China banking solutions

Since 2003, Healy Consultants PLC is helping multi-national Clients open multi-currency corporate bank accounts in China.

  • Overview of China banking industry

      China corporate bank account

    • The main four Chinese banks are i) Bank of China ii) Industrial and Commercial Bank of China iii) Agricultural bank of China and iv) China Construction Bank. The four of them are owned by the Chinese Government;
    • Most foreigners experience that Chinese banks do not operate as efficiently and transparently as their global competitors. Quality of customer service is average at best. Most bank officers also do not speak fluently English;
    • The stability of China’s shadow banking sector is also an increasing concern for global businessmen and investors. As a result, China is ranked 79th in the world for the soundness of its banking sector by the World Economic Forum;
    • For Clients uncomfortable doing business with a Chinese banks, Healy Consultants Group PLC recommends to open an account without travel with global banks present in China, including: i) Citibank ii) DBS bank iii) OCBC Wing Hang and iv) HSBC;
    • All of the above global banks offer internationally recognized sophisticated corporate facilities, checking and saving accounts, prepaid, debit and credit cards, fixed term deposit and asset management services.
  • How we assist our multi-national Clients' secure corporate bank account approval for their Chinese LLC?

    • Within 4 weeks, Healy Consultants Group PLC will assist our Clients to secure China corporate bank account numbers by:
      • Supplying a detailed project plan, giving expected timelines to complete the engagement;
      • Preparing a quality business plan to be thereafter used to support corporate bank account applications;
      • Contact multiple China banks, in their preferred province and city;
      • Preparing a detailed table of banking options for our Client to confirm their preferred one;
      • Aggressively and skilfully negotiating for a travel exemption for the directors, shareholders and bank signatories of the business;
      • Pre-filling the required corporate bank account opening forms, then assisting our Clients to sign and courier the same to the bank;
      • Negotiating with the bank’s compliance department to minimize the list of documents required during their KYC process;
      • Assisting our Client to legalize and translate a quality set of legalized KYC documents required by the bank;
      • Following account opening, assisting our Client to activate online banking services and receive online tokens from the bank;
      • Transferring the initial account opening deposit on behalf of our Client (to be refunded by our Client).

    • Whenever needed, Healy Consultants Group PLC will also assist our Clients to register their Chinese business. We can additionally supply professional passive resident directors and representatives, when such appointment is requested by the banks.
  • Fees and timelines for Chinese resident companies?

    • Within 4 weeks, Healy Consultants PLC will assist our Client to open a corporate bank account without travel for a local China company;
    • Our fees for the same amount to US$3,950 per account opened without travel, payable by instalments (click link);
    • Following account approval, the banks also require up to three more weeks to activate online banking services and courier the tokens.
  • How we assist our multi-national Clients secure corporate bank account approval for their foreign LLC?

    Refer to this web page on the corporate bank account opening process (click link) to read about the same.
  • China trade finance

    • The Chinese Renminbi (RMB) is now the second most used currency for trade finance. However, RMB clearing remains strictly regulated by the State and mostly done by the Industrial and Commercial Bank of China;
    • Consequently, account opening with ICBC remains the preferred choice of Healy Consultant’s Clients operating in import/export business;
    • Whenever needed, Healy Consultants will help our Clients to obtain corporate finance in the form of a loan, overdraft or simply preferential credit terms.
  • Foreign exchange controls

    • People’s bank of China still imposes very strict currency exchange controls on local or foreign investors, although long term trends showing gradual liberalization on foreign exchange markets and currency transactions;
    • Non-resident shareholders cannot freely receive dividends from local Chinese companies;
    • Non-resident shareholders cannot freely repatriate sales proceeds of their stake in a China resident company.
  • Opening a China corporate bank account without a China company

    Some of our multi-national Clients’ need a China multi-currency corporate bank account to pay local suppliers and receive funds from local customers. Within 4 months and for a fee of US$ 5,950, Healy Consultants Group PLC will secure corporate bank account approval for a foreign company, without travel.

    • Healy Consultants banking services

      • Without the need for a local subsidiary, Healy Consultants Group PLC has found a way for our multinational Clients to open a company bank account in China;
      • For example, i) a Hong Kong company ii) a Delaware LLC or iii) a UK Limited company can all open a Chinese business bank account to serve China mainland customers;
      • Following formal engagement, our Firm will email a detailed comparison table of China corporate banking options (click link to see a sample);
      • Depending on the bank chosen, the services provided with the account can include: i) quality e-banking ii) corporate ATM, visa, Mastercard, Visa and other credit cards iii) multicurrency accounts iv) Yuan cheque book v) dedicated bank officer and vi) phone app banking.
    • Documents required from our Client?

      • Before issuing account numbers, Chinese banks will require at least the following documents. Healy Consultants will assist our Clients to prepare, sign, translate and courier all of them:
        • Corporate bank account opening forms and FATCA / CRS forms, signed by all shareholders, directors, UBOs, and bank signatories;
        • i) a certificate of incorporation ii) M&AA iii) certificate of incumbency iv) financial statements v) proof of business from the foreign entity;
        • i) passport copies ii) proof of address and iii) resumes of the directors, shareholders, bank signatories and UBOs.

      • The Chinese banks can additionally require directors and bank signatories to visit China for a KYC meeting. Healy Consultants will aggressively and skilfully negotiate for an exemption.
    • Opening a China corporate bank account for a Hong Kong company

      • The most efficient structure to open a corporate bank account in China without a mainland entity is a Hong Kong company because:
        • Such companies can be registered with i) a single owner and director, living outside of Hong Kong and ii) no capital requirements;
        • Banks are familiar with Hong Kong entities, resulting in higher probability of approval and lesser KYC requirements;
        • Properly structured, Hong Kong entities are legally tax exempt. No Hong Kong corporate income tax or withholding tax payable;
        • Hong Kong banks have easy access to the Renminbi, resulting in better refinancing / borrowing options for multinationals needing to pay suppliers in such currency;
        • Unlike Mainland China, the Hong Kong Government does not implement foreign exchange or capital controls;
        • See also this page for more details on the advantages of doing business in China with a Hong Kong entity!

      • Within 4 weeks and without travel, Healy Consultants will register a Hong Kong company and open a corporate bank account in China;
      • See this link to download a draft quotation for registration of a Hong Kong company and contact our Firm when you are ready to proceed.
    • Alternative foreign company setup options

      • If our Clients wish to build a legally tax exempt corporate structure to secure China corporate bank account numbers, we also recommend the following options, which are great alternatives to Hong Kong:
         SingaporeMarshall IslandsHong Kong
        Type of entityNon-residentNon-residentNon-resident
        Time to secure company numbers1 week1 week1 week
        Time to secure corporate bank account numbers4 weeks4 weeks4 weeks
        Legally tax exempt solution?YesYesYes
        Financial statements required for the foreign company?YesNoYes
        Audit required for the foreign company?NoNoYes
        Our feesUS$10,940US$9,430US$9,950
        Sample engagement invoicedraft invoice for Singapore offshoredraft invoice for Marshall Islands offshoredraft invoice for Hong Kong offshore


      • View also all Asian banking options for a foreign company (without travel).
    • Fees and timelines for overseas companies

      • Within 6 weeks, Healy Consultants Group PLC will assist our Client to open a corporate bank account without travel for a foreign company;
      • Because of the challenges to obtain bank account approval for a foreign company, our fee for the same amount to US$5,950 per account opened without travel;
      • These fees are payable by instalments (click link);
      • Following account approval, the banks also require up to three more weeks to activate online banking services and courier the tokens.

Contact us

For additional information on our banking services in China, please email us at email@healyconsultants.com. Alternatively please contact our in-house country expert, Ms. Chrissi Zamora, directly:
client relationship officer - Chrissi
HSBC China standard chartered bank China citibank China