China is developing day by day and foreign entrepreneurs are investing in this country because they get many advantages from it. Low costs related to labor, cheap import duties, good security are some of the reasons investors want to set up a business here.
In order to complete this process, the opening of a corporate bank account is needed. If interested in the matter and need further guidance regarding the procedure, our law firm in China can help.
Let us invite you to watch a video with information about how you can open a corporate bank account in China:
What you need to know when opening a corporate bank account in China
Foreign companies can open a bank account without the need for a local entity. In other words, such a company can open a bank account to serve China mainland customers and suppliers, without incorporating a Chinese WOFE (Wholly Owned Foreign Company), for example.
Various leading international and local banks in China can offer to foreign businesses the ability to secure a non-resident corporate bank account. Our Chinese attorneys can give you details on the corporate bank account opening in China so you can choose the proper bank for you. Depending on the bank you have chosen, a corporate bank account in China can include: e-banking, corporate ATM or debit card, Yuan checkbook, single or multi-currency corporate accounts, dedicated bank personnel and banking application for your phone.
Even though it may look as a difficult task or a time-consuming one, given the fact that shareholders, directors and bank signatories are residents overseas, our lawyers in China will successfully assist you during the process, making it easy for you.
Documents required for opening a corporate bank in China
The requirements for such a procedure may vary depending on the chosen bank. In general, some of the following authenticated documents are needed when opening the bank account:
•proof of address of account signatories,
•certificate of incorporation,
•certificate of incumbency,
•memorandum and articles of association.
The concept of opening a corporate bank account in China which serves the needs of global businesses is a new one. Nevertheless, this is an attractive option for companies that look for local banking support in this emerging market.
Despite the fact that the procedures to open a Chinese corporate bank account are sometimes complex, you can contact our Chinese lawyers to provide the sustainable support you are looking for.