Hainan company bank account opening is one of the steps for setting up a business in Hainan. As a foreign traveler in China, you will find it is quite convenient to have your own personal bank account opened in China especially you can add your personal bank card to the Alipay or WeChat payment. While as a foreign investor, you will have legitimate rights and obligations to open a business account after your china company registration.
Major banks in China
There are a lot of China local banks and international banks layout in China for you to choose from. Due to the convenience of E-document signing, and quick response between the bank and the tax bureau, the significant Big Four state-owned banks are recommended for business account opening.
The four large state-owned banks:
(1) ICBC (Industrial and Commercial Bank of China);
(2) ABC (Agricultural Bank of China);
(3) BOC (Bank of China);
(4) CCB (China Construction Bank).
Types of bank account
Foreign-invested enterprises (FIEs) in China need to establish at least two bank accounts: an RMB basic account and a foreign currency capital contribution account.
1. RMB Basic Account
FIEs must have one (and only one) RMB basic account for daily business operations in China. This account is the only account from which the company can withdraw RMB cash. The RMB basic account often acts as a designated account for tax payments.
2. Foreign Currency Capital Contribution Account
FIEs must have, and obtain approval from the State Administration of Foreign Exchange (SAFE), a foreign currency capital contribution account to receive capital injections from foreign investors.
Procedures for opening a bank account in Hainan
1. Prepare documents for China business bank account opening.
Business account types are RMB Basic Account and Foreign Currency Account. The RMB basic account is the account for daily business operation and this is the bank account for RMB withdraw. Foreign currency account enables the efficiency of handling international business while receiving foreign currencies. The foreign currency should be converted to RMB currency into the RMB basic account after enter the account. The documentation preparation requires personal identification file with related company licenses.
2. Make an appointment with the bank beforehand
The corporate bank account opening in China must be arranged several working days ahead at least to ensure you could squeeze into the tight schedule of the local banks. Not all bank staff could speak fluent English, Tannet can assist clients in this regards to make sure all the procedures are understandable and smoothly.
3. Make sure you are always phone reachable for the bank
The bank staff prefers to call you (legal representative) if need to confirm with you some updated banking information. So please make sure you are reachable for them, otherwise it could be very difficult to have a nice maintenance of the corporate bank account.
Contact Us
If you have further queries, don’t hesitate to contact Tannet anytime, anywhere by simply visiting Tannet’s website english.tannet-group.com, or calling Hong Kong hotline at 852-27826888 or China hotline at 86-755-82143512 or 86-755-82143181 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.
Previous：Hainan Company Registration Advantages
Next：Setting Up a WFOE in Hainan