Chinese Bank Accounts for your Business in China

A Chinese bank account is essential in order to perform transactions in China. We help international companies in Chinese with the opening and management of Chinese business bank accounts. Normally, the opening of one or more Chinese bank accounts is made in connection with the Company Set-Up, however it also needs to be in accordance with the regulations of company bank accounts. The management of the Chinese bank accounts including online banking, is offered by us in combination with the Accounting Outsourcing. 

Regarding Chinese Bank Accounts, we perform the following services for our clients:

  • Opening of the Chinese bank accounts in RMB and in all other common currencies (e.g. EUR, USD and further);
  • Installation of the online banking;
  • The deduction agreements with social welfare and tax payments.
  • Management of the Chinese bank accounts with the authority of the client;
  • Declarations for foreign exchange receipts and payments (SAFE declaration);
  • Closing of the Chinese bank accounts;
  • Further services that have to do with the Chinese bank account.

What bank accounts can a foreign company open in China?

The bank accounts that foreign companies can open in China are basic deposit accounts, capital accountsgeneral deposit accounts, special deposit accounts and temporary deposit accounts.

  • A Basic deposit account is the bank settlement account for handling the daily transfer and settlement and the receipt and payment of cash. A company can only open one basic deposit account.
  • Capital account can only be opened by foreign invested companies and are under special supervision. They can only be used for capital injection, the payment of current-account of the company and capital-account approved by the foreign exchange bureaus.
  • General deposit account is the bank settlement account opened for the purposes of loans or handling other settlements. A company can open several general bank accounts but they can’t be opened in the same bank that the basic deposit account was opened. Compared to the basic deposit account, the general deposit account can’t be used in withdrawing cash or paying payroll.
  • Special deposit account is a bank settlement account for special management and use of its funds of specific purposes in accordance with laws, administrative regulations and rules.
  • Temporary deposit account is for temporary needs within a prescribed time limit. In any of the following circumstances, companies may apply for opening a temporary deposit account for: 1. Establishment of a temporary agency; 2. Temporary business activities at other places; or 3. Registration of capital verification.

How to open a bank account in China?

The certifications needed for applying for opening a basic deposit account are:

  • the Business license and
  • a Tax registration certificate issued by the taxation department.

The other bank accounts (except the temporary deposit account) can be applied for opening after the basic deposit account is opened. Each bank account takes about 2 weeks for opening.

How can you benefit from the supervision of your bank account by Artax-Rufil Consulting?

  • As your contact person you get a qualified Chinese accountant, who speaks English fluently.
  • As China has foreign currency control, our accountant knows how to process the transactions in relation to foreign exchanges and the ways of avoiding potential risks.
  • Furthermore you have access to our lawyers, tax consultants, IT experts and Chinese and German consultants.
  • Additional security due to regular training of our employees and further safety standards.
  • Our loyalty is always to our clients.
  • Complete control over your business in China.
  • Long-term thinking and long term client supplier relationships in China.
  • This way you can concentrate on your core business in China and earn more money.

Further reasons to work with Artax Rufil Consulting in China

  • we are a quality, service and customer oriented company
  • all of our employees stick to our corporate principles
  • we are a German company and adhere to German virtues
  • we work in China since 2004
  • through our services and performances we support international companies in China and generate that way a higher quality of life for our clients, employees and investors
  • we have access to a well-functioning network of experts in several business areas in China

Our quality promise:

“Your contact person will be a senior accounting specialist with a good command of English who regularly participates in professional training, is permanently employed at Artax Rufil Consulting and based at our office in the German Centre Pudong, Shanghai. Don’t settle for less!”

Highly qualified accountants, auditors, IFRS-experts, tax consultants, experts and programmers for automation, accounting software and IT-solutions as well as international management consultants work in our Shanghai office. Our working languages are English, Russian, Chinese and German.

Contact us!
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