Open an Account in a Bank in China
of the service
1 900 EUR*
a bank account
Basic information about bank accounts in China
The Chinese economy is one of the most regulated in the world. The People’s Bank of China is the authority that issues banking licenses for financial organizations. Banks in China are state-owned; there are no private financial institutions. Legal entities that operate in China are eligible to open Free Trade Non-Resident Accounts, Non-Resident Regular Accounts (NRA), and Offshore Accounts (OSA). If a company opens an offshore account in China, it does not have the right to operate in this country. Otherwise, it will be required to pay taxes at the same rates as onshore companies.
It is also important to know that an individual must open a bank account in China to legalize their residence. This is a necessary condition for obtaining a residence permit. Private clients in China can open savings accounts (for deposits) and current and investment accounts.
Advantages of having a bank account in China
Possibility of legalization in China
Possibility to open an offshore account
You can get a bank card in any payment system
No requirements for the account balance
Quite a fast account opening
Submitting documents is possible online
What documents are needed to open an account in China?
In particular, for individuals, the following package is required:
- Identification document.
- Confirmation of residential address.
- Taxpayer identification number.
- Proof of the origin of money.
- Resume (CV).
To open a corporate bank account in China, you must also prepare a package of documents. It includes:
- Constituent documents of the company.
- Identity cards of directors and shareholders.
- If the account is opened by the manager, then you need to file a power of attorney in their name, as well as an identity card.
- Confirmation of the residential address of all persons who hold key positions in the company.
- Agreements with clients.
- Confirmation of the origin of funds.
Services provided by Lawtter Solutions
Choosing a suitable bank
Preparation of a package of documents
Submit your application online
Assistance in passing verification
Obtaining access and documents
In order not to make a mistake with an account in China, you need to know which banks provide services for people and businesses. The largest banks in China are as follows:
- Bank of China;
- ICBC – Industrial and
- Commercial Bank of China;
- ABC – Agricultural Bank of China;
- China Construction Bank;
- China Merchants Bank.