The success of your international business depends on whether your bank offers high-quality financial services. We recommend a top Chinese bank as the ideal solution. Besides the Chinese yuan, you can make transactions in 16 other currencies: USD, EUR, GBP, CAD, KRW, HKD, JPY, AUD, AED, MYR, SGD, THB, INR, RUB, IDR, and XOF.
Why a leading Chinese bank is ideal for your corporate banking needs
Setting up a corporate account with the above Chinese bank is a no-brainer, provided your company is registered in Hong Kong, the British Virgin Islands, the Canary Islands, or similar locations. If needed, the International Wealth expert team will assist you with registering a Hong Kong company. NB: For businesses incorporated in the EU, Kazakhstan, Uzbekistan, or the Kyrgyz Republic, a tailored strategy will be required to open an account.
Here’s why the above Chinese bank may be your top pick:
- Easy Access: Manage your account remotely via online and mobile apps or visit the bank office in person.
- Multi-Currency Accounts: Open a multi-currency account and make payments in 16 national currencies, perfect for international companies.
- Comprehensive Financial Services: Enjoy a wide range of services, including interest payments on deposits, lines of credit, and loans.
- Extensive Network: The bank’s large network of correspondent banks simplifies international transactions.
- Special Programs and Bonuses: Take advantage of special programs and bonuses available to new corporate clients.
- No Minimum Balance Requirements: There are no minimum balance or security deposit requirements.
- Global Acceptance: You can become the bank’s customer regardless of where in the world your company is from.
Simplify banking with a Hong Kong-registered business
The quickest and easiest way to access bank services is through a Hong Kong-registered company. The bank administration favors Hong Kong businesses because their corporate documents are in Chinese, eliminating the need for translation.
You won’t need to send the company seal to the bank, thus avoiding potential courier delivery issues. Your original company seal can be made in China.
At International Wealth, we are happy to help you register a company in Hong Kong. Here are the steps to get started:
- Send us a copy of your passport.
- Choose a name for your company.
- Pay the associated fees.
Your corporate documents will be ready within seven days.
The bank is eager to partner with companies that trade physical goods and offer shipment services. However, activities like marketing, design, consulting, and software development may trigger enhanced security checks by the bank administration.
Note that the bank does not provide services to gambling and Forex businesses nor those offering financial and investment services.
Documents required
The bank administration will review your application documents to determine if they are ready to onboard you.
Here’s what you need to provide:
- Currency Plan: Indicate the currencies (apart from the yuan) you plan to use. A separate bank account will be established for each currency, and an account management fee will be charged whether you use the account or not.
- Photograph: Supply a photograph of a working desk with a company name sign.
- KYC Form: Complete the Know Your Customer (KYC) form.
- Corporate Documents: Provide your corporate documents.
- Passport: Submit a scan of the passport used by the company director for international travel.
- Bank Agreement: Complete an agreement with the bank. If your company already has a bank account, provide its details. If it’s a newly established company without a bank account, no account details are required.
- Business Operations: Provide screenshots of messages reflecting your business operations. These should be sent from a corporate email address or a domain belonging to the company. Alternatively, messages can be sent from the company director’s personal email address, but they must include:
- name of the company (identical to the applicant company)
- name of the director (identical to the applicant company’s director)
- position.
These documents will form your application package, which will be sent to the bank for consideration. Application processing usually takes up to 5 days.
Bank account setup guide
To set up a bank account, the company founder and director must visit the bank in person. Alternatively, a representative can visit on their behalf. The visitor needs to bring the following documents:
- Original passports of company directors, owners, and guarantors.
- Statutory documents.
- A square director’s seal (we’ll have it made).
A Chinese SIM card is also required. If you don’t have a Chinese telephone number, we’ll provide one for you.
Once the bank account is opened, the following documents will be sent to you via courier:
- personal IDs
- statutory and other corporate documents
- seals
- service agreement with the bank
- two pin-calculators
- standard logins and passwords for online banking
- banking application user manual.
If you prefer to visit the bank in person, these documents will be handed to you by a bank officer. Please note that you will need a login and password to use the banking application.
Further instructions
To get started with the banking application, you’ll need to update the default login and password. Each time you log in, you’ll enter your credentials and confirm your actions with the pin calculator.
If your pin calculator is lost, damaged, or blocked, simply send your original passport to the bank to get a replacement.
You can make transactions using an application that’s exclusively compatible with Windows.
For transactions over USD 500,000, be sure to notify the bank administration a few days in advance.
Effortless multi-currency management with the Chinese bank
Managing multiple currency accounts has never been easier! If you want to convert USD 10,000 to euros, just let a bank manager or staff member know. Specify the amount, provide your account details, and if you’re happy with the exchange rate, you’re good to go!
Prefer a personal touch? You can also exchange currencies during a bank visit. Just fill out a currency exchange request form, and you’re all set.
Excited about banking in China? Contact International Wealth!
If the opportunity to set up a bank account in China excites you, don’t hesitate to reach out to International Wealth! Alternatively, you are welcome to visit our web page. We offer a wide array of services, including document assistance, preliminary assessment, remote account setup, issue resolution, and more!
