Until recently, foreign banks were not yet permitted to operate branches in China as China banks do. Therefore, the concept of a China corporate bank account which serves the needs of global businesses is a new one. In this immature banking environment, a China corporate bank account is nevertheless an attractive option for businesses looking for local banking support and knowledge in this rapidly expanding market.
The following information will help you determine whether a China corporate bank account is a suitable option for your business.
1. China is in the midst of great economic and regulatory reform, including the banking sector. Clients wishing to open a China corporate bank account should note that the banking system is still developing. Procedures to open a China corporate bank account are sometimes complex, although with many of the world's leading banks now opening branches in the country in a more competitive sector, this situation is improving.
2. A China corporate bank account is ideal for Companies conducting business within China, including those industries such as consumer and retail, financial institutions, healthcare, infrastructure and real estate and resources and energy.
3. Opening a China corporate bank account is time-consuming.
4. A China corporate bank account is available in multiple currencies.
5. Some of the trade-related services offered via a China corporate bank account include documentary credit, import loans, shipping guarantees, export finance and other services.
6. Many Consultants for China foreign investment can assist their Clients to open a China corporate bank account without them visiting China, they require certain due diligence information including: notarised copies of Passport and Driving Licence of all directors; the Company's corporate documents, including Certificate of Incorporation, Memorandum and Articles and Directors/Trustees resolutions. This documentation must be certified by the local branch of the Chinese or international bank (or by a notary public) in the Client's home country, as well as and evidence of the Company's nature of business (e g sample invoices or purchase orders etc).
