Different Types of Bank Accounts in China
- Non-Resident Account: available for foreign institutions and companies in every domestic and foreign bank based in the Chinese Mainland, strictly regulated by the State Administration of Foreign Exchange (SAFE);
- Offshore Account: opened for overseas institutions and individuals only available in four banks that have been authorized, which areadministered by China Banking Regulatory Commission;
- Free Trade Non-Resident Account: available for foreign institutions within the area of Free Trade Zone;
Capital Account: An account for foreign-funded enterprises to deposit currency contributions as a means for the State of China to regulate the investments and the approval of the Administration of Foreign Exchange. - General Deposit Account: used for the renewal or repayment of the loan for fund receipt and payment in other settlements, which excludes cash withdrawal with limitation of foreign currency remittance only;
- Virtual Account: non-physical and online bank accounts that can be set up quickly and conveniently with an easy application form;
Opening a Bank Account as an Offshore Company
| Account Type | Features | Available Banks | Requirements | Remote Application |
|---|---|---|---|---|
| Non-Resident Account | Access to foreign currency exchange without restriction | Standard Chartered | A shareholder or chairman of the board of the offshore company should have an active domestic Chinese company under their name |
YES We will visit the counter on your behalf. |
| Offshore Account | Access to foreign currency exchange without restriction (recorded) | CB International Bank LLC | Fulfilled the basic requirements of the offshore company |
Yes Online opening via video call. |
| Free Trade Non-Resident Account | Access to foreign currency exchange without restriction (Recorded with RMB settlement) | China Everbright Bank Co., Ltd./Shanghai Pudong Development Bank Co., Ltd. (FTN or FTA account) | A shareholder or chairman of the board of the offshore company should have an active domestic Chinese company under their name |
Yes Online opening via video call. |
Required Company Documents for Opening Bank Account as an Offshore Company
- Certificate of incorporation
- Corporation by-laws
- Business contract (at least with two purchase contracts and two sales contracts)
Opening a Bank Account as a Chinese Mainland Company
| Account Type | Features | Available Banks | Requirements | Remote Application |
|---|---|---|---|---|
| Basic deposit account | Settlement, withdrawal | Most banks (Industrial and Commercial Bank of China Limited/Bank of China Limited/Bank of Communications Co., Ltd) | Fulfilled the basic requirements of the domestic Chinese company | Open a bank account via online video chat |
| Capital account | For capital remittance only | Most banks | Fulfilled the basic requirements of the domestic Chinese company | Open a bank account via online video chat |
| Foreign currency bank settlement account (general deposit account) | No withdrawal, for foreign currency remittance only | Most banks | Fulfilled the basic requirements of the domestic Chinese company |
Open a bank account via online video chat |
Required Company Documents for Opening Bank Account as a Chinese Mainland Company
- Original copy of the company's business license
- Official seal/Finance chop/Seal of Legal representative
- Original copy of the legal representative's identity card
- Original copy of the identity card of the USBKey owner
- Original copy of the proof of registered address
