Setting up a company in China’s appealing market may be subject to varied requirements, depending much on the business entity chosen for further activities. A business bank account is a mandatory request at the company formation in China for providing the minimum share capital and for further financial operations. Because this can be time-consuming especially for foreigners who do not understand the language, are unfamiliar with the requirements but want to work rapidly on the Chinese market, it is best to ask for complete support and guidance from our team of specialists in company incorporation in China.
Who can open a bank account in China?
Foreigners can enter the Chinese market through a WFOE (Wholly-Foreign Owned Enterprise), representative offices or joint ventures, three important business entities which are easy to incorporate. A mandatory condition in this sense is to open a corporate bank account in the local currency (RMB) and if the direction of the business regards overseas connections, the entrepreneur can request other foreign currencies linked to the bank account. The State of Administration of Foreign Exchange in China controls the foreign currency activities in this country. If you want to register a company in China, please bear in mind that our consultants can supervise the entire procedure.
The video below explains how you can open a bank account in China:
Necessary documents for opening a bank account in China
Depending on the chosen business entity in China, several documents must be provided to the bank, besides the forms offered for submission by the financial entity. The following information is necessary when setting up a bank account in China:
• the Certificate of Registration of your company in China;
• a copy of the business license of your firm in China;
• the Articles of Association with complete information about the owners, the board of managers;
• details about the legal representative of your company in China.
For a smooth process of opening a bank account, you can talk to one of our company incorporation agents in China. Also, if you want to run your business in China from abroad and you need to open a bank account, it is suggested to provide the financial institution all the documents through your legal representative. We remind that our team of advisors can act on behalf of your company in China.
Why do I need a bank account in China?
If you would like to set up a company in China, a bank account is necessary for the minimum share capital and for the future financial operations in the firm. A bank account in China can be easily set up, but for complete guidance in this sense, you may address to our Chinese company formation agents.
Can I open a bank account in China from overseas?
Yes, foreign entrepreneurs can open bank accounts in China from their home countries, but under particular rules. For instance, they need to travel to China for completing the final forms before the bank account is opened.
Information about the bank fees in China
Each bank account in China comes with a contract in which there are several provisions mentioned. Among these, we mention the fees involved for transfers, currencies, exchanges and other services. It is best to verify any bank contract before an agreement is made for a future collaboration.
We kindly invite you to get in touch with our team of company formation consultants in China if you are interested in opening a business bank account. Also, natural persons can ask for our help in this sense.
Call us now at +44 203 287 0408to set up an appointment with our company formation specialists in China. Alternatively you can incorporate your company without traveling to China.
As a BridgeWest client, you will benefit from the joint expertize of local lawyers and international consultants. Together we will be able to offer you the specialized help you require for your business start-up in China.