Open an Account in a Bank in China
China is the world’s factory. Many companies have their own businesses here. Running economic, trading, or investment activities without a bank account in China is simply impossible. Also, opening a bank account in China is also necessary for individuals who move to this country. Without an account and a bank card, it is impossible to pay for goods and services. Lawtter Solutions offers clients to open bank accounts in China. We provide services for individuals and legal entities.
1 900 EUR*
Personal visit required
Opening an 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
Opening a bank account in China provides several important benefits. The main ones are the following:
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?
So, how to open a bank account in China? First, you must provide a package of documents.
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.
Stages of opening an account
Services provided by Lawtter Solutions
Lawtter Solutions offers Chinese bank account opening with benefits for you. Our company’s specialists have extensive experience in this field. We provide legal accompaniment for individuals and legal entities. Lawtter Solutions services include the following steps:
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.