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

A practical, plain-English guide for Romanian founders on opening a corporate bank account in China: account types, documents, the role of the local bank, RMB vs foreign-currency accounts, common delays, and how to prepare before you travel.

If you are a Romanian founder setting up a company in China, the corporate bank account is often the step that surprises people most. Registering the company can be relatively predictable; getting the bank account open and fully usable can take longer, involve more paperwork and depend more on the specific bank branch than founders expect. This article walks through what the process generally looks like, what documents are usually requested, and how to prepare so you are not making repeated trips to a branch.

General information only. Banking rules, foreign-exchange controls and onboarding requirements in China change and are applied differently by bank, branch and city. Nothing here is legal, tax or financial advice. Confirm every requirement with your chosen bank and, where relevant, with a qualified local professional before you commit time or money.

First, understand what kind of account you need

Chinese banks typically distinguish between several account types, and foreign-invested companies often end up with more than one.

Basic deposit account (基本存款账户)

This is the company's main operating account. It is used for day-to-day payments, salary payments and cash withdrawal. A company generally has only one basic account, and it must be opened at a bank branch that has the authority to handle it. Many operational tasks — paying staff, withdrawing cash, some tax-related flows — depend on this account.

General deposit account (一般存款账户)

Companies can open additional general accounts for borrowing, receiving funds from specific sources, or separating business lines. These cannot normally be used for cash withdrawal.

Foreign-currency account

If you will receive capital from Romania, invoice overseas clients in EUR or USD, or pay foreign suppliers, you will likely need a foreign-currency account in addition to the RMB account. Foreign-exchange transactions in China are subject to a documented, purpose-based review, so the bank will want to understand the source and use of funds. Keep contracts, invoices and capital contribution documents organised from day one.

Special-purpose accounts

Some activities — such as certain capital contribution arrangements, specific project funds or regulated business lines — may require dedicated accounts. Your bank and your local adviser can tell you whether any apply to your situation.

Who actually opens the account

In practice, the bank branch matters as much as the bank brand. Branches differ in their experience with foreign-invested companies, their appetite for certain business models and their internal processing speed. A branch that regularly onboards foreign founders will usually ask fewer confused questions and move faster than one that rarely does.

Your legal representative or authorised signatory normally needs to be present in person for account opening, identity verification and signing. Remote opening exists in some cases but is not something to assume, particularly for a newly established company. Plan for at least one trip to the city where the company is registered.

Many founders use a local accountant, corporate service provider or a colleague based in China to help arrange appointments and pre-screen branches. This is common practice and can save significant time, but you remain responsible for the accuracy of what is submitted.

Documents typically requested

Requirements vary by bank and city, but a newly established foreign-invested company is commonly asked for a package along these lines:

• Business licence (original and copies), showing the company's unified social credit code.
• Articles of association and, where applicable, the foreign investment information reporting materials.
• Legal representative's identity document — passport for a foreign national — plus entry stamps or visa pages as requested.
• Authorised signatory documents, including a power of attorney and the signatory's ID if the legal representative is not the person operating the account.
• Company seal and, where used, financial seal and legal representative seal. Seals remain important in Chinese corporate practice.
• Proof of registered address, such as a lease or address registration document.
• Shareholder and beneficial ownership information, sometimes tracing ownership up to ultimate individuals.
• Business substance evidence — contracts, invoices, a business plan, website, or descriptions of expected transaction flows and counterparties.
• Tax registration information and, depending on the bank, a tax withholding or reporting acknowledgement.

Banks apply know-your-customer and anti-money-laundering checks. Expect questions about your business model, expected monthly volumes, main counterparties and countries involved. Clear, consistent answers matter more than polished ones.

How the process usually unfolds

The sequence is broadly consistent, though timing is not.

1. Choose a shortlist of banks and branches. Consider whether the bank handles foreign-invested companies routinely, whether staff can communicate in English, how close the branch is to your accountant, and what digital banking it offers.
2. Ask for a document checklist in advance. Get it in writing, and confirm whether originals, copies or notarised or translated versions are needed.
3. Book an appointment. Walk-ins are sometimes possible but an appointment reduces the risk of being turned away.
4. Attend in person. Expect identity checks, signing, sealing and possibly a short interview about the business.
5. Wait for internal approval and account activation. Approval can take days or several weeks. The account may be opened but restricted until activation is complete.
6. Set up online banking and payment tools. This often requires separate forms, tokens or devices, and sometimes a second visit.
7. Test the account with a small transaction before relying on it for payroll or supplier payments.

Common reasons accounts get delayed

• Inconsistent information between the business licence, shareholder records and what you tell the bank.
• Vague business descriptions or expected transaction flows that the bank cannot map to a plausible business.
• Missing seals or signatory documents, or a legal representative who is not present and not properly represented.
• Unclear ultimate beneficial ownership, especially with holding structures in multiple jurisdictions.
• Registered address issues — for example, an address the bank considers high-risk or difficult to verify.
• Sanctions and country-risk screening affecting certain counterparties or jurisdictions.

None of these are necessarily fatal, but each adds time. Address them before your appointment rather than after.

A practical checklist for Romanian founders

• Confirm with your company registration adviser which bank branches in your city are used to working with foreign-invested companies.
• Prepare a one-page business summary: what you sell, to whom, in which currencies, and what your expected monthly inflows and outflows look like.
• Organise shareholder and beneficial ownership documents, translated into Chinese or English as the bank requires.
• Bring your company seals and your passport, and check visa or entry requirements well ahead of travel.
• Decide who will be the authorised signatory and whether a power of attorney is needed; prepare it correctly.
• Keep your Romanian company documents and any group structure charts ready in case the bank asks about the parent.
• Ask the bank in advance about minimum balance requirements, account fees and any restrictions during the first months.
• Do not route personal funds through the corporate account, and do not use it before activation is confirmed.

Final thoughts

For Romanian founders, the corporate bank account in China is best treated as a project with its own timeline, not a formality at the end of company registration. The businesses that move fastest tend to be the ones that choose an experienced branch, prepare a coherent explanation of their business, and keep their ownership and signatory documents consistent across every submission. Start the conversation with your bank early, budget extra time, and confirm current requirements directly — the details change, and the branch in front of you is the authority that matters.