Acadia Advisory Group is a preferred vendor of Bank of China; clients recommended by Acadia can enjoy a fast-track account opening.
Our fast-track account opening program eliminates the physical meeting requirement with the bank. International companies can successfully open bank accounts in China without physically traveling to China.
Opening a bank account is a legal obligation for any entity or company in China that has a business license. Having a bank account gives your company many advantages.
It gives your company the legitimacy and authenticity it needs while making it easier to keep track of business flow and expenses.
It also ensures that foreign companies can make transactions in the local market and is essential for operating in China and receiving certain financial services that include VAT deductions and refund claims.
Opening a WFOE bank account
There is a variety of documents that must be presented when you open a bank account in China for your entity. These documents vary depending on your company type. Here is an example of the most common documents that are required to open a bank account as an entity.
- Tax registration certification, your business license, and articles of association-to prove your company is legally doing business in China.
- The original passport of the legal representative.
- Company director and legal representative names, as the representative is usually the one who is physically present to present the documents or ID.
- Personal details or copies of the passports of the two key top-level shareholders, based on your full company layout and structure.
- Any names or information pertaining to authorized people who hold the main role for managing your e-banking system if this is not done by the legal representative.
- Presenting the legal representative chops of the company as opposed to handwritten signatures that can be forged.
- Any information that pertains to the company’s overall structure and operations.
International banks vs local banks
You have the option in China to open either a local bank account at financial institutions such as the Bank of China, or you can open an account at international banks that operate in China such as Citibank, HSBC, and others. It is common for foreign companies operating in China to open an international bank account, but if you opt to open a local China bank account, you can gain these major benefits:
- A quicker and less painful process.
- The majority of Chinese companies have local bank accounts, which ensures faster transactions when using RMB.
- Not all foreign banks are set up in China the same way for every payment type, so relying solely on an international account can sometimes mean limitations versus a local account.
Discuss your China accounting requirements
We handle statutory books, tax filings, and reporting in RMB, freeing your finance team to focus on the business.