Different types of bank accounts in China
- Non resident account: It is applicable to foreign institutions and companies of domestic and foreign banks in Chinese Mainland and is subject to the strict supervision of the State Administration of Foreign Exchange (SAFE)
- Offshore account: Only opened for overseas institutions and individuals in four authorized banks managed by the China Banking Regulatory Commission
- Free trade non resident account: applicable to foreign institutions within the free trade zone
- Capital account: An account used by foreign-funded enterprises to deposit monetary contributions, approved by the State Administration of Investment and Foreign Exchange of China
- General deposit account: used for renewing or repaying loans for other settlement funds, excluding cash withdrawals limited to foreign currency remittances
- Virtual account: A non physical and online bank account that can be quickly and conveniently established through a simple application form
Open a bank account as an offshore company
| Account Type | Features | Available banks | Requirement | Remote application |
|---|---|---|---|---|
| Non-resident Account | Unrestricted use of foreign currency exchange | Standard Chartered Bank | The shareholders or chairman of an offshore company should have an active domestic company in China under their name | Yes
We will represent you to visit the counter. |
| Offshore Account | Unrestricted use of foreign currency exchange (recorded) | CB International Bank Limited Liability Company | Meet the basic requirements of offshore companies | Yes, Open online through video call</ td> |
| Free Trade Non Resident Account | Unrestricted foreign exchange (settled in RMB) | China Everbright Bank Co., Ltd./Shanghai Pudong Development Bank Co., Ltd. (FTN or FTA account) | The shareholders or chairman of an offshore company should have an active domestic company in China under their name | Yes, Open online through video call</ td> |
The company documents required for opening a bank account as an offshore company
- Company License
- Company Articles of Association
- Business contract (with at least two purchase contracts and two sales contracts)
Open bank account as a company in Chinese Mainland
| Account Type | Features | Available banks | Requirement | Remote application |
|---|---|---|---|---|
| Basic Deposit Account | Settlement and withdrawal | Most banks (Industrial and Commercial Bank of China Limited/Bank of China Limited) | Meet the basic requirements of domestic Chinese companies | Open a bank account through online video chat |
| Capital Account | Only used for fund remittance | Most banks | Meet the basic requirements of domestic Chinese companies | Open a bank account through online video chat |
| Foreign currency bank settlement account (general deposit account) | No withdrawal, becauseforeign currencyonly remittance | Most banks | Meet the basic requirements of domestic Chinese companies | Open a bank account through online video chat |
As the company documents required by Chinese Mainland companies to open bank accounts
- Original business license of the company
- Official seal/financial seal/legal representative seal
- Original ID card of the legal representative
- Original USBKey owner’s ID card
- Original proof of registered address
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Frequently Asked Questions
Do you have any further questions? don’t worry! We are happy to answer!
Is it mandatory to open a basic account for a company?
Yes, according to the regulations of the Chinese banking industry, a company must open a basic account for daily financial activities and bank transactions. Other types of accounts can be opened according to the company’s needs.
Do I need to deposit a certain amount of funds when opening a company account?
Generally speaking, opening a company account does not require a specific deposit of funds. However, banks may require proof of the company’s funding source, especially when applying for a foreign exchange account. If there is an initial deposit requirement, the amount is usually small and varies depending on the bank.
Does the bank provide corporate online banking services?
Yes, almost all commercial banks offer corporate online banking services to help businesses manage funds, make payments, and transfer money. Companies can choose different online banking services according to their needs.
How to update or modify company account information?
If the company changes its legal representative, registered address, or shareholder information, it needs to submit a change application to the bank and provide relevant updated documents, such as a new business license and identification of the legal representative. The bank will update the account information accordingly.
Can a company open multiple accounts?
Yes, a company can open multiple accounts according to its business needs. For example, some companies may open multiple general accounts for different departments or business units to manage funds separately.
Can the company open a foreign currency account?
Sure, if the company engages in foreign trade and needs to handle foreign currency transactions, it can apply to open a foreign currency account. This account is used for managing foreign exchange funds, deposits, and transfers.
What fees will the bank charge?
Opening a company account usually does not involve bank account opening fees, but banks may charge fees for account maintenance, interbank transfers, international remittances, and more. The specific fees vary by bank, so it is recommended to verify the detailed fee schedule with the bank.