Open a bank account in China
The Chinese market is very attractive for doing business, however, there are a number of difficulties, related to the political system and the requirements of Chinese law.
Separately you need to understand, what if in words many banks declare that they are ready to service and provide the required service, then in fact only two or three can actually carry out the stated.
Howbeit, to work in China, you should be guided in all the nuances, otherwise, you can lose a lot due to a seemingly insignificant error.
BWMS has connections with top bank officers, which allows you to coordinate any actions and documents at any stage and avoid any losses.
Below is the basic minimum cost of opening a bank account in China.
Open a bank account in China
Although there are many commercial banks in China, corporate accounts are best opened with Bank of China: other banks do not have the ability to properly service foreign currency accounts.
If a company with foreign investment is established (WFOE), at least three accounts are opened: main, to which the authorized capital is transferred, in yuan and currency.
To open a bank account, the personal presence of the beneficiary or an authorized person is required. The procedure usually takes 15-20 working days, ie. about a month (terms may vary depending on the conditions of a particular bank).
China's foreign exchange controls are quite strict, to send or receive foreign funds, the company must submit to the bank an import or export customs declaration to confirm the use of currency in accordance with the application for transfer or receipt of currency. Foreign exchange transactions are approved within 90 days after the completion of the import or export operation.
To open a corporate account:
1. INcompany documents (originals or legalized copies),
2. Certificate of Good Standing (for companies from year),
3. Power of attorney to open an account (original or legalized copy),
4. Business Plan, containing the following data:
– company activities;
– counterparties (Company name, address, telephone, website, email address, Kind of activity);
– estimated turnover per year and number of transactions per month.
5. The decision of the board of directors to open a bank account and vest the authorized person with the right to manage the account.
6. Documents of the authorized person - account manager:
– Notarized copy of passport or other document, identity;
– Notarized bank statement (bank reference) and a certificate of payment of utility bills or telephone bills (to confirm your residential address), issued within a period of not more than two months on the date of contacting the bank.
– Contracts, accounts to confirm the experience of the account manager (dated 3-6 months at the time of application);
– Personal contact details of the account officer: phone number, email address
Bridges Wealth Management Solutions specialists will be involved at any stage registration of a bank account or do the whole procedure for you.