Opening a Chinese bank account

Opening a bank account in China presents certain difficulties for foreigners who do not speak Chinese and are not familiar with the peculiarities of the country's financial system. However, this procedure is necessary for everyone who plans to live, work and do business in China. We will tell you how to open an account in China for a non-resident, what are the requirements for non-residents and what documents you need to prepare. Let's dwell on the key points.

1. Ease of access to financial services in a country that is rapidly growing and expanding its economic influence in the world.
2. Resistant to external pressure. With relatively low public external debt, a large stock of foreign exchange reserves, and a categorical ban on the export of capital, Chinese banks remain true to their principles. Despite the signing of some agreements with the West, the Chinese banking system remains a favorable option for those who expect to receive a full guarantee of the security of financial transactions without fear of data leakage.
3. Minimum account holder information. Most American, European and Hong Kong banks usually look into the ultimate beneficiary and scrutinize all available information to identify specific individuals, including their residential addresses, sources of capital and occupation. In contrast, Chinese banks do not prioritize such information and generally do not ask such questions. As a result, opening a Chinese bank account is an easier and faster process with a higher level of privacy.
4. Remote control. Almost all major Chinese banks offer online services and mobile banking, which makes it easy for customers to manage accounts and conduct transactions anywhere in the world.

The following financial institutions are recognized as the most loyal for non-residents: Bank of China, Industrial and Commercial Bank of China (ICBC), Zhejiang Chouzhou Commercial Bank.

Tariffs, terms and conditions for opening Chinese bank accounts

The cost of opening an account in China for a legal entity depends on the chosen currency, tax area and financial policy of a particular bank. The following types of accounts can be opened in the PRC for non-residents: offshore (OSA), FTN for free trade zones and NRA (account in yuan for foreign companies on the mainland). Our company is ready to assist in the preparation and execution of the necessary documents to all legal entities, regardless of the form of ownership and type of activity.

Before you open an account with a Chinese bank, you need to prepare a full package of documents and wait for confirmation from the PRC. The procedure is carried out in 2 stages:

Phase 1. Preliminary evaluation

We collect company documents for submission to the bank in electronic form, so that the client has the opportunity to receive a preliminary response from the bank on opening an account.

Stage 2. Preparation of application documents

We check and prepare documents for opening an account in accordance with the requirements of the bank.

• Filled out KYC form.
• Company registration documents - CI, BRC, NAR1 (if any), NNC1, AA.
• The so-called company profile in free form - a description of the company's activities, its main customers / suppliers, information about the experience of the company's owners in the field in which the company operates, and other information that you consider necessary to share.
• Sample contracts, deal documents and projects that the company has been/is working on/will be working on.
• Copies of passports of directors/founders*.

* Please note that the bank has the right to request additional documents from private clients and companies.

The cost of services to assist in opening an account with ICBC, Bank of China banks is 9000 USD. 1000 USD for support during the preliminary assessment. In case of refusal, the amount is not returned.

If approved, we continue to prepare a full package of application documents, the full amount for the service is paid minus 1000 USD, i.e. 8000 USD.

In case of refusal:

• Due to the client's failure to provide documents or a late response to the request, the funds will not be returned.
• In other cases, the refund is made minus the actual costs incurred.

• certificate of registration - CI;
• certificate BR + NNC1;
• NAR1 declaration;
• charter in Chinese and English;
• seal (small round);
• transaction documents: contract, bill of lading, invoice (fapiao), customs declaration (if any).

The cost of assistance in opening an account with Zhejiang Chouzhou Commercial Bank is 6500 USD. For support during the preliminary assessment - 1000 USD. In case of refusal, the amount is not returned.

Yes, of course. This can be done in person or remotely. If you do not have the opportunity to visit our office, you can send the original passport and issue a power of attorney to our representative. After completing all the steps and preparing the necessary documents, you will be able to open a bank account in China and enjoy all the conveniences of banking services in the country and abroad.

Call the phone +852 3702 7632 or write a message to WhatsApp +4917660018815