A bank account for a WFOE in China
Foreign investors can set up WFOEs in China
, under certain conditions, among which, the requirement for opening a local bank account for depositing the minimum share capital of CNY 30,000. The Wholly Foreign-Owned Enterprise
is the proper business choice for international investors in China, allowing them full control and ownership. The bank account linked to the WFOE in China will be used for the company’s daily financial transactions. International investors are obliged to open a bank account in the local currency for depositing the minimum share capital. Then, if your business will run its operations and activities under other currencies, you can talk to the chosen financial institution and see the options and offers you have. Opening a bank account in China
is not a complicated process, however, it is recommended to have in mind the support of a company formation agent in China who can handle the entire formalities involved, including the ones for starting a business in China
. Let us help you establish your business in this country.
How long does it take to open a bank account in China?
Your account details can be received in a couple of days, as soon as all the formalities and approvals are made. We remind that opening a bank account in China is a simple process that starts with the preparation of documents that must be submitted to the bank, filling and signing a set of documents, with complete support offered by one of our consultants. We can represent you with a power of attorney, so you don’t have to travel to China for opening a bank account.
Banks in China
The banking system in China is highly appreciated, and foreigners can choose to open bank accounts and work with the Bank of China
, China’s Merchant’s Bank, Agricultural Bank of China, the Bank of Communication in China or the Industrial and Commercial Bank of China, to give a few examples. You can also choose the well-known foreign banks with branches and subsidiaries in China. Do not hesitate to talk to our specialists for more details and support.
Using the bank account in China
Banks in China offer a series of services for both natural persons and entrepreneurs in China. For instance, all the financial transactions can be made online, with the help of specific platforms provided by the chosen bank. The money deposits and withdraws can be made using the ATMs or at the local bank office. The mobile payments in China are highly used, so you might want to choose Alipay or WeChat for money transactions, considering that these applications are used by approximately 1 billion users each month in China, according to the latest statistics.
FAQ about bank accounts in China
1. Do I need to travel to China for opening a bank account?
No, there is no need for you to travel to China for opening a bank account. You can appoint us with a power of attorney and let us handle the process for you.
2. What documents do I need for opening a bank account in China?
If you are an entrepreneur in China and want to open a bank account, you should prepare a notarized copy of the business license, the Articles of Association and the Certificate of Registration issued by the Chinese Trade Register.
3. Who can open bank accounts in China?
Natural persons living or moving to China, alongside foreign investors in this country can choose a bank and open an account. The process is simple and there are no harsh formalities.
4. What bank should I choose in China?
You can direct your attention to the Bank of China or other domestic financial institutions, or you can choose the foreign ones, depending on your business
needs. No matter the bank you choose, we can provide help.
5. How fast can I open a bank account in China?
You can open a bank account in China in a couple of days if all the formalities are approved. Specific bank forms need to be completed.
Investments in China
China is one of the most powerful economies in the world and a strong business destination for international investors of any kind. Manufacturing, tourism, IT & telecommunication, automotive and engineering and prolific sectors in China, where most of the FDIs are directed. Here are some facts and numbers about the economy in China that you might find it interesting:
• the 2020 World Doing Business report ranks China 31st among 190 worldwide economies;
• a series of measures like tax and tariff cuts, streamline customs clearance and varied tax incentives have been adopted by the Chinese government to sustain the foreign investments;
• around USD 1,627,000 million was the total FDI stock for China in 2018;
• 871 was the registered number of greenfield investments in 2018 in China.