Opening a corporate bank account in China without the need for a local company

Opening a corporate bank account in China without the need for a local company

Without the need for a local entity, foreign companies can open a company bank account in China. For example, a 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. In addition:

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, 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) quality e-banking; 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;

Requirements for opening a non-resident corporate account vary depending on the preferred bank. Some of the documents required include 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. Some of the banks require these documents legalized by the Chinese consulate in their country of origin;

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. As you can appreciate, it is a difficult task to obtain bank account approval for a foreign company when shareholders and directors and bank signatories reside overseas. It is a time consuming task and can take up to 6 weeks to complete, Healy Consultants will shelter our Client from the administrative challenges.

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:

 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

Other banking considerations

Healy Consultants will be pleased to open a Chinese corporate bank account without our Client travel. It is a time consuming task, and Healy Consultants will shelter our Client from the associated administrative challenges. As you can appreciate, it is a difficult task to obtain bank account approval through a newly formed company when shareholders, directors and bank signatories reside overseas. Healy Consultants will prepare a business plan for the bank to optimize the probability of corporate bank account approval. Depending on our Client’s business and nationality, there is a 20% probability the banks will request a bank signatory to travel for a one-hour bank interview. Healy Consultants will try its best to negotiate with the bank for a travel exemption. If our Client must travel to Chinese for corporate bank account opening, Healy Consultants will refund our Client Chinese 950;

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. To date, we enjoy a 100% approval record because of our global banking relationships and determination;

Global banks continue to tighten corporate bank account opening procedures, their internal compliance departments completing more thorough due diligence of Clients. Consequently, our Clients should expect the bank account approval period to take up to 4 weeks. Furthermore, global banks now require evidence of proof of business in the country where the corporate bank account will be, including sales contracts or lease agreement;

If our Client is not comfortable with only a Chinese corporate bank account, Healy Consultants will be pleased to open an international corporate bank account (click link) outside of China. Examples include New York, Germany, Liechtenstein, Austria, Bulgaria, South Africa, Australia, London, South America or Dubai. All banks will be top tier banks in these countries with excellent internet banking services. Example of our global banking partners include HSBC, Standard Chartered Bank, Citibank, Barclays, Standard bank, ANZ bank, VTB bank, UBS, Credit Suisse.

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