How to open a business bank account in China from the US

Doing business in China offers a world of opportunity, given that it’s the world’s second-largest economy. But if you’re a U.S.-based entrepreneur or business expanding into the country, your first step will be to open a business bank account in China.

This guide walks you through everything U.S. citizens need to know, from account types and requirements to tax compliance and alternative options for global business money management.

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Table of contents

How to open a business bank account in China as a U.S. citizen China bank business account requirements Types of business bank accounts in China International tax and regulatory considerations (FATCA & more) List of major banks offering business accounts in China Common challenges U.S. businesses face Save Time and Money On Overseas Payments With Wise Business Final thoughts FAQs about opening a business bank account in China

How to open a business bank account in China as a U.S. citizen

China remains a key player in global manufacturing, e-commerce, and innovation. Whether you’re sourcing suppliers, launching a branch office, or setting up a subsidiary, opening a China bank business account is essential for handling local transactions, paying vendors, and receiving payments in RMB.

Opening a business bank account in China as a foreigner can be more complex than in other countries. The process typically requires an in-person visit, thorough documentation, and coordination with local regulators and banking institutions. Additionally, China’s regulatory environment is constantly changing, with an increasing focus on due diligence and transparency requirements.

What you need to know first

Before you can open a business bank account in China, you’ll need to register a legal business entity in the country. Foreign businesses often choose one of the following legal structures:¹

• Wholly Foreign-Owned Enterprise (WFOE): A limited liability company fully owned by foreign investors. It’s the common structure for full control.
• Joint Venture (JV): A partnership with a Chinese company.
• Representative Office (RO): Allows for limited operations such as market research, but cannot earn income in China.

For U.S. businesses, the WFOE is typically the most flexible and scalable structure.

China bank business account requirements

Once your entity is set up, the next step is opening a local business account. Here are some of the most common China bank business account requirements for U.S. citizens.²

Business registration

You must present a valid Chinese business license issued by the State Administration for Market Regulation (SMAR), showing your registered business name, address, and registration number.

Company chop (seal)

Chinese companies use an official stamp instead of signatures. You’ll need your company’s chop for any legal or banking activities.

Legal representative ID

The bank will ask for passport copies and possibly a presence in China from the company’s legal representative (a designated officer of the company).

Proof of business address

Provide your business lease agreement or property ownership certificate.

Articles of association and business scope

This outlines your company’s intended business activities, ownership, and governance.

In-person verification

Most banks require that either the legal representative or the company directors appear in person to finalize the application. In some cases, a representative in China may act on your behalf, depending on the bank’s rules.

Note: Requirements vary by bank and region. Banks in Shanghai and Beijing tend to have more experience with foreign-owned businesses.

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Types of business bank accounts in China

When opening an account, you’ll generally need two types³:

1. Basic RMB Account

This is your primary operational account in China. It’s required to process payroll, pay taxes, and receive domestic payments. All companies must open this first.

1. Foreign Currency Account

This allows you to receive and send funds in foreign currencies like USD or EUR. It’s used for international trade and cross-border transfers. Additional accounts may include:

• Capital Account: Used to inject registered capital from overseas investors.
• Tax Account: Dedicated to paying VAT and corporate taxes.
• Temporary Accounts: Useful for short-term operations or before final registration is complete.

International tax and regulatory considerations (FATCA & more)

Doing business across borders means taxes and regulations can get complicated fast. Here are considerations you should stay on top of to stay compliant and avoid risks and penalties.

FATCA compliance

As a U.S. citizen or business entity, you’re still bound by the Foreign Account Tax Compliance Act (FATCA). This law requires U.S. taxpayers to disclose foreign financial accounts, and it mandates that foreign financial institutions, including Chinese banks, report account information for U.S. persons.

When opening an international business bank account in China, you’ll likely need to complete IRS Form W-9 or W-8BEN-E and provide a U.S. Taxpayer Identification Number (TIN).⁴ This is part of your broader FATCA tax compliance obligations.

Failure to comply with FATCA regulations can result in penalties or account limitations, so it’s important to work with a bank that understands U.S. reporting requirements.

Chinese regulations

China has strict capital controls and foreign exchange rates. Transferring profits out of the country requires prior approval and documentation. For U.S.-based businesses managing an international business bank account in China, staying compliant with both local and U.S. regulations helps keep your financial operations running smoothly.

Additionally, under China’s Anti-Money Laundering (AML) laws, foreign companies must disclose detailed documentation during account opening and may face routine audits.

List of major banks offering business accounts in China

Here are several major Chinese banks commonly used by foreign businesses:⁵

Bank	Foreigner-Friendly?	English Services	Notes
Bank of China (BOC)	Yes	Yes	Preferred by foreign businesses for international trade.
Industrial and Commercial Bank of China (ICBC)	Some branches	Some	Largest bank in China; extensive branch network.
China Construction Bank (CCB)	Limited	Some	May require more documentation or a local partner.
HSBC China	Yes	Yes	International focus and familiarity with FATCA.
DBS China	Yes	Yes	Known for working with startups and SMEs.

Choose your providers based on your business’s location, language support needs, and desired account features. If you’re not working with a WFOE, most larger banks will have procedures in place for foreign-owned business onboarding.

Common challenges U.S. businesses face

Setting up an account isn’t always straightforward. U.S. businesses should be aware of:

• Language Barriers: Many local branches don’t offer full English support.
• Strict Documentation: Missing even one required document may delay your application.
• Lengthy Approval Times: Some banks may take up to 4-6 weeks for approval.
• Currency Restrictions: Transferring RMB out of China requires tax clearance and FX documentation.
• Limited Remote Access: Unlike some countries, remote account opening is generally not permitted.

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Wise Business can help you save big time on international payments.

Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks. The Wise Business account is designed with international business in mind, and makes it easy to send, hold, and manage business funds in currencies.

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Some key features of Wise Business include:

• Mid-market rate: Get the mid-market exchange rate with no hidden fees on international transfers

• Global Account: Send money to countries and hold balances in multiple currencies, all in one place. You can also get major currency account details for a one-off fee to receive overseas payments like a local

• Access to BatchTransfer: Pay up to 1000 invoices in one click. Save time, money, and stress when you make 1000 payments in one click with BatchTransfer payments. Access to BatchTransfer is free with a Wise Business account

• Auto-conversions: Don't like the current currency exchange rate? Set your desired rate, and Wise sends the transfer the moment the rate is met

• Free invoicing tool: Generate and send professional invoices

• No minimum balance requirements or monthly fees: US-based businesses can open an account for free. Learn more about fees here

Final thoughts

Knowing how to open a business bank account in China is important for U.S. entrepreneurs expanding into Asia. From understanding local legal structure to meeting FATCA obligations, the process requires preparation, but the potential for growth afterward is immense.

For those looking for flexibility and speed while setting up operations, a Wise Business account can help bridge the gap. It offers multi-currency access, easy cross-border transfers, and a centralized platform to manage your finances between China, the U.S., and beyond.

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FAQs about opening a business bank account in China

How to open a business bank account in China remotely from the U.S.?

Chinese law generally requires an in-person visit by a legal representative. Some banks may allow a proxy with power of attorney, but this is uncommon and varies by province.

How long does it take to open an account?

It can take 2-6 weeks, depending on your business structure and the bank’s internal process.

Do I need to speak Mandarin to open a business bank account in China?

Not necessarily, but it helps. Some international banks offer English support, or you can work with a bilingual accountant or legal consultant.

Can I use a U.S. business bank account in China instead?

Technically, yes, but only for international transfers. You’ll still need a local Chinese bank account to process domestic payments, file taxes, and meet legal requirements.

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Sources:

1. Foreign company registration in china | Woodburn Accountants & Advisors
2. How to open a bank account in China as a foreigner | Status
3. Account type | China Merchants Bank
4. FATCA and US tax compliance | Tax Attorney Andrew L. Jones
5. List of major banks in China | Choi & Partners