China corporate bank account
Chinese still implements foreign-exchange controls strictly restricting the use of the RMB outside of the country. Until lately, foreign banks were also not permitted to operate branches in the country. However, the development of the banking industry in China is rapidly advancing with many leading banks such as i) HSBC ii) Standard Chartered and iii) Citibank having now a strong presence in China.
Healy Consultants’ fees
Our fee to assist you to open a business bank account in China amounts to i) US$2,950 for resident companies and ii) US$3,950 for non-resident companies.
An overview of corporate banking services in China
The following information aims to assist our Clients determine whether opening a corporate bank account in China is an appropriate option for their needs and what are the steps required to complete such engagement:
- Corporate bank account solutions in China are very suitable for companies conducting business within the country, including those industries such as consumer and retail, financial institutions, healthcare, infrastructure, real estate, resources and energy;
- Opening corporate bank accounts in China can be a lengthy process, as there are many documents and approval agreements that are required. Healy Consultants will deal with obtaining these documents to ensure an easy set up;
- Healy Consultants can open a business bank account on our Clients’ behalf without any need for our Client to visit China;
- Healy Consultants can pay 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;
- Some of the trade-related services offered via a China bank account include documentary credit, import loans, shipping guarantees, export finance and other services;
- For Healy Consultants to assist our Clients to open a bank account without them visiting China, we require certain due diligence information including: notarized copies of passports and driving license of all directors; the company’s corporate documents, (Certificate of Incorporation, annual return, Memorandum and Articles of Association) and a Directors/Trustees resolution. These documents 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 (eg. sample invoices or purchase orders etc).