🇨🇳 Opening a Bank Account in China
Honest assessment of business banking for foreign founders in China.
Opening a corporate bank account in China requires the legal representative to appear in person at the bank with the business licence, company chops, and personal identification. Major domestic banks (ICBC, Bank of China, China Construction Bank, China Merchants Bank) and international banks with China licences (HSBC, Standard Chartered, Citibank) all offer corporate accounts. The bank will conduct an on-site inspection of the registered office before opening the account. Foreign currency accounts (for receiving investment and trade payments) and RMB basic accounts are separate — both are needed for a functioning WFOE. SAFE registration is required for foreign exchange transactions and capital account operations.
Tips for Success
- Have all company formation documents ready before applying — trade licence, articles of association, certificate of incorporation.
- Prepare a clear business plan or description of your business activities, even if the bank doesn't explicitly ask for one.
- Consider digital/neo-banks as your first account — they typically have faster onboarding for new companies.
- Apply to multiple banks simultaneously rather than sequentially — rejection at one doesn't affect others.
This content is educational and does not constitute legal or tax advice. Always consult a qualified professional for your specific situation. Data last verified March 2026.