Opening a Corporate Bank Account in China
A registered WFOE or joint venture needs a corporate bank account before it can pay staff, settle invoices or receive customer payments. The process involves in-person verification and business licence review - one of the slower steps in China market entry if documentation is not prepared correctly the first time.
How We Handle It
Bank Selection
Match bank type to your transaction pattern and volume.
Document Prep
Compile and check documentation before the bank appointment.
In-Person Verification
Accompany your legal representative through the account-opening meeting.
Activation
Confirm account activation and online banking setup.
Comparing Bank Types
| Bank type | Examples | Typical minimum deposit | International transfers |
|---|---|---|---|
| Big 4 state banks | ICBC, Bank of China, CCB, ABC | Lower | Standard |
| Commercial banks | China Merchants Bank, CITIC, Ping An | Moderate | Good |
| Foreign banks | HSBC, Standard Chartered | Higher | Strongest for cross-border transfers |
Documents Required
- Business licence and organisation code certificate
- Legal representative's identification (in-person presence usually required)
- Company chops (seals) registered with the Public Security Bureau
- Registered address lease agreement
- Board resolution authorising the account opening
Choosing the Right Bank
Businesses that move money internationally often prioritise HSBC or Standard Chartered for cross-border transfer infrastructure. Businesses focused on domestic China trade often prefer a Big 4 or commercial bank for lower fees and stronger local merchant integration.
Why Applications Get Delayed
- Unclear business purpose - the stated business activity does not match the account's expected transaction pattern
- Missing in-person attendance - most banks require the legal representative physically present
- Chop registration incomplete - company chops not yet registered with the Public Security Bureau
Related Services
Frequently Asked Questions
How long does it take to open a corporate bank account in China?
Typically 2 to 4 weeks from a complete, correctly prepared application, though this varies by bank and city. The most common cause of delay is not the bank's processing time itself but incomplete documentation or a business purpose that is not clearly explained, both of which can push the timeline out considerably.
Does the legal representative have to be physically present in China?
For most banks, yes - in-person verification of the legal representative is standard practice for corporate account opening in China. Some banks offer limited remote options in specific circumstances, but planning for an in-person visit is the safer assumption when scheduling your market entry timeline.
Can I open accounts with more than one bank?
Yes, and many businesses do - commonly a domestic bank for local operating expenses and payroll, alongside a foreign bank for international transfers. There is no restriction on holding multiple corporate accounts, though each relationship involves its own documentation and ongoing compliance touchpoints.
What are company chops, and why do banks ask for them?
Company chops (official seals) are the primary method of authorising documents and transactions in China - in many contexts a chop carries more legal weight than a signature. Banks require your registered chops as part of account setup because chop use, not signature, is how you will authorise banking transactions and official filings going forward.
Why would a bank reject or delay a corporate account application?
The most common reasons are a business activity that seems inconsistent with the expected account usage, incomplete or inconsistent documentation, or missing in-person verification of the legal representative. We review your application against these criteria before the bank appointment, which is where most of the avoidable delay in this process actually comes from.
