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China Corporate Bank Account
Until recently, foreign banks were not permitted to operate branches in China. As a result, the concept of a China corporate bank account which serves the needs of global businesses is a new one. In this newly developing banking environment, a China corporate bank account is nevertheless an attractive option for businesses looking for local banking support and knowledge in this rapidly expanding market. The development of the banking environment is rapid however with many leading banks such as HSBC, Standard Chartered and Citibank. The following information will help you determine whether a China corporate bank account is an appropriate option for your business:
1.
A China corporate bank account is very suitable for companies conducting business within China, including those industries such as consumer and retail, financial institutions, healthcare, infrastructure and real estate and resources and energy.
2.
Opening a China corporate bank account is a lengthy process.
3.
Healy Consultants is able to open a China corporate bank account on our clients' behalf without any need for our client to visit China.
4.
China is in the midst of great economic and regulatory reform, including the banking sector. Clients wishing to open a China corporate bank account should note that the banking system is still developing. Procedures to open a China corporate bank account are sometimes complicated, although with many of the world's leading banks now opening branches in the country in a more competitive sector, this situation is improving.
5.
Some of the trade-related services offered via a China corporate bank account include documentary credit, import loans, shipping guarantees, export finance and other services.
6.
Paying the initial bank deposit to the Chinese bank on our client's behalf. A scanned copy of the bank deposit slip is emailed to our client as verification of the payment.
7.
For Healy Consultants to assist our clients to open a China corporate bank account without them visiting China, we require certain due diligence information including: notarised copies of passports and driving licences of all directors; the company's corporate documents, including Certificate of Incorporation, Memorandum and Articles and Directors/Trustees resolutions. This documentation must be certified by the local branch of the Chinese or international bank (or by a notary public) in the client's home country, as well as and evidence of the company's field of business (e g sample invoices or purchase orders etc).
Contact Us
For more information on how to form a company in China, email email@healyconsultants.com or call us in Singapore at (+65) 6735 0120.

 

Buy the China chapter of Healy Consultants' Asia Business Set Up book for US$100, e-mail email@healyconsultants.com

 

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