Case Study – Opening a Corporate Bank Account in China

ASC Consuluting
Jun 3
2 min read

Smartphone displaying a bank app for creating a corporate account. Background: city skyline at dusk. Currency notes visible. Mood: professional. — Opening a Corporate Bank Account in China

Client Profile

An Australian entrepreneur operating through a WFOE in Mainland China and a holding company in Hong Kong. Following the company’s incorporation in China and initial contracts signed with suppliers and clients, the next step was to open one or more RMB accounts to handle local transactions.

Overview of the Full Expansion Strategy

This case is the sixth stage of a complete international setup, which includes:

Company formation in Hong Kong
WFOE creation in Mainland China
VAT registration in France
Integrated accounting across jurisdictions
Monday.com & Make.com automation
Corporate bank account opening in China
Sourcing optimization and supply chain management

Together, these steps build a solid and compliant infrastructure for international operations.

Context & Objectives

The client needed:

A local RMB account to pay Chinese suppliers and receive domestic payments
A foreign currency account to receive funds from overseas (e.g. from HK or Europe)
A fast and compliant process to avoid operational delays
Support navigating the complex and variable banking landscape in China

Our Intervention – ASC Consulting for Opening a Corporate Bank Account in China

Bank Selection Strategy: We analyzed current trends and constraints among Chinese banks, identifying those aligned with cross-border business and foreign-owned companies
Documentation Review: Gathered all required documents, including the business license, tax registration, office lease, supplier contracts, and evidence of operations
Proof of Business: Helped the client prepare a robust file with existing contracts, invoices, and transfer receipts to demonstrate economic substance
Special Institution Code: Where needed, we obtained and registered the client’s unique Special Institution Code (机构信用代码证), which links the company to the Chinese financial system and simplifies additional account openings
Multi-National Adaptability: Supported clients based both in China and in jurisdictions such as Hong Kong, adapting the application files depending on nationality and perceived risk
Administrative Handling: Managed all appointments and paperwork with the bank, coordinated signature processes, and translated essential documents
Timeframe Control: Ensured that most accounts were opened within 2 to 4 weeks, depending on the bank, client nationality, and perceived risk level

Results

The client successfully opened a corporate RMB account and a foreign currency account through one of China’s leading commercial banks.

Despite increasing geopolitical scrutiny and internal restrictions, the application was accepted without interruption thanks to a strong and transparent file. The prior existence of a Hong Kong account helped provide financial traceability, and the Special Institution Code served as a permanent identifier for future banking needs in China.

The company can now:

Pay suppliers in RMB
Receive payments from Chinese customers
Transfer funds between the China WFOE and the HK holding structure legally and with full compliance. Thanks to our deep local knowledge, the client avoided weeks of delays and the frustration many foreign companies face during the banking process in China.