The basics
For many China companies, corporate banking preparation is an important part of post-registration setup.
The service focuses on practical preparation for the selected bank’s case-specific review.
Banks review each application under their own risk controls and may consider company documents, ownership, expected activity and supporting evidence. Hongda helps prepare the file but cannot guarantee approval.
Preparation
Banks may review ownership and control, business purpose, expected activity, supporting records and, where relevant, source-of-funds information.
Banks may ask follow-up questions where company records, ownership information, expected activity or source-of-funds explanations are incomplete or inconsistent.
How Hongda assists
Hongda tailors its banking preparation support to the applicant’s company and case.
Can Hongda guarantee bank approval? No service provider can guarantee bank approval.
How it works
Quick answer: Hongda supports four stages: review the case, organise the bank file, flag gaps and prepare for the bank’s review. Select a stage for detail.
Stage 1 of 4
Hongda reviews company documents, ownership information and the expected transaction model.
Stage 2 of 4
Hongda helps organize the bank file and practical explanations banks may request.
Stage 3 of 4
Hongda flags gaps that could make the file harder to explain before submission.
Stage 4 of 4
Banks review each application under their own risk controls.
Banks review each application under their own risk controls. Hongda helps prepare the file but cannot guarantee approval.
Documents
The exact list depends on the bank and case.
For an overseas-company application, a bank may request incorporation and constitutional documents, ownership information, identification records and evidence of expected business activity; the exact list depends on the bank and case.
A bank will typically ask for company registration records, identification and authorization information, ownership details and other materials relevant to its review; the exact originals, copies and supporting records vary by bank and applicant.
Minimum-balance, initial-funding and related conditions depend on the bank and account product. Confirm the current terms with the selected bank before applying.
Account-opening, maintenance, transfer and other service charges vary by bank and product. Check the selected bank’s current fee schedule.
Accounts and changes
A basic deposit account is the primary RMB settlement account used for daily transfers and cash receipts and payments. Other account types depend on the company’s needs and applicable account rules.
A company may use different permitted account types for legitimate settlement and operating needs, subject to the rules for each account and the bank’s review.
Eligible companies may apply for foreign-currency account services where relevant to their business, subject to the bank’s review and current foreign-exchange rules.
Tell the bank when material company, representative or ownership information changes and provide the updated records it requests.
Why Hongda
Coordinate banking with the setup and finance work around it, with one China-based service team.
Serving foreign companies in China since 2007, with client relationships that go back to 2008.
Company setup, banking, tax, payroll and work permits coordinated by one team.
English-language project management with a China-based team in seven locations.
We confirm the scope before work begins and say which decisions rest with authorities or banks.
Client voices
Travis Perkins
David Finch BA ACMA CMIIA CAMA
Director of Group Business Risk & Assurance, Travis Perkins PLC
With Hongda since 2008
Travis Perkins PLC (a leading builders merchant in the UK) has been using Hongda Business Services since 2008 for accounting and professional services. Throughout this time, we have found the team at Hongda to be very helpful and professional in their dealings with us. We look forward to working with the company in the future.
Sound United
Jack Peng
Vice President, Asia Pacific, Sound United
With Hongda since 2013
Sound United (a leading designer and manufacturer of consumer audio products in the US) has been using Hongda Business Services since 2013. Moving one’s operations to China is not a small task, but Hongda’s expert services helped us set up a company and deal with tax issues so we could get on with growing our business in no time at all, and that’s why we continue to use them today.
Tulip Pacific Ltd.
Erik de Waard
Director, Tulip Pacific Ltd.
With Hongda since 2012
Tulip Pacific Ltd. (Business planning and interim financial management services) has been using Hongda Business Services since 2012. Hongda has helped us set up legal entities in China/HK and takes care of our annual company audits. They are the most efficient business service provider I have worked with to-date, and their professional advice has helped me better advise my own clients and provide greater value to my overall business.
Your team
Meet the three chief consultants at Hongda, including founder Angel Ho and co-founder Bobby Lee.
Chief Consultant, CEO
Founder of Hongda in 2007. Holds Chinese Tax Agent, IPA (Australia) and IFA (UK) certificates. Provides one-stop services covering market access, company establishment, financial settlement, financial and tax consultation, and human resources management.
Chief Consultant
Co-founder of Hongda. Many years of corporate legal consultancy and involvement in managing client enterprises. Familiar with tax, personnel and project management work across Guangdong, Hong Kong and Macau. Excellent English communication skills.
Chief Consultant
24 years in enterprise management, business development, and financial and tax compliance. Has provided financial and tax advisory services for hundreds of companies. In-depth learning and practical experience in IFRS (International Financial Reporting Standards), Generally Accepted Auditing Standards and International Taxation.
FAQ
Practical answers about preparing a China corporate bank account application.
Ask your questionThis service is for China companies and foreign-invested enterprises preparing a corporate bank account file.
No service provider can guarantee bank approval.
A basic deposit account is the primary RMB settlement account used for daily transfers and cash receipts and payments. Other account types depend on the company’s needs and applicable account rules.
A company may use different permitted account types for legitimate settlement and operating needs, subject to the rules for each account and the bank’s review.
Eligible companies may apply for foreign-currency account services where relevant to their business, subject to the bank’s review and current foreign-exchange rules.
Minimum-balance, initial-funding and related conditions depend on the bank and account product. Confirm the current terms with the selected bank before applying. Account-opening, maintenance, transfer and other service charges vary by bank and product. Check the selected bank’s current fee schedule.
Tell the bank when material company, representative or ownership information changes and provide the updated records it requests.
Contact our team
Share your plans, structure and timing. We confirm the scope with you before any work starts.
