Published · Portugal

Opening a Corporate Bank Account in China: A Practical Guide for Portuguese Founders

A practical overview for Portuguese founders on opening a corporate bank account in China, covering account types, documentation, banking practices, timelines and common pitfalls. General information only, not legal or tax advice.

Setting up a company in China is one thing; getting a corporate bank account open and working is another. For founders arriving from Portugal, the banking step is often where timelines slip and assumptions break down. This guide walks through what to expect, what to prepare and how to avoid the most common delays. It is general information only and is not legal, tax or financial advice — always confirm details with your bank and a qualified local adviser.

Why the bank account matters more than you think

In China, a corporate bank account is not just a place to hold cash. It is tied to your company's ability to operate day to day: receiving customer payments, paying salaries and suppliers, paying taxes, and often registering with payment platforms and e-commerce channels. Many practical steps after incorporation — such as capital contribution, invoicing setup and social insurance registration — depend on having an active basic account.

Two features shape almost everything else:

• Foreign exchange controls. China maintains a managed capital account. Moving money in and out, especially capital and dividends, involves documentation and bank review. Your account structure and the paperwork you keep will determine how smooth cross-border payments are.
• Bank discretion. Banks apply national rules but also their own internal risk policies. Two banks in the same city can ask for different documents or take different views on the same business. Choice of bank matters.

The main account types you will encounter

Basic deposit account (基本存款账户)

This is the core account every company needs. It is used for day-to-day operations, cash withdrawals and salary payments. A company can generally have only one basic account, and it usually must be opened before other accounts. It is also the account linked to tax and social insurance arrangements.

General deposit account (一般存款账户)

Used for additional operational needs, such as receiving funds from specific projects or maintaining separate balances. You can have more than one, but they are opened after the basic account and generally cannot be used for cash withdrawals.

Foreign currency and capital accounts

If you have foreign investment, you will typically need a foreign exchange capital account (外汇资本金账户) to receive capital contributions from abroad. Banks may also open foreign currency settlement accounts for trade. These accounts come with specific documentation requirements for each inbound and outbound transfer.

Special-purpose accounts

These cover designated uses such as payroll, tax reserves or project funds. They are less common for early-stage companies but become relevant as you scale.

Documents to prepare before you visit the bank

Requirements vary by bank, city and your company's ownership structure, but Portuguese founders should expect to provide:

• Business licence (营业执照) — original and copies
• Company seal, financial seal, legal representative seal and, where applicable, contract seal. Seals are central to Chinese corporate practice; keep them secure and track who holds them.
• Articles of association (公司章程)
• Legal representative's ID or passport
• For foreign-invested enterprises: foreign investment information reporting materials, approval or filing records where applicable, and capital contribution documentation
• Proof of registered address — lease agreement and, in some cases, property ownership documents
• Shareholder and beneficial ownership information, including passports and proof of address for ultimate beneficial owners
• Board resolution or authorization for account opening and for signatories
• Bank-specific forms, often completed on site

Translation requirements exist in practice. Some banks accept English documents; others require Chinese translations, sometimes notarised. Ask your bank in advance for a written checklist specific to your company type and ownership structure.

How the process usually runs

The legal representative generally must appear in person at the branch for identity verification and signing. Some banks permit a delegated signatory with a notarised power of attorney, but this is not universal and should be confirmed early. Expect the following sequence:

• Choose a bank and branch. Consider whether the bank handles foreign exchange well, has English-speaking staff, offers usable online banking for foreigners, and has branches where your staff operate.
• Submit documents and complete onboarding. This includes know-your-customer and anti-money-laundering checks, which can be extensive for foreign-owned entities.
• Wait for approval. Account opening is subject to internal review and, in some cases, central bank registration. Timelines vary widely — days to several weeks depending on the bank, city and complexity of ownership.
• Activate online banking and obtain tokens or certificates. Test access before you need to make urgent payments.
• Register the account for tax and, where relevant, foreign exchange purposes. Your bookkeeper or adviser typically handles this.

Practical points Portuguese founders often miss

Online banking is not always foreigner-friendly

Some banks' corporate platforms assume a Chinese ID or a Chinese mobile number for verification. Confirm before opening that your legal representative and finance staff can actually log in and approve payments from abroad if needed. Ask for a demonstration.

Name matching matters

Your Portuguese passport name, the name on the business licence and the name on the bank records must align. Middle names, accents and transliterations cause friction. Be consistent and keep evidence of any name variations.

Capital contribution has a paper trail

If you are funding the company from Portugal, the purpose of the transfer must be clear and the receiving account must match the registered capital arrangement. Inconsistent references can lead to funds being held for review. Coordinate with your bank and adviser before sending money.

Bank choice affects daily life

Large banks offer broad networks and foreign exchange experience; smaller or city commercial banks may be more flexible on service but less consistent across branches. Many foreign-owned companies use one large bank for the basic account and consider a second relationship for specific needs.

Seals and authority

Decide early who holds the company seal and who can authorise payments. Banks will follow the signature and seal arrangements you register, and changing them later requires paperwork.

Common reasons accounts stall

• Incomplete beneficial ownership information, especially for multi-layer holding structures
• Registered address that the bank cannot verify or considers high-risk
• Business scope that the bank views as sensitive or requiring extra review
• Legal representative unable to attend in person without an accepted power of attorney
• Missing Chinese translations or notarised documents
• Unclear source of funds or purpose for inbound transfers

Most of these are solvable, but each adds time. Preparing a complete, consistent document set before approaching the bank is the single most effective way to reduce delays.

A realistic timeline

After incorporation, allow a few weeks to gather documents, choose a bank and complete onboarding. Some straightforward, domestically owned companies open accounts quickly; foreign-invested structures with cross-border capital often take longer. Build the bank account step into your project plan rather than treating it as an afterthought.

Final word

Banking in China rewards preparation and patience. For Portuguese founders, the key is to choose the right bank for your actual operations, prepare a consistent document set, confirm foreigner-friendly digital access, and keep clean records for every cross-border transfer. This article is general information only and is not legal or tax advice; confirm all requirements with your bank and a qualified local professional before acting.