Published · Greece

Opening a Corporate Bank Account in China

A practical guide for Greek founders on opening a corporate bank account in China, covering account types, documentation, remote opening, timelines, and common pitfalls.

For Greek founders setting up a business in China, opening a corporate bank account is often more time-consuming than registering the company itself. Chinese banks apply strict anti-money laundering (AML) and know-your-customer (KYC) rules, and the process is heavily document-driven. This guide explains the practical steps, typical requirements, and common hurdles. It is general information only and not legal or tax advice—always consult a qualified professional for your specific situation.

Why a Chinese Corporate Bank Account Matters

A local corporate account is essential for paying staff, suppliers, and taxes in RMB. It also allows you to receive payments from Chinese customers, which often prefer to transact in local currency. Without a domestic account, your China entity cannot operate normally. Note that a basic RMB account and a foreign-currency account are usually separate; most companies need both.

Types of Accounts

Basic Deposit Account (基本存款账户)

This is the primary account for daily operations—salary payments, cash withdrawals, and tax payments. A company can have only one basic account, and it must be opened at a bank branch where the company is registered (or within the same city). Opening this account is the first priority.

General Deposit Account (一般存款账户)

Used for additional banking needs such as receiving loans or making payments from specific projects. You can open multiple general accounts, but they cannot handle cash withdrawals.

Foreign Currency Account

Needed if you receive foreign investment, pay overseas suppliers, or repatriate profits. This is often opened alongside the basic account, sometimes at the same bank.

Key Requirements and Documentation

Banks vary in their exact checklists, but expect to provide:

• Business license (original and copy) showing the unified social credit code.
• Legal representative’s ID (passport for foreign nationals) and, if applicable, their presence at the branch.
• Company chop (official seal), financial chop, and legal representative’s personal seal.
• Articles of association and proof of registered address (lease agreement or property certificate).
• Shareholder information—often up to the ultimate beneficial owner (UBO) level, with supporting documents.
• Board resolution authorizing account opening and appointing signatories.
• Tax registration and, for foreign-invested enterprises, the foreign investment information report.

Documents in Greek or English usually need to be translated into Chinese by a certified translation agency. Some banks may also require apostilled or notarized copies of foreign shareholder documents.

Can You Open the Account Remotely?

In most cases, no. Chinese banks generally require the legal representative or an authorized signatory to appear in person at the branch for identity verification and to sign documents. Some banks offer a preliminary review by email, but the final opening is done on-site. If the legal representative cannot travel to China, you may need to appoint a local authorized signatory—though this can complicate control and compliance. Plan for at least one trip to China for account opening.

Step-by-Step Process

1. Choose a bank. Compare major banks (ICBC, Bank of China, China Construction Bank, Bank of Communications) and smaller city commercial banks. Service levels and requirements vary; a bank with English-speaking staff and experience with foreign-invested enterprises is helpful.
2. Prepare documents. Confirm the exact list with your chosen branch before traveling. Missing a single chop or translation can derail the appointment.
3. Visit the branch. The legal representative or authorized signatory submits documents, answers questions about business activity, and signs forms. Expect the meeting to take a few hours.
4. Wait for approval. The bank conducts internal compliance checks, which can take one to three weeks (sometimes longer for foreign-invested companies).
5. Activate the account. Once approved, you receive account details and online banking tokens. Initial deposits may be required.

Timelines and Practical Tips

From first contact to a functioning account, allow four to eight weeks. Delays are common due to compliance reviews. To smooth the process:

• Engage a local accountant or corporate service provider who has relationships with banks.
• Ensure your company registration documents are complete and consistent—name, address, and business scope must match across all papers.
• Be ready to explain your business model, expected transaction volumes, and sources of funds. Banks may ask for contracts or invoices.
• Keep your registered address valid; banks may send verification letters or conduct on-site checks.
• Consider opening a foreign currency account at the same time to avoid a second approval cycle.

Common Pitfalls for Greek Founders

Language and Translation

Bank forms and online banking interfaces are primarily in Chinese. Without a Chinese-speaking staff member or translator, you may struggle. Budget for translation support.

UBO Documentation

If your Greek company holds the Chinese entity, banks will ask for ownership charts and identification of ultimate beneficial owners. Gaps here are a frequent cause of delay.

Minimum Balance and Fees

Some accounts require a minimum balance or charge monthly fees. Ask for a fee schedule in writing before signing.

Online Banking Limitations

Foreign signatories may have restricted access to online banking. Confirm how approvals and payments will work if the legal representative is abroad.

After Opening: Ongoing Compliance

Corporate accounts are subject to ongoing monitoring. Keep records of transactions, respond promptly to bank inquiries, and update the bank if signatories or company details change. Annual filings with the tax and market regulation authorities are also required; banks may request proof of these.

Final Thoughts

Opening a corporate bank account in China is manageable with preparation. Start early, work with local advisors, and treat the bank’s compliance requests as a normal part of doing business. For Greek founders, the key is patience and thorough documentation. This article provides general information only; consult a qualified professional for advice tailored to your company.