Published · Vanuatu

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

A practical, plain-English guide for Vanuatu-based founders on opening a corporate bank account in China: account types, documents, the onboarding process, common friction points, and tips for dealing with compliance checks. General information only, not legal or tax advice.

So you have registered your company in China — or you are about to — and now you need somewhere to put the money. Opening a corporate bank account is one of those steps that looks simple on paper and can quietly eat weeks of your time if you are not prepared. For founders coming from Vanuatu, the process is manageable, but it rewards patience and paperwork discipline. This guide walks through what to expect. It is general information only and is not legal, tax or financial advice; always confirm current requirements with your bank and a qualified local professional.

Why the bank account matters more than you think

In China, a corporate bank account is not just a place to receive payments. It is tied to your company's ability to issue invoices, pay staff, remit funds and file taxes. Many practical operations — from signing certain contracts to registering with payment platforms — assume you have an active corporate account. Treat it as a core piece of your setup, not an afterthought once the business licence arrives.

There is also a timing consideration. Banks generally want to see a company that is properly registered and has a real presence. The earlier you start preparing documents, the less likely you are to be stuck waiting while your first invoices are due.

The two accounts you will likely need

Basic deposit account (基本存款账户)

This is your company's primary account. It is used for day-to-day operations: paying salaries, receiving domestic payments, paying taxes and handling routine expenses. A company normally has one basic account, and it is the account other parties will expect you to have. Withdrawing cash and certain administrative functions are tied to it.

General deposit account (一般存款账户)

Once the basic account is open, you can add general accounts for specific purposes — for example, a separate account for a particular project, or one used mainly for foreign-currency transactions. You can have more than one. Many founders open a general account for foreign exchange (FX) needs so that settlement and conversion are kept separate from daily operating cash.

In practice, the basic account is the gate. Get that open first, then decide whether a general account makes sense for how you plan to move money.

Documents you should prepare

Requirements vary by bank and by city, and they do change. That said, most banks will ask for a core set of documents. Prepare originals and copies, and expect to be asked for translations where documents are not in Chinese.

• Business licence (original and copy) for the China entity.
• Legal representative's ID — passport for a foreign legal representative, and any required entry stamps or visas.
• Company seal and chops — the official company seal, financial seal, legal representative seal and, where applicable, contract seal. Banks often require specific seals on specific forms.
• Articles of association and other incorporation documents.
• Proof of registered address — lease agreement, property certificate or a document from the address provider.
• Shareholder information — including ownership structure, and for corporate shareholders, their registration documents.
• Beneficial ownership information — banks are required to identify who ultimately owns or controls the company, so be ready to explain the ownership chain clearly.
• Business description — what the company does, who its main customers and suppliers are, and expected transaction flows.
• Contact details for the company and the person handling the account.

If your company is owned through an offshore structure, expect additional questions and documents. A simple, transparent ownership chain is far easier to explain than a layered one.

Who needs to be present

Banks typically require the legal representative to attend in person, at least for the initial account opening and often for identity verification. Some banks allow a authorised representative to handle parts of the process with a power of attorney, but policies differ and can be strict. If your legal representative is based outside China, plan a trip or confirm in advance whether remote verification is possible — and get that confirmation in writing from the specific branch.

Bring your passport, entry stamp and any residence or visa documents. Staff will compare faces to documents, so make sure names match exactly across all paperwork.

The onboarding process, step by step

1. Choose the bank and the branch

Not all branches handle foreign-invested companies with the same level of comfort. Ask other founders, your accountant or your company formation agent which branches in your city regularly onboard foreign-owned entities. A branch with experience will save you time, even if its product offering is not the flashiest.

2. Pre-communicate

Call or visit the branch before submitting anything. Explain your company structure, your business model and where your money will come from and go. Ask for a document checklist in writing. This conversation sets expectations and flags issues early.

3. Submit and interview

You will complete application forms, provide documents and likely sit through an interview about your business. Expect questions about your customers, suppliers, transaction volumes and the countries you deal with. Answer consistently and keep it factual. Banks are required to conduct customer due diligence, and vague answers slow everything down.

4. Approval and activation

After internal review and approval, the account is activated. You will receive account details and, depending on the bank, online banking credentials and security devices. Set these up promptly and test a small transaction before relying on the account for anything important.

Common friction points for Vanuatu founders

• Ownership structure questions. If your company is held through entities in Vanuatu or elsewhere, be ready to explain the full chain and provide supporting documents. Transparency helps.
• Name mismatches. Passport names, company documents and forms must align. Even a middle name or spacing difference can trigger a query.
• Language. Forms and interviews are usually in Chinese. Bring a competent interpreter if your Mandarin is limited, and make sure they understand banking terminology.
• Business substance. Banks want to see a real business with a plausible purpose. A clear, specific business description beats generic wording.
• Timing. Approval can take days or weeks depending on the bank and the complexity of your case. Do not schedule critical payments around an account you have not yet activated.

Practical tips

• Keep a digital and physical folder of every document, with consistent file names.
• Ask for the checklist and any policy notes in writing, and keep them.
• Prepare a one-page summary of your business, ownership and expected transaction flows to hand to the bank.
• Open the basic account first; add general accounts later as needs become clear.
• Maintain good records from day one — banks can review accounts periodically, and clean records make reviews painless.

A final word

Opening a corporate bank account in China is a compliance exercise as much as an administrative one. For founders from Vanuatu, the key is preparation: know your ownership structure, bring complete documents, be ready to explain your business clearly, and confirm branch-specific requirements before you travel. None of this guarantees a particular outcome — each bank makes its own decisions — but it puts you in a much stronger position. And because rules and bank practices do change, treat this article as a starting point and verify the details with your bank and a qualified local adviser.