Opening a corporate bank account in China without the need for a local company
Since 2003, Healy Consultants assisted international investors do business in China without personal travel during the engagement. Furthermore, with our new banking solution, foreigners can open a company bank account in China without the need for a local entity.
China corporate bank account without local entity
- A properly structured by Healy Consultants Hong Kong company can open a Chinese business bank account to serve China mainland customers and suppliers, without the burden of incorporating a China WOFE;
- A USA LLC or a UK LTD can open a Chinese business bank account to serve China mainland customers and suppliers, without the burden of incorporating a China entity.
Chinese banking account process
- A number of leading international and local banking institutions in China offer foreign companies the ability to secure a non-resident corporate bank account. Following formal engagement of Healy Consultants Group PLC, we will email our Client a detailed comparison table of Chinese corporate bank account opening options, similar to this table (click link);
- Depending on the bank chosen, the Chinese corporate bank account includes: i) modern e-banking services; ii) corporate ATM or debit card; iii) single or multi-currency corporate bank accounts; iv) Yuan cheque book; v) dedicated bank officer and vi) phone app banking;
- Due diligence requirements for opening a non-resident corporate account vary between banks. As a general rule, banks require the following documents: i) certificate of incorporation, ii) memorandum and articles of association, iii) certificate of incumbency, iv) passport copies and proof of address of account signatories etc;
- Many Chinese banks require these documents legalized by the Chinese consulate in their country of origin;
- Important note: Chinese banks have recently tightened their procedures to open a corporate bank account for foreign companies. Only applicants that can demonstrate they have a significant amount of business in China are currently accepted. Other will be required to register a local entity.
Healy Consultants’ fees
- Healy Consultants fee to successfully assist our Clients secure a non-resident corporate bank account without the need to travel to China amounts to US$5,950.
Different foreign company set up options
If our Clients’ wish to build a legally tax exempt corporate structure to secure China corporate bank account opening, we recommend the following options:
Other banking considerations
- Healy Consultants will be pleased to open a Chinese corporate bank account without our Client travel. To optimize the probability of corporate bank account approval Healy Consultants will prepare a business plan for the bank;
- The banks enjoy ultimate power of approval of corporate bank account applications. Consequently, guaranteed success is outside of Healy Consultants’ control. What is inside our control is the preparation and submission of a high quality bank application that maximizes the likelihood of approval.