How to Open a Corporate Bank Account in China for a Foreign-Invested Enterprise

Which bank accounts must a foreign-invested enterprise open in China, what documents do banks require, and how does the opening process work in practice? This guide explains how to open a bank account in China, from KYC checks and on-site visits to SAFE registration and capital injection.

For a foreign-invested enterprise (FIE) in China, opening a corporate bank account is both a prerequisite for starting operations and the foundation of the company’s financial compliance. Without a bank account, the company cannot receive its registered capital, pay suppliers and employees, or settle taxes and social insurance contributions.

While China has streamlined many incorporation procedures in recent years, account opening remains subject to strict know-your-customer (KYC) checks and foreign exchange controls, and requirements can vary between banks. Companies that understand which accounts are needed, prepare documents in advance, and coordinate closely with their chosen bank can avoid delays that hold up the start of operations by several weeks.

Which bank accounts does an FIE need in China?

To become operational, an FIE must open at least two bank accounts:

• An RMB basic account; and
• A foreign currency capital contribution account.

RMB basic account

The RMB basic deposit account (基本存款账户) is the company’s principal account under PBOC rules and functions as its main operating account for day-to-day business. A company may hold only one basic account, and it is normally the first account opened once the business licence is issued, the basic account number is required in order to open general, special or temporary accounts. It is also the account most companies nominate for electronic tax payment under the tripartite agreement and for social insurance and housing fund deductions, although another account may be designated.

Where a company needs additional banking capacity, for example to borrow from a bank other than its basic account bank, or simply to separate payment flows, it may open one or more general deposit accounts (一般存款账户). Under the PBOC rules a general account may accept cash deposits but is not permitted to make cash withdrawals, so routine RMB cash withdrawals are made from the basic account. In practice this is rarely a constraint, as most settlement is electronic.

There is one sequencing exception. In certain regulated industries where a minimum amount of registered capital must be paid in and verified before incorporation, the investor may be required to open a dedicated capital injection account (a temporary or special deposit account, opened in the name of the entity under establishment) before the company legally exists. That account therefore precedes the basic account and is closed or converted once incorporation completes.

Each company may hold only one basic account, and the bank where it is opened must be authorized by the local tax authorities and fully integrated with the Golden Tax System, China’s digital tax administration infrastructure. In most cases, foreign banks do not hold this authorization, which is why even companies that prefer an international bank typically maintain a basic account with a Chinese bank.

Foreign currency capital contribution account

The capital contribution account is used to receive registered capital injections from the overseas investor. Opening this account is subject to registration with the State Administration of Foreign Exchange (SAFE), which is generally handled by the bank. Converting the injected capital into RMB is subject to authenticity checks on the intended use of the funds. Most banks require the basic account and the capital account to be opened at the same institution to streamline processing.

Additional bank accounts

Depending on its operations, an FIE can open a range of special-purpose, temporary, foreign-exchange, foreign debt, outbound investment (ODI), and off-site accounts depending on their funding structure, investment activities, and regulatory requirements. All such accounts are subject to People’s Bank of China (PBOC)  and SAFE registration, filing, and compliance requirements.

What documents are required to open a bank account in China?

Exact checklists vary by bank and

There is no single “company bank account” in China. An FIE typically operates several accounts, each governed by a different set of rules, and the documentation required depends on which account is being opened.

Core documents, required for any account opening

• The company’s business license (original);
• The articles of association filed at registration;
• The legal representative’s passport (original, presented in person);
• The company chops, typically the company chop, financial chop, and legal representative’s chop, together with the specimen seal card filed with the bank;
• Information on the shareholding structure and ultimate beneficial owners;
• The office lease agreement for the registered address, in many cases accompanied by the landlord’s property ownership certificate and identification; and
• A board or shareholder resolution authorizing the account opening, where requested.

Other specifications

• Basic RMB deposit account (基本存款账户). The company’s principal account and the only one from which payroll and cash withdrawals may be made. A company may hold only one. Beyond the core documents, banks require the account opening application, the identification of the authorized account handler, and completion of the PBOC filing.
• Foreign exchange capital account. Used to receive registered capital from overseas shareholders. This account attracts the heaviest documentary burden: the foreign investment information report receipt, the overseas shareholder’s certificate of incorporation and constitutional documents (notarized in the home jurisdiction and apostilled, or consularized where the jurisdiction is not party to the Apostille Convention) certified Chinese translations of each, and the remitting party’s details for SAFE registration.
• Foreign exchange settlement accounts for current-account transactions. Required where the company receives or pays foreign currency for trade in goods or services. Banks additionally ask for customs registration, foreign trade operator filing, and sample contracts or invoices evidencing genuine trade background.
• General deposit accounts. Opened as needed for additional settlement capacity — to receive deposits, to segregate payment flows across banks or business lines, or to support borrowing from a bank other than the one holding the basic account. A company may hold more than one. Opening requires the basic account’s filing details (基本存款账户信息), and, where the account is opened in connection with a loan, the underlying loan contract. Cash may be deposited into a general account; cash withdrawals are made from the basic account.
• Special and temporary accounts. Special accounts are used where funds must be ring-fenced for a defined purpose, construction project funds, securities settlement, or capital injection prior to incorporation as described above. Each requires the specific document establishing that purpose. These accounts are opened only where a regulation or counterparty requires segregation, or where the company itself wants each account to have a clearly defined function. Routine outgoings such as social insurance and housing fund contributions do not need a dedicated account: they are normally deducted directly from the basic or a general account.

The difficulty is less the length of the list than the conditions attached to it. Checklists are set at branch level and are not published, so two branches of the same bank may ask for different materials. Notarized shareholder documents generally must have been issued within three to six months, which means a delay elsewhere in the process can require the entire set to be re-obtained. Translations are frequently accepted only from agencies the bank recognizes.

Most consequentially, the shareholder’s name must be identical across the certificate of incorporation, the business license, and the eventual SWIFT remittance, an abbreviation or a dropped punctuation mark is enough for the bank to hold the incoming capital pending clarification. Confirming the full checklist with the chosen branch before the appointment is therefore essential, not merely advisable.

What is the process for opening a corporate bank account in China?

While procedures differ between banks, the process generally follows these steps:

1. Select a bank and branch, and book an account opening appointment. Not every branch is qualified to conduct foreign exchange business or to process SAFE registration, so a branch convenient to the office may not be able to handle the capital account. Appetite for new FIE clients also varies considerably between branches, and a branch that is unwilling will often signal this through delay rather than a formal refusal.
2. Submit the application documents for the bank’s KYC review. The review extends beyond documents to the business itself. Officers commonly ask the legal representative to explain the company’s business model, expected turnover, and principal counterparties, and these discussions are usually conducted in Chinese.
3. Receive the bank’s on-site visit to the registered office, during which the officer verifies the premises and staff and photographs the office, nameplate, and business license. Virtual offices and hot-desking arrangements routinely fail this stage. The nameplate must be installed and staff should be present; the visit is scheduled at the bank’s convenience, not the company’s.
4. Complete the bank’s filing with the PBOC account management system, after which the basic account is activated. Newly opened accounts are frequently subject to initial transaction and online banking limits.
5. Register the capital contribution account with SAFE through the bank and proceed with the capital injection. The account currency must correspond to the currency stated in the articles of association, and the remitter must be the registered shareholder itself rather than an affiliate or an individual director. Converted funds may only be paid out against documentation evidencing a genuine and permitted use.

The heightened scrutiny applied to newly established companies stems from PBOC guidance in force since 2020, under which banks apply stricter account opening standards to verify that applicants conduct real business.

What makes the sequence demanding is its interdependence. Each step is a precondition for the next, so a document rejected at stage two delays the capital injection at stage five, and capital that cannot be injected on time may put the company in breach of the contribution schedule in its articles. A refusal at one bank is rarely resolved by simply applying to another, as much of the documentation must be reissued for the new applicant.

The legal representative’s travel is the tightest constraint of all: the on-site visit and signing are scheduled by the bank at short notice, and a trip booked around an estimated date frequently has to be extended or repeated. Investors should build both the on-site visit and the legal representative’s attendance into the setup timeline from the outset.

Further background is available in our dedicated guide to opening a bank account in China.

Dezan Shira & Associates assists foreign investors with company establishment, bank account opening, and treasury and compliance matters across China and Asia. Our experienced in-house team supports clients throughout the process, from preparing and reviewing documentation to coordinating with banks on SAFE registration and capital injection procedures.

Where more complex requirements arise, such as onsite passport verification for a legal representative, we can draw on our established banking relationships to explore practical alternative arrangements and help ease the process. Contact us to learn how we can support your market entry.