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

Opening a corporate bank account is one of those tasks that looks like a checkbox on your China setup list — until you actually try to do it. For foreign founders, the process is manageable, but it rarely moves at the speed you expect. Banks apply enhanced due diligence to foreign-invested entities, branch-level staff interpret rules differently, and documentation that is standard in your home country may need translation, notarisation or consular legalisation before a Chinese bank will accept it.

This article walks through how the process generally works, what to prepare, and where founders typically lose time. It is general information only — not legal, tax or financial advice. Rules and bank practices change, and they can vary by city and even by branch, so confirm specifics with your bank and your local adviser.

First, understand the account you actually need

Chinese corporate banking is built around a distinction that surprises many newcomers: the basic deposit account (基本存款账户, jiben cunkuan zhanghu) versus general deposit accounts (一般存款账户) and specialised accounts.

• Basic deposit account: the company's primary account. It is the only account from which you can withdraw cash, and it is typically the account used for payroll, tax payments and day-to-day operations. A company can have only one.
• General deposit account: used for additional banking needs — for example, a second account for a specific project, or an account at another bank. You can have more than one, but they are opened after the basic account exists.
• Foreign currency account: if you expect inbound capital, overseas payments or export receipts, you will likely need a foreign currency (often USD) account alongside the RMB account.

For most newly established wholly foreign-owned enterprises (WFOEs) or joint ventures, the practical sequence is: open the basic RMB account first, then add foreign currency and general accounts as needed.

The documents you should have ready

Requirements vary by bank and city, but a typical package for a foreign-invested company includes:

• Business licence (营业执照) — the post-2018 version usually carries the unified social credit code.
• Company seal set — official company seal, legal representative seal, finance seal and, where applicable, contract seal. Chinese banks rely heavily on seals; bring the full set.
• Articles of association and the foreign investment filing/registration materials.
• Legal representative's ID — passport for a foreign legal representative. In many cases the legal representative must appear in person, or at least provide a notarised power of attorney if they cannot.
• Beneficial ownership information — the bank will ask who ultimately owns and controls the company, typically down to a 25% threshold. Expect to disclose shareholders and senior managers.
• Registered address proof — lease agreement or property documents for the company's registered office.
• Board resolution or shareholder resolution authorising the account opening and naming signatories.
• Translations and legalisation — foreign-language documents may need translation into Chinese, and documents executed abroad may need notarisation and consular legalisation (or an apostille, depending on the document's origin and current practice).

A useful habit: assemble a single digital folder with every document in PDF, plus Chinese translations, before you approach any bank. You will be asked for the same set repeatedly.

How the process usually unfolds

1. Choose the bank and branch

Most foreign founders choose between one of the large state-owned banks, a joint-stock commercial bank, or a foreign bank with a mainland presence. Large Chinese banks have broad networks and strong RMB capabilities; foreign banks may be more comfortable with cross-border structures and English-language service, but their branch footprints are smaller and fees can differ. The branch matters as much as the bank — a branch with experience handling foreign-invested companies will move faster.

2. Pre-approval and due diligence

Expect a relationship manager to review your company structure, business plan and expected transaction flows. Banks are required to conduct customer due diligence and ongoing monitoring. Be ready to explain your business model, who your customers and suppliers are, and why the account is needed. Vague answers about expected transaction volumes tend to slow things down.

3. In-person visit and signing

In most cases the legal representative or an authorised signatory attends the branch in person with the seal set and original documents. Some banks now offer remote or video-based onboarding for parts of the process, but availability varies. Signing typically involves a stack of forms, account agreements and signature cards.

4. Approval and activation

After submission, the bank conducts internal review and, where required, reports the account to the People's Bank of China system. Timelines vary widely — from roughly one to two weeks in straightforward cases to several weeks or longer where documents need legalisation, the structure is complex, or the branch is unfamiliar with foreign-invested entities. Treat any timeline you are given as indicative.

5. Funding the account

Once active, you can fund the account. If you are injecting registered capital, follow the foreign exchange and capital account rules carefully — the payment reference and the account used matter, and your bank or adviser should confirm the correct wording. Do not assume you can move money in freely without supporting documentation.

Where founders commonly get stuck

• Legal representative not in China. This is the single most common bottleneck. If the legal representative cannot travel, ask early whether the bank accepts a notarised and legalised power of attorney, and confirm the exact wording.
• Address problems. A registered address that looks unusual — a virtual office, a shared workspace, or a residential unit — can trigger extra scrutiny. Have the lease and, if relevant, the property owner's documents ready.
• Beneficial ownership ambiguity. Layered offshore holding structures need clear diagrams. Prepare an ownership chart showing every layer up to the ultimate individual owners.
• Seals. Missing or mismatched seals stall signing. Confirm the exact seal set the branch expects before you visit.
• Document legalisation. Documents signed overseas may need notarisation and consular legalisation, which adds weeks. Start this before you need the account.
• Language. Branch staff may not speak English. Bring a Chinese-speaking colleague, your corporate services provider, or a translator — and make sure translated documents are accurate.

A realistic checklist before you apply

• Confirm the company is fully registered and the business licence is in hand.
• Decide which bank and branch, and ask them directly for their document list in writing.
• Prepare a clear ownership chart and a short business description.
• Check whether the legal representative must attend, and if not, what authorisation is accepted.
• Complete translations and any notarisation or legalisation in advance.
• Bring the full seal set and original IDs to every appointment.
• Plan for the account to be active before you need to pay salaries, rent or suppliers.

The bottom line

Opening a corporate bank account in China is not complicated in principle — it is a compliance-heavy, document-driven process that rewards preparation. The founders who move fastest are the ones who treat the bank as a partner to be briefed, not a form to be submitted. Ask questions early, get requirements in writing, and build in buffer time. And because banking rules, foreign exchange controls and branch practices evolve, keep a local adviser — a corporate services firm, lawyer or accountant — close at hand for the specifics of your structure and city.