Shenzhen corporate bank account opening is not as difficult a process for a foreigner as you might first assume. The language barrier may be the biggest obstacle that a foreigner will face when trying to open an account at a bank in China. You could rely on the professional agents to assist you with the bank account opening.
Usually, the professional agents not only just guide or help you register your own company, but also have the sufficient knowledge on company maintenances such as what the procedures of trading in Shenzhen, what kinds of basic certificates you could run your business in the legal way, when you need do accounting, annual filling, what kind of bank account you need to open, which kind of visa you may apply for .etc.
Opening a bank account in Shenzhenis primarily beneficial to those that are going to be residing in Shenzhen for a relatively long period of time. Currently, there are plenty of banks are recommended:
a. ICBC (Industrial and Commercial Bank of China);
b. ABC (Agricultural Bank of China);
c. Shenzhen Construction Bank;
d. Shenzhen Merchant’s Bank.
Process for Opening a Bank Account
Usually the process for bank account opening would be as follows:
1. Verifying personal & corporate documentation.
2. Completion of the bank forms which will be forwarded to you for signing with relevant instructions.
3. Sending the full package to the bank for final approval.
4. Monitoring the account opening process until account allocation and banking package is received.
Banks are entitled at their sole discretion to accept or reject applications to open an account, as such we will introduce you to the bank and guide you through the whole account opening process; however we cannot guarantee that your account will be approved by the bank and successfully opened.
Types of Accounts for Opening
The first bank account for your Shenzhen company (Foreign Invested Companies) is the Company basic bank account which is also your Company RMB bank account. Once your company gets the approval from the bank by SMS or telephone, you can pick up the bank account opening permit and one institution credit code certificate from the bank.
Then you could open the USD/ EURO/HKD etc. of bank account for your invested capital to deposit or make payments by your clients which will help you avoid the exchange rate difference. If your overseas clients need make goods payment for you urgently, in this case you need activate “to-be-inspected account” in the bank with your company documents as well as the certificates of import-export license.
You should prepare sales contact, P.L, C.I. the receipts of customs declaration for settlement of exchange in the bank. The whole process maybe complex for foreign investors, you need go to bank for times with the professional Chinese staffs. If the agent support the follow-up service for your ShenzhenCompany, that would make you save a lot of time for your business.
Union Pay in China
Anyone, who has spent time in China, would notice that credit and debit cards are not accepted at most businesses. However, in recent years as the economy has rapidly expanded, bank debit cards are being accepted at more and more places. Most places that do accept cards, only accept Union Pay, not Visa or MasterCard.
Union Pay is a Chinese bank card network company that is run by the state. Union Pay in Shenzhenis only available through Chinese banks and a few select international banks. It is the only card that is accepted at many business locations and web sites. That is why it is highly advantageous for you to get a Union Pay card.
Foreign exchange controls
People’s bank of Shenzhen imposes strict currency controls on local or foreign investors. Positively, recent trends gradual liberalization on foreign exchange markets and currency transactions.
Tips on Bank Account Opening
1. Many foreigners assume that though the Bank of Shenzhensounds like the most reliable bank, it doesn’t provide the best customer service.
2. The branch bank near concentrations of foreigners, for example, near a university or central business district, is more likely to provide English services.
3. You’d better not to go too far to find a branch, because there are some services you have to turn up at the branch in which you open your account, such as reset your password of your bank account. So it will be convenient for you to open bank account in the branch nearby.
Contact Us
If you have further enquire, please do not hesitate to contact Tannet at anytime, anywhere by simply visiting Tannet’s website english.tannet-group.com, or calling Hong Kong hotline at 852-27826888 or Shenzhenhotline at 86-755-82143422, or emailing to tannet-solution@hotmail.com. You are also welcome to visit our office situated in 16/F, Taiyangdao Bldg 2020, Dongmen Rd South, Luohu, Shenzhen, China.
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