Opening a China Bank Account
We can help Opening a Bank Account in China for Foreigners
Bank Accounts in China for Foreigners
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The history of banking in China.
An Introduction to the current banking system and what institution could be called a “bank” in China. The history of banking in China is not as long as that in the UK. The first bank in mainland China was established by English in 1845 and the first bank run by Chinese was opened in 1897.
The banking system in China used to develop with the economic system of the country and is under the Banking and Insurance Regulatory Commission.The People’s Bank of China (“PBC”) used to function as both the central bank and the commercial bank during the planned economic system and since the implementation of the reform and opening-up policy. The PBC turned to focus especially on the function of the central bank, which is to “formulate and implement monetary policies, guard against and eliminate financial risks, and maintain financial stability.”
More info on opening a China Bank Account
Opening a China Bank Account.
The current banking system in China includes the central bank, banking financial institutions, non-banking financial institutions and regulatory bodies.
Banking financial institutions mainly include commercial banks, policy banks, savings banks and foreign banks. As have mentioned, the PBC acts as the central bank and only those institutions examined and approved by the banking regulatory could be classified as commercial banks. Policy banks, also known as non-commercial banks are established by Chinese government whose objective is to implement the economic policy and does not aim to gain profit.
We may find that unlike in some common law countries’ definition of “bank”, in China, only those institutions that are established by the government and those examined and approved by the banking regulatory could be called “bank”, all other institutions, even though carry out banking business, are not “banks”.
To be precise, only the central bank and banking financial institutions could use the “bank” in their names. The investment bank belongs to non-banking financial institution and thus except for foreign investment banks, other such institutions, wholly domestic-funded or joint-venture, are not permitted to use “bank” in their name can be used in opening a China Bank Account.
Remote bank account opening in China
Opening a China Bank Account is a post-licensing service of ours. Corporation China has the knowledge to assist your company during the Bank Account Opening Process. To open a China Bank Account you must be present at the bank,but you will be accompanied with an assistant helping with translation and ensuring that the process is done correctly.
The bank you chose is at your discretion but most of our clients have chosen Bank of China or HSBC. You may contact us for more information about opening a Bank Account and the required documentation must be provided to the Bank during the Process.
Bank of China account opening online via remte is possible with Corportation China.
In summary…
China banking services.
Primary Settlement Account.
A primary settlement account is basically a bank settlement account in which a business can be open for daily transactions, such as transfer settlements and cash collection. The RMB Bank Settlement Account, which is one of the most commonly used corporate bank accounts in China is considered to be the foundation of doing business.
Foreign Exchange Account.
A Foreign Exchange Deposit Account is divided into a current account, foreign exchange deposits and capital account foreign exchange deposits. With the Foreign Exchange Deposit Account, a company needs to provide an Approval Certificate of a Foreign Exchange Deposit Account Opening, which is to be provided by the Foreign Exchange Control Board (FECB), along with a business license.
General Deposit Account.
A General Deposit Account in China is a bank settlement account that is opened by a foreign company doing business in China that’s in need of a loan or to satisfy other settlement requirements. General Deposit Account is issued only when there is an involvement of a loan, or to cater to a company’s settlement needs.
Special Deposit Account.
The Special Deposit Account is a bank settlement account that is opened by a foreign company operating within China, and is in accordance with the Chinese laws, rules, and regulations. The special deposit account is solely for special funds that are for specific usage.
What types of China Bank Accounts can Foriegners open?
How to open a bank account in China as a foreigner?
China has restrictions related to opening a Bank Account for foreigners. This process can be time-consuming, and you must provide detailed documentation to the bank.
The use of Foreign exchange accounts is available for foreign entities or individuals.Foreign that establish a WOFE in China can open a Bank acount remotly without traveling to China and have access to a few types of bank accounts.
Hong Kong Bank Account
Hong Kong had long been the financial center of finance in China. Most businesses that had entities set up in Mainland China also opened a bank account in Hong Kong to enable the transfer of money overseas more easily.Hong Kong Bank accounts can also operate as a Offshore Bank Account that is benifical for tax purposes
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