are required to open a corporate account in China?
Short answer: You need 6-8 documents: business license, Articles of Association, company chops (seals), and ID for the legal representative and authorized signatories.
What you need to know: The mandatory checklist includes: (1) Business License (营业执照, Yíngyè Zhízhào) — original and copy, (2) Articles of Association (公司章程, Gōngsī Zhāngchéng), (3) three company chops: company seal (公章), legal representative seal (法人章), and financial seal (财务章), (4) tax registration certificate, (5) legal representative’s passport original, (6) board resolution authorizing account opening, (7) lease agreement for registered office, and (8) specimen of authorized signatories. All foreign-language documents need notarized Chinese translation.
Bottom line: The three company chops are non-negotiable — you cannot open an account without physically presenting them at the bank.
Q4: What are the minimum deposit requirements for corporate bank accounts in China?
Short answer: Minimum deposits range from 0 RMB for standard Basic Accounts to 300k-1M RMB for premium multi-currency corporate packages.
What you need to know: Standard RMB Basic Accounts at ICBC or Bank of China have zero minimum deposit. Multi-currency packages need 300k-500k RMB equivalent. Premium tiers at HSBC China require 500k-1M RMB average balance to waive monthly fees (200-800 RMB/month). Failure to maintain minimums triggers 100-500 RMB in monthly charges.
Bottom line: Most FIEs can open a basic RMB account with no deposit, but budget 500k RMB for a full-service multi-currency package with FX capabilities.
Q5: Do I need SAFE registration for foreign currency accounts?
Short answer: Yes — any FCY account requires SAFE registration before or immediately after opening.
What you need to know: SAFE registration is mandatory within 30 days of opening a Capital Account. Your bank handles registration but needs your FIE approval certificate, business license, and details on foreign currency sources. SAFE requires 30% of injected capital used within 6 months. Non-compliance fines: 50k-300k RMB.
Bottom line: Let your bank manage SAFE registration but keep meticulous FCY records — audits are increasingly common.
Q6: Can I open a corporate bank account before my company is fully registered?
Short answer: No — you need a completed business license (营业执照) before opening any corporate bank account.
What you need to know: Chinese banking regulations require a valid business license and company seal. You can open a Provisional Deposit Account (临时存款账户, Línshí Cúnkuǎn Zhànghù) using your name approval certificate (名称预先核准通知书, Míngchēng Yùxiān Hézhǔn Tōngzhīshū), but this is limited to 2 years and only for capital injection. Most WFOE registrations take 45 days, after which you proceed with formal accounts.
Bottom line: Factor account opening into entity setup — expect 45 days for registration plus 5-15 business days for banking.
Q7: Which banks in China are best for foreign companies?
Short answer: The Big Four Chinese banks (ICBC, BOC, CCB, ABC) for RMB operations, and 6 foreign banks with local licenses (HSBC, Standard Chartered, Citi, DBS, Deutsche, East West Bank) for international transactions.
What you need to know: Bank of China (BOC, 中国银行, Zhōngguó Yínháng) processes 70% of China’s trade finance and is best for FX. HSBC China has the widest international network but charges 500-1,200 RMB/month in fees. Standard Chartered excels in cross-border RMB settlements. Joint-stock banks like China Merchants Bank (CMB) offer lower minimum balances (100k-300k RMB) and faster opening (5-7 days). Foreign banks have locally incorporated licenses but are limited to 10-15 cities.
Bottom line: Open a primary RMB account with a Big Four bank for local expenses and a secondary FCY account with a foreign bank for international transfers.
Q8: What are the fees associated with corporate bank accounts in China?
Short answer: Monthly maintenance fees range from 0-800 RMB per account, transaction fees run 0.1-0.5% of transfer value, totaling 2,000-15,000 RMB annually per account.
What you need to know: ICBC charges 100-300 RMB/month, waived with a 200k RMB balance. International banks charge 500-800 RMB/month. Domestic RMB wires: 5-50 RMB. International SWIFT transfers: 150-500 RMB. U-shield tokens: 200-600 RMB each annually.
Bottom line: Budget 10,000-25,000 RMB annually per account for fees — negotiate bundled packages when opening multiple accounts.
Q9: Can I make international wire transfers from a Chinese corporate account?
Short answer: Yes, but outbound transfers over 50,000 USD require supporting documentation and SAFE approval.
What you need to know: China’s capital controls require: (1) a valid underlying contract, (2) tax clearance certificate (完税证明, Wánshuì Zhèngmíng), and (3) SAFE registration for amounts above 50,000 USD. Trade payments process in 1-2 business days. Profit repatriation (dividends) requires audited financials, a board resolution, and proof of CIT payment — processing takes 5-10 business days. Inbound wires face fewer restrictions but must be declared above 5,000 USD.
Bottom line: Always prepare the underlying contract and tax proof before initiating transfers — banks charge the fee even on rejected submissions.
Q10: What is the difference between a Capital Account and a Basic Account?
Short answer: A Capital Account (资本金账户) is used exclusively for injecting registered capital in foreign currency; a Basic Account (基本存款账户) handles daily RMB operational transactions.
What you need to know: Capital Account funds must be converted to RMB through “capital settlement” (资本结汇, Zīběn Jiéhuì) and used only for business license purposes. You cannot transfer FCY directly from a Capital Account overseas. The Basic Account handles payroll, supplier payments, tax, and daily expenses. You can have only one Basic Account per registered entity, and it must be registered with PBOC.
Bottom line: Never mix capital injection funds with operational funds — keep the Capital Account strictly for registered capital conversion.
Q11: Do I need a physical bank visit to open a corporate account?
Short answer: Yes — the legal representative or authorized signatory must visit the bank branch in person with original documents and company chops.
What you need to know: PBOC mandates face-to-face verification for all corporate account openings. The bank verifies original passports and chops, photographs the representative, and records video of the chop-stamping process. Some banks (CMB, HSBC) allow a power-of-attorney arrangement where a local manager completes the process, adding 2-3 days. Remote account opening is not permitted for foreign companies as of 2025.
Bottom line: The legal representative must be physically present in China to open accounts — plan travel accordingly.
Q12: Can I open accounts at multiple banks in China?
Short answer: Yes — you can open accounts at multiple banks, but the Basic Account must be unique and every additional account must be reported to PBOC.
What you need to know: Unlimited General Deposit Accounts across different banks are allowed, but only one Basic Account per company. A common strategy uses one Chinese bank (ICBC or BOC) for RMB payroll, one foreign bank (HSBC or Standard Chartered) for international transfers, and a third for capital account services. Each additional account needs a board resolution, updated PBOC registration, and minimum balance compliance.
Bottom line: Maintain no more than 3 bank relationships — each adds compliance paperwork and minimum balance requirements.
Q13: How do I close or transfer a corporate bank account in China?
Short answer: Closing requires a board resolution, clearing all balances, returning unused checkbooks, and surrendering electronic banking tokens at the branch.
What you need to know: Account closure takes 3-10 business days. Steps: (1) board resolution authorizing closure, (2) zero out the balance, (3) return all unused checks (50-100 RMB penalty per missing check), (4) surrender U-shield tokens, (5) obtain account closure certificate (销户证明, Xiāohù Zhèngmíng). If closing your Basic Account, you must open a replacement first since it’s tied to PBOC registration. Changing banks entirely takes 2-3 weeks.
Bottom line: Never close your only Basic Account before opening the replacement — it will freeze your company’s payment capability.
Q14: What happens to my corporate account when my business license expires?
Short answer: The bank freezes all transactions and closes the account within 30-90 days of license expiry notification from PBOC.
What you need to know: Banks match account status against PBOC’s database daily. Days 1-30: outbound transfers restricted, inbound allowed. Days 31-60: account frozen entirely. Days 61-90: bank initiates forced closure and sends balances to a suspense account. During liquidation, your company must open a Special Liquidation Account (清算账户, Qīngsuàn Zhànghù) to handle remaining assets before full closure.
Bottom line: Renew your business license at least 30 days before expiry — unfreezing a frozen account requires PBOC approval and takes 2-3 weeks.
Q15: Can I use a personal bank account for my foreign-owned company in China?
Short answer: No — using a personal account for corporate transactions is illegal, with fines and potential criminal liability.
What you need to know: China’s Company Law and Tax Collection Law require all business revenue and expenses to flow through registered corporate accounts. Penalties include: fines of 50-200% of the amount involved, back taxes with daily surcharges of 0.05% of unpaid tax, SAFE blacklisting for 1-3 years restricting FX transactions, and criminal prosecution under Article 153 of the Criminal Law for amounts over 5 million RMB (3-10 years imprisonment).
Bottom line: The compliance risk far outweighs convenience — always use corporate accounts for all company financial activity.
Bottom Line
Opening a corporate bank account in China as a foreign company requires navigating separate account tiers for RMB operations, foreign currency transactions, and capital injections — a fundamentally different system from jurisdictions where a single account suffices. Budget 5-15 business days for account opening on top of your 45-day WFOE registration timeline, and prepare at least 6-8 documents including a business license, Articles of Association, and three physical company chops. The People’s Bank of China mandates face-to-face verification at a physical branch, so plan for your legal representative to be present in China.
For most foreign-invested enterprises, the optimal setup involves a primary RMB account with a Big Four Chinese bank (ICBC or BOC for local expenses and payroll), a secondary foreign currency account with an international bank (HSBC or Standard Chartered for cross-border transfers), and a dedicated Capital Account for registered capital injection. Annual maintenance costs run 10,000-25,000 RMB per account, but can be offset by maintaining minimum balances. Use our registration timeline estimator to plan your entity setup and banking milestones together.
Where to Go From Here
Based on what you just read:
- Ready to act? Read guide: how to set up your WFOE banking structure in China
- Still comparing? See comparison: Chinese banks vs foreign banks for FIE account services
- Need numbers? Try tool: China corporate banking cost calculator
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