Published · Vietnam

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

A practical, plain-English guide for Vietnamese founders on opening and operating a corporate bank account in China, covering account types, documentation, the application process, common hurdles and ongoing compliance. General information only, not legal or tax advice.

For many Vietnamese founders expanding into China, the corporate bank account is the step that turns a plan into an operating business. Until the account is open, you cannot easily receive payments from Chinese customers, pay local staff, settle rent, or move capital in and out in a compliant way. It is also one of the steps most likely to cause frustration, because banks apply strict onboarding checks and requirements vary by city, bank and the profile of your company.

This article gives a practical overview of what to expect. It is general information only and is not legal, tax or financial advice. Rules and bank practices change, and individual banks apply their own internal policies, so confirm the current requirements with your chosen bank and with qualified local professionals before you commit time and money.

First, understand which entity is opening the account

The account application follows the legal entity. Vietnamese founders typically arrive at one of three structures, and each affects the bank conversation:

• A wholly foreign-owned enterprise (WFOE). A Chinese limited liability company owned by your Vietnamese parent or by you personally. This is the most common vehicle for a real operating presence, and it can hold a RMB basic account and foreign currency accounts.
• A joint venture with a Chinese partner. The account is still the JV company's account, but banks will look closely at the ownership structure and may ask for additional documents on the Chinese shareholder.
• A representative office. A rep office has limited permitted activities and typically cannot conduct general trading or invoicing in the same way as a company. Its banking options are narrower.

A Chinese company needs a business licence before it can open a bank account. In practice, the bank account application is one of the steps that follows company registration, seal carving and, in many cities, tax registration. Plan the sequence rather than treating banking as an afterthought.

The main account types you will hear about

Basic deposit account (基本存款账户)

This is the company's primary RMB account. It is used for day-to-day operations such as paying salaries, receiving customer payments and paying suppliers. A company generally has one basic account, and it is the account from which cash withdrawals are normally made.

General deposit accounts (一般存款账户)

These are additional RMB accounts, for example for a specific project or a second operating location. They cannot normally be used for cash withdrawals.

Foreign currency accounts

If you will receive USD, EUR or other currencies, or need to move capital across borders, you will likely need a foreign currency account. Cross-border receipts and payments are subject to China's foreign exchange framework, and banks will ask for supporting documents for each transaction, such as contracts and invoices.

Special-purpose accounts

Certain funds, such as some capital contributions or project funds, may need a dedicated account. Your bank and adviser can tell you whether this applies to your situation.

Documents to prepare before you visit the bank

Requirements differ between banks and cities, but a typical corporate account application package includes:

• Business licence (original and copies, often with the official company seal).
• Articles of association and, where relevant, approval or filing documents from the registration authority.
• Legal representative's identity document and, for a foreign legal representative, passport and possibly entry records.
• Company seals, including the official seal, financial seal, legal representative seal and, where used, contract seal.
• Proof of registered address, such as a lease or property document.
• Information on shareholders and ultimate beneficial owners, including ownership percentages and identity documents.
• Authority documents if someone other than the legal representative will handle the application.
• Your company's business plan, contracts with customers or suppliers, and expected transaction profile, which banks increasingly request.

Documents issued outside China often need translation and, depending on the bank, notarisation or legalisation. Vietnamese founders should budget time for this: a missing apostille or an untranslated shareholder document can stall the whole application.

What the application process actually looks like

The exact steps depend on the bank, but the pattern is usually similar:

• Choose a bank and branch. Compare services for foreign-invested companies, English-language support, online banking quality, fees and branch convenience. A bank with experience serving foreign founders will generally make the process smoother.
• Pre-screen with the bank. Ask what they need for a company with Vietnamese ownership and your expected transaction types. Getting this list early avoids repeat visits.
• Submit the application and undergo due diligence. Banks are required to conduct customer due diligence, including identifying beneficial owners and understanding the source of funds and the purpose of the account.
• Attend in person where required. Many banks require the legal representative or an authorised person to appear at the branch. Some banks may conduct video or remote checks, but this is not universal.
• Receive account details and activate online banking. After approval, you will set up online banking, tokens or digital certificates, and user permissions. Test a small transaction before relying on the account for major payments.

Timelines vary widely. A straightforward application with complete documents may move faster, while complex ownership structures or unusual business models can take considerably longer. Do not promise your Chinese customers a payment date until the account is live and tested.

Common hurdles for Vietnamese founders

• Beneficial ownership complexity. If your Vietnamese parent has multiple layers of shareholders, expect detailed questions and more documents.
• Business substance. Banks want to see a real business: a registered address, a plausible business plan, and contracts or letters of intent. A shell company with no clear activity will struggle.
• Language and seals. Bank forms are typically in Chinese, and the company seal is central to Chinese documentation practice. Keep seals secure and understand who is authorised to use them.
• Cross-border expectations. Be ready to explain how money will enter and leave China, and keep contracts, invoices and customs documents organised.
• Ongoing compliance. Account opening is not the end. Banks require periodic updates to company information and may ask for refreshed due diligence documents. Respond promptly to avoid restrictions.

Practical tips before you start

Line up your company registration, seals and tax setup first, and keep digital and physical copies of every corporate document in one place. Speak to at least two banks so you can compare requirements and service, and ask specifically about their experience with foreign-invested companies from Southeast Asia. Budget for translation, notarisation and travel, and involve a local accountant or adviser early. Finally, treat the bank as a long-term partner: clear communication about your business model and transaction flows at the outset will make later compliance much easier.

Opening a corporate bank account in China is manageable with preparation, but it rewards founders who plan the sequence, prepare complete documents and choose a bank that understands foreign-invested businesses. For anything specific to your structure, seek advice from qualified legal, tax and banking professionals in China.