Selecting the right bank is crucial for the smooth operation of your international business. The Chinese bank we recommend could be the ideal choice for your financial needs. This bank not only supports transactions in Chinese yuan but also facilitates payments in 16 additional currencies, including USD, EUR, GBP, CAD, KRW, HKD, JPY, AUD, AED, MYR, SGD, THB, INR, RUB, IDR, and XOF.
Benefits of Partnering with the Chinese Bank
- Ease of setup: If your company is incorporated in jurisdictions like Hong Kong, the British Virgin Islands, or the Canary Islands, establishing a corporate account with this Chinese bank is straightforward. Should you need assistance with company registration in Hong Kong, we are here to help.
- Customized solutions: Setting up an account will require a tailored approach for companies registered in the EU, Kazakhstan, Uzbekistan, or Kyrgyzstan.
Our services aim to facilitate your entry into the Chinese financial system, offering you a range of solutions to meet your international business requirements.
Reasons to Choose Services from the Chinese Bank
- Remote account management: While you can visit the bank in person, you can also manage your account remotely through user-friendly online and mobile applications.
- Multi-currency account options: Opening a multi-currency account is particularly advantageous for international businesses, as it allows transactions in sixteen different currencies.
- Diverse financial services: The bank offers an extensive range of financial products and services, including interest-bearing deposit accounts with varying rates, lines of credit, and various loan options.
- Extensive correspondent network: A broad network of correspondent banks makes international transactions more straightforward and efficient.
- Exclusive programs and benefits: New corporate clients can take advantage of special programs and incentives designed to enhance their banking experience.
- No minimum balance or security deposit: The bank does not impose minimum balance or security deposit requirements, making it accessible for businesses of all sizes.
- Open to all jurisdictions: The bank accepts applications from companies incorporated in any jurisdiction, providing flexibility and inclusivity for international clients.
Spheres of Your Company’s Business Activities
The bank is open to collaborating with companies involved in the trading of physical goods and those engaged in shipping services. These areas align well with the bank’s service framework and operational focus.
However, certain business activities, such as marketing, design, consulting services, and software development, may trigger more rigorous security assessments from the bank’s administration.
It is important to note that the bank will not extend its services to companies engaged in gambling, foreign exchange (Forex) trading, or financial and investment services.
Documents Required for Opening a Bank Account in China
When applying to open a bank account in China, the bank will review the documents you have submitted to determine whether your application meets their criteria. Here is a comprehensive list of required information and documentation:
- Currency details: Specify the currencies (excluding the Chinese yuan) that you plan to use. The bank will open separate accounts for each currency, and an account management fee will apply regardless of account activity.
- Office photograph: Provide a photo of your working desk displaying a sign with the ‘company name.’
- KYC form: Complete the Know Your Customer form as part of the identity verification process.
- Corporate documents: Submit all relevant corporate documentation.
- Passport scan: Provide a scanned copy of the passport used by the company director for international travel.
- Bank agreement: Sign and submit an agreement with the bank. If your company already has an existing bank account, include its details. For newly established companies without a bank account, no existing account details are required.
- Business Communication Evidence: Supply screenshots of messages that reflect your business operations. These messages should be sent from a corporate email address or a domain belonging to the company. Alternatively, messages from the company director’s email address are acceptable if they include:
- The company’s name (matching the applicant company’s name)
- The director’s name (matching the applicant company’s director)
- The director’s position
These documents will be compiled into an application package and submitted to the bank for evaluation. Processing typically takes up to five days. If approved, you will proceed to the next stage.
Visiting the Bank
To finalize the account setup, the company founder and director must visit the bank in person. Alternatively, a representative can visit on their behalf. The visiting individual must bring the following:
- Passports of the company’s directors, owners, and guarantors (originals)
- Statutory documents
- A square director’s seal
Additionally, a Chinese SIM card is required.
Once the bank account is opened, you will receive the following documents via courier:
- Personal IDs
- Statutory and other corporate documents
- Seals
- Service agreement with the bank
- Two pin calculators**
- Standard login credentials for online banking
- Banking application user manual
If you visit the bank personally, a bank officer will hand over these documents to you. Note that you will need to acquire login credentials to use the banking application. The application’s transaction confirmation system requires both pin calculators: one to initiate payment requests and the other to confirm them.
**The first pin calculator will be registered to the company director, while the second will be assigned to the guarantor.
Using the Banking Application
When accessing the banking application, you must change the default login credentials to ensure security. Each time you use the application, you will need to enter your customized login and password and confirm transactions using the pin calculator.
If the pin calculator is lost, damaged, or blocked, you will need to send the original of your passport to the bank to request a replacement.
Please be aware that the banking application is only compatible with Windows operating systems.
For transactions exceeding USD 500,000, the bank administration must be informed several days in advance to ensure proper processing.
Currency Exchange Between Accounts
With multiple currency accounts, you can easily exchange currencies. For example, suppose you wish to convert USD 10,000 into euros. In that case, you need to notify a bank manager or a staff member, specify the amount, provide your account details, and proceed with the exchange if you agree to the offered rate.
Currency exchanges can also be completed during a personal visit to the bank. In this case, you will need to fill out a request form for the currency exchange.
How to Open a Corporate Account with the Chinese Bank
If you are interested in opening a corporate account with a Chinese bank, you can discuss the matter free of charge using the link. Our experts will help you with documents, preliminary assessments, remote account openings, or issue resolution.