COREDO > Opening a Bank Account in China

Opening a Bank Account in China

Banking System in China

China is the largest financial and trading market in Asia, offering a developed banking system and broad opportunities for international business. Chinese banks provide foreign companies with modern solutions for international payments, currency operations, and trade finance.

Since 2016, COREDO has been assisting clients with opening bank accounts in China, ensuring full support and compliance with all local regulatory requirements.

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Cost of the service
from 700 EUR

Types of Bank Accounts

The following main types of accounts are available for foreign companies and individuals in China:

A Corporate Bank Account

is designed for foreign-invested enterprises (WFOE, joint ventures) and allows operational activities in renminbi (RMB) and foreign currencies.

A Payment Institution Account

provides access to payment infrastructure for transaction processing.

A Personal Bank Account for non-residents

is available to individuals holding a valid visa or residence permit.

Foreign-invested enterprises have the right to convert up to 100% of foreign currency in their capital account into renminbi at their own discretion; however, SAFE reserves the right to regulate the allowable conversion percentage.

Requirements for Clients

Chinese banks impose strict requirements under Know Your Customer (KYC) and anti-money laundering (AML) procedures. Since 1 January 2025, the updated Anti-Money Laundering Law of the PRC has come into effect, expanding requirements for client identification and verification of beneficial owners.

For legal entities, the main requirements include: a valid Business License, state registration of the company in China, documents on corporate structure and ownership, and personal presence of the company’s legal representative when opening the account.

For individuals, the following are required: a valid international passport, a visa or residence permit in China, and proof of residential address.

Since April 2020, banks have tightened verification procedures and now typically conduct an on-site visit to the company’s office to confirm actual business operations.

Account Opening Process and Timelines

The process of opening a bank account in China with COREDO’s assistance includes the following stages:

Client Analysis (preliminary screening).

COREDO specialists assess the business profile, determine the optimal account type, and select a suitable bank based on the specifics of the company’s activities.

01

Document Preparation.

A complete set of documents is compiled in accordance with the requirements of the selected bank, including legalisation and notarisation where necessary.

02

Application Submission.

Documents are submitted to the bank and a meeting with bank representatives is scheduled. The company’s legal representative must be present in person.

03

Review and Verification.

The bank conducts KYC checks, document analysis, and an on-site inspection of the company’s office.

04

Account Activation.

Upon successful completion of the review, the bank opens the account and provides account details. The bank registers the account in the PBOC account management system.

05

Account opening timelines depend on the bank and the complexity of the company’s structure. At Chinese banks (ICBC, BOC, CCB), the procedure typically takes 3 to 5 business days after approval of all documents. At international banks (HSBC, Standard Chartered), the process may take 3 to 4 weeks due to more detailed compliance procedures.

COREDO Service Fees

Legal Entities

Stage	Fee
Stage 1 — Client Analysis (preliminary screening)	EUR 300 + VAT
Stage 2 — Bank corporate account	EUR 2,000 + VAT
Stage 2 — Payment institution account	EUR 1,500 + VAT
Opening deposit	EUR 1,000
Total	from EUR 1,800 to EUR 2,300 + VAT

Individuals

Stage	Fee
Stage 1 — Client Analysis (preliminary screening)	EUR 200 + VAT
Stage 2 — Bank account	EUR 1,000 + VAT
Stage 2 — Payment institution account	EUR 500 + VAT
Opening deposit	EUR 400
Total	from EUR 700 to EUR 1,200 + VAT

The fee depends on the type of account (bank account or payment institution account). The deposit is refunded to the client if the account cannot be opened for reasons beyond the client’s control.

Required Documents

For legal entities (foreign companies):

The company’s Business License in China, certificate of registration, Articles of Association, documents on ownership structure and information about shareholders, passport and identification of the legal representative, passport and documents of the Chief Financial Officer (CFO), confirmation of the registered office in China, Company Chop, Financial Chop, resolution of the board of directors or participants on opening the account.

For individuals:

A valid international passport, a Z-category visa (work), X-category visa (study), or residence permit, confirmation of residential address in China, a mobile phone number from a Chinese telecommunications operator.

All documents of foreign origin must be notarised and, where necessary, legalised (apostille). The bank may request additional documents during the review process.

Advantages of Working with COREDO

COREDO has been providing bank account opening services since 2016 and has practical experience working with Chinese banks and regulators. Clients receive personalised support at every stage — from the preliminary analysis to account activation. The company’s specialists help select the optimal bank based on the industry, transaction volumes, and currency requirements. COREDO takes on the preparation and review of the entire document package, minimising the risk of rejection. The company is registered in Prague (Czech Republic) and operates within the European legal framework, providing additional protection of clients’ interests.

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Our Experts

Pavel Kos

Head of Legal at COREDO. Has been with the company since June 2017 and has led the legal team since July 2020. Possesses extensive experience in corporate law, bank account opening, and international project support.

Daniil Saprykin

Head of Customer Success at COREDO. Responsible for coordinating client relations and ensuring the quality of services provided at all stages of cooperation.

Frequently Asked Questions

Is personal presence required to open an account in China?

Yes, Chinese banks require the personal presence of the company’s legal representative (or the individual) when opening an account. This is due to the tightening of KYC procedures in effect since April 2020. The bank may also conduct an on-site inspection of the company’s office.

Can a bank account be opened in China for a company registered abroad?

To open a corporate account in China, it is generally necessary to have a registered legal entity on the territory of China (WFOE, joint venture, or representative office). COREDO will help determine the optimal structure for your business.

What currencies are available for a corporate account in China?

Corporate accounts can be opened in both renminbi (RMB) and foreign currencies. Foreign currency transactions are regulated by SAFE, and foreign-invested enterprises have the right to convert currency in their capital account into renminbi.

How long does it take to open an account?

The procedure for opening a corporate account at a Chinese bank takes 3 to 5 business days after the complete document package has been submitted. At international banks, the timeline may be 3 to 4 weeks. The preliminary document preparation stage with COREDO typically takes an additional 1 to 2 weeks.

Which banks in China are suitable for foreign businesses?

For foreign companies, the most suitable options are the largest state-owned banks: ICBC, Bank of China, CCB, and ABC, as well as international banks with offices in China: HSBC and Standard Chartered. The choice depends on the specifics of the business and service requirements.

Submit Application

COREDO specialists are ready to help you open a bank account in China. Submit your application, and we will contact you for a free consultation.