China company bank account opening service is very necessary to help you out during business operation. You could apply for this service to save your time since the language barrier may be the biggest obstacle when you are as a foreigner to open an account at a bank in China.
What type of accounts would a foreign-invested entity ("FIE") registered in China need?
There are various regulatory requirements applicable to the opening and operation of foreign currency accounts. Different types of foreign currency accounts are opened for different purposes, and the operation of these accounts is subject to regulatory restrictions in relation to these specific purposes.
There are a number of foreign currency account types available to foreign- invested enterprises registered in China :
Foreign currency account types
1. Capital account;
2. Settlement account;
3. Foreign debt special accounts;
4. Foreign debt special loan repayment account;
5. Foreign currency loan account (including loan account and repayment account);
6. Temporary capital accounts.
RMB accounts
There are several types of RMB accounts: the primary ones are the basic account and the general account. The main differences between the two types of accounts are:
• Cash can only be withdrawn from the basic account;
• Salary and bonus payments can only be effected from the basic account;
• Only one basic account can be opened by each company, irrespective of how many banks are used. Multiple general accounts can be opened.
Here we would like to introduce the basic account because you must open the company bank account when your China mainland company formation (Foreign Invested Companies) is done, no matter that you inject the registered capital or receive payments. We could call the bank account as “the tool of currency circulation”. If you get the approval from People's Bank of China, you will get the Bank Account Opening Permit, then get the Institution Credit Certificate issued by local bank later. The total timetable for Company Basic Bank Account is one or two months;
China Company Basic Bank Account Opening
For corporate entities (i.e. corporations and partnerships), the following information should be obtained:
1. Business license;
2. Company stamp;
3. Articles of Association;
4. The original passport or ID & copies of the legal representative of the company;
5. Leasing contract or Leasing contract and leasing certificate;
6. The nature and purpose of business and its legitimacy;
7. The contact telephone and fax numbers;etc.
The bank should verify this information by at least one of the following methods:
1.for established corporate entities - reviewing a copy of the latest report and accounts (audited, if available);
2. conducting an enquiry by a business information service, or an undertaking from a reputable and known firm of lawyers or accountants confirming the documents submitted;
3.undertaking a company search and/or other commercial enquiries to see that the institution has not been, or is not in the process of being, dissolved, struck off, wound up or terminated;
4. utilising an independent information verification process, such as by accessing public and private databases;
5. visiting the corporate entity, where practical;etc.
Currently, there are plenty of other good China banks including, but not limited to:
a. ICBC (Industrial and Commercial Bank of China);
b. ABC (Agricultural Bank of China);
c. China Construction Bank;
d. China Merchant’s Bank;
e. Bank of China;
f. Ningbo Bank.
Contact Us
If you have further inquires, 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 China hotline 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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