COREDO > Opening bank accounts > CHINA

CHINA

The stability of the Chinese financial system is ensured by a fairly low external public debt, a significant volume of foreign exchange reserves and strict currency regulation. All these factors combined with a highly developed economy make this country an attractive business environment. Therefore opening a bank account in China is a very topical issue. However, the strict state regulation of the banking sphere in the Celestial Empire creates its own difficulties both with opening a bank account and further business activity.

A whole range of legislative acts adopted in recent years have compelled Chinese banks to be stricter in terms of opening bank accounts, regardless of whether the company is local or foreign. Chinese banks are now monitoring bank accounts, implementing inactive account testing, monitoring capital movements, analyzing transaction timing and tracking suspicious activity in accordance with adopted regulations. All these measures are aimed at preventing illegal activities and ensuring the complete safety of deposits.

ADVANTAGES OF OPENING A BANK ACCOUNT IN CHINA

Notwithstanding the above, opening an account in a Chinese bank has a number of advantages, such as:

guarantee of a high level of security, largely ensured by strict governmental control;
high level of confidentiality which unlike many banks in other countries is unbreakable
safe custody of funds;
Chinese banks provide a full range of financial services on a high technical level with the use of Internet-banking and the most powerful specialized software.

The top ten Chinese banks include ICBC, China Construction Bank, Agricultural Bank, Bank of China, China Development Bank, Postal Savings Bank of China (PSBC), Bank of Communications, Industrial Bank Co Ltd, China CITIC Bank Corp and China Merchants Bank.

ACCOUNT OPENING PROCEDURE IN CHINA

Our company is ready to provide you with effective assistance in the matter of opening an account in a Chinese bank. We provide this service in a comprehensive manner, starting with advice and preparation of a complete set of documents and ending with obtaining the supporting documents for an account opening and handing them over to the applicant.

The verification process by a bank institution and account opening usually takes about 1 month. It depends on the requirements of the chosen bank.

Please contact us if you ever need to open an account in China. Our specialists have extensive experience in working with local banks and are ready to help in choosing the proper bank for your business as well as assist in preparing the necessary documents.

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