Setting up a company in China’s appealing market may be subject to varied requirements, depending much on the business entity chosen for further activities. A business bank account is a mandatory request at the company formation in China for providing the minimum share capital and for further financial operations.
☆ Who can open a bank account in China in 2021? ☆
Foreigners can enter the Chinese market through a WFOE (Wholly-Foreign Owned Enterprise), representative offices or joint ventures, three important business entities which are easy to incorporate.
A mandatory condition in this sense is to open a corporate bank account in the local currency (RMB) and if the direction of the business regards overseas connections, the entrepreneur can request other foreign currencies linked to the bank account. The State of Administration of Foreign Exchange in China controls the foreign currency activities in this country.
International investors or foreign citizens who want to open a bank account in China in 2021 are suggested to get in touch with Elite Stage specialists for help and guidance. Here is an info graphic that explains how you can open a bank account in China in simple steps:
☆ Necessary documents for opening a bank account in China in 2021 ☆
Depending on the chosen business entity in China, several documents must be provided to the bank, besides the forms offered for submission by the financial entity. The following information is necessary when setting up a bank account in China in 2021:
• the Certificate of Registration of your company in China;
• a copy of the business license of your firm in China;
• the Articles of Association with complete information about the owners, the board of managers;
• details about the legal representative of your company in China.
For a smooth process of opening a bank account in China in 2021, you can talk to one of Elite Stage’s company incorporation consultant. Also, if you want to run your business in China from abroad and you need to open a bank account, it is suggested to provide the financial institution all the documents through your legal representative. We remind that our team of advisors can act on behalf of your company in China.
☆ Can I open a bank account in China from overseas? ☆
Yes, foreign entrepreneurs can open bank accounts in China from their home countries, but under particular rules. Elite Stage specialists will provide you with guidance according to different situations.
☆ How long does it take to open a bank account in China?☆
Your account details can be received in a couple of days, as soon as all the formalities and approvals are made. We remind that opening a bank account in China is a simple process that starts with the preparation of documents that must be submitted to the bank, filling and signing a set of documents, with complete support offered by one of Elite Stage’s consultants. We can represent you with a power of attorney, so you don’t have to travel to China for opening a bank account.