Opening Bank Account

The current financial system of China allows foreign invested enterprises and foreigners to open bank accounts within the territory of China for the convenience of business operation and foreign exchange settlement. The foreign exchange, export revenue and non-trade foreign exchange earnings of the foreign invested enterprises shall be remitted back to China and deposited in the bank account opened within the territory of China.

Enterprise Bank Account

The foreign invested enterprises may choose any bank authorised to handle foreign exchange operation to open a capital fund account and a settlement account, of which the settlement account may handle the receipts and disbursement of current items and capital item expenditure approved by the Administration of Foreign Exchange, and the capital fund account is reserved for the amount of investment only. In addition, the enterprise may open several non-basic accounts instead of one RMB basic account. Information needed for opening a bank account is as follows:

• • Business license
• • Certificate of approval
• • Article of association
• • Foreign exchange business registration certificate and account opening notice (applicable to opening foreign exchange account)
• • Official seal
• • Legal person seal
• • Financial seal
• • ID card/passport of the legal person

Individual Bank Account

Foreigners can open a bank account in China only by presenting valid passport without any further restriction. Provided that the remittance involves no business capital, foreigners can freely receive or remit foreign currency through his/her individual bank account, but the foreign currency changed to RMB in a year shall not exceed USD 50,000 or other equivalent foreign currencies.