Local Bank Account

Local company account opening

1. Chinese company local currency account opening, called basic account.

A basic account is open for daily transactions for a company, for example for transferring settlements and cash collection. A primary settlement account, which is one of the most common used corporate bank accounts in China, it is the foundation of doing business in China.

In China, one company can operate only one basic account. Opening multiple settlement accounts in a Chinese bank is only possible once you have opened a basic settlement account first.

2.  Special register capital account

The special register capital account is a bank account for a foreign company operating in China. It is solely for the purpose of register capital injection. Opening up a special register capital account in China reflects the guiding ideology of a special management and special funds with professional supervision.

The bank is aiming at helping foreign invested companies to inject register capital and use it for the initial company start-up or basic daily usage.

3. Chinese company foreign currency account opening, called export account.

This is for exporting company to receive exportation income temporarily before claim to RMB account by presenting all exporting shipping documents. 

4. Hong Kong company bank account opening in Hong Kong local banks, such as HSBC, HANGSENG, Standard Chartered, DBS, CITIC, BOC China, OCBC, etc.

How can I open a bank account in China mainland or Hong Kong?

There are different requirements for different type of account opening. It depends on the account nature. Generally speaking, below are required for all types of account opening.

1.      Company registration license and other registration documents.

2.      Director or shareholder’s passport.

3.      Company business proof: Waybill / air waybill / customs declaration / invoices / contracts or mainland companies’ business license, invoice / contract. Those documents will support to prove the company’s legal business activities.

4.      Company turnover supporting documents: Bank statements of the shareholder/director in the pass 3-6 months to show his/her bank movements.

5.      Explanation on the business scope, business plan, etc.