How to open a business bank account in Beijing

Written by Pinkang Zeng

A national or permanent resident of that country

There are multiple steps you should do if you want to open your own business bank account.

1. Choose the Right Bank: Start by selecting a bank that best fits our business needs. Since we need to choose a bank with strong local presences, I would recommend ICBC (industrial and commercial bank of China).

2. Gather Necessary Documents:

• Business Registration Proof: We must provide documents that prove our business is properly registered. This typically includes our business license, Enterprise Code Certificate, Tax Registration Certificate, and Articles of Association.

- Identification Documents : After we prepare business registration proof, we will need to provide identification for the company’s legal representatives. Important note: We need to provide multiple ID for this segment. This includes not only the ID of the main directors but also of responsible officers and principal shareholders.

• Company Chop: This step is particularly important since we need prove from third-party like the State Administration for Market Regulation (SAMR) and the Ministry of Commerce (MOFCOM). After that, we then have to get prove from Approval from the Public Security Bureau (PSB). After those two steps, we can finally contact authorized chop makers then register the chop after it’s been made.

- Company Structure Details: Detailed information about our company’s structure and ownership must be included. This step may sound like a simple step, but sometimes it could be troublesome to determine our company’s structure since we can only choose option from the alternatives it provides when you choose your company type, and sometimes it may not include our company’s category. When that happen, we just must call the official line to ask for the closest category.

- Proof of Address: This could be a rental agreement for your business premises, or a temporary accommodation registration form issued by the Chinese Public Security Bureau.

- Contact Information: A working Chinese telephone number is necessary for the bank to communicate with you regarding account details or any issues that may arise. This number tend to be someone from finance department.

Source of information: https://wise.com/us/blog/business-bank-account-in-china

3. Make an Appointment: Contact the bank to schedule an appointment. This is especially important as most banking in China requires in-person interactions. However, even without appointment, you just have to wait for several hours. ICBC tend not to directly reject their client. So don’t worry.

4. Fill Out Application Forms: During your appointment, you will need to fill out the necessary application forms provided by the bank. This step might also include providing detailed information about the account’s intended uses. If you already collect every document that needed, it’s not very likely you don’t know how to fill it. However, sometime ICBC might ask you to provide Financial Statements of your company.

5. Account Verification and Deposit: Once you submit your application and documents, the bank will process them. You might be required to make an initial deposit depending on the bank’s policy. The verification process may take a few days. During this period, people who hold the telephone which its phone number is filled in Contact Information session should be ready to receive any call, since ICBC might call you if anything goes wrong.

6. Set Up Online Banking and Mobile Payments: This would be the last step, after your account is set up, registering for online banking and linking your account to mobile payment services like WeChat Pay or Alipay is pretty important nowadays. I would recommend you link your account to WeChat Pay because it will allow multiple people to manage that account together. It would be easier if there are any change in personnel.

Source of information: https://www.hawksford.com/insights-and-guides/china-business-guides/open-bank-account-in-china

Student

Basically, students have to prepare everything permanent residence need to provide and go through the same steps. However, the difference is students have to provide student ID or proof of enrollment from your university.

A foreigner not residing in that country.

In general, steps of open business account is universal for everyone, but there are something for foreigner to know before open business bank account in China.\

1. Type of Account: Foreign non-residents are typically restricted to opening foreign currency accounts rather than Renminbi (RMB) accounts, which are more freely available to residents.

Source of information: https://wise.com/us/blog/business-bank-account-in-china

2. Required Documentation:

- passport

- Documentation proving the existence and legality of your business overseas.

- Articles of association or equivalent documentation.

- A business license or incorporation certificate from the country where the business is registered.

• optional: it would be great if you can provide a letter of recommendation from a bank in your home country

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See a list of how to open a bank account in over 50 countries here