Like many areas, China has many restrictions related to the establishment of a bank account for a foreigner. Many foreigners find this process time-consuming and cumbersome. This process often entails having to provide detailed documentation to local banks and proof of the source of funds.
Chinese banks have become stricter about opening bank accounts, especially for newly established companies. Upon obtaining a business license in China, the newly established foreign-invested enterprise (FIE) must choose a specific bank to open the bank account, without which the entity will not be able to carry out its daily operation.
In China, FIEs must open at least two bank accounts: an RMB basic account and a foreign currency capital contribution account. Because of an existing business relationship, foreign investors in China frequently prefer to open an account with an international bank. However, opening accounts with a Chinese bank has a number of advantages.
If you want to manage to pay your employees in China, actually you can choose a payroll service agency like China Payroll, then there is no need to open a bank account and all troubles are saved.
More FAQ:
Payroll
- How much does a managed payroll service cost?
- How long does China Payroll take to process?
- How to calculate social security in China?
- Do I need to register my company in China?
- How many cities do you cover in China?
Recruitment
- What is the cost to recruit an employee in China?
- What are the main steps to recruit an employee in China?
- What are the benefits of using China Payroll?
China Work Visa
- How much does it cost to apply work visa in China?
- How long does it take to process work visa in China?
- What materials do I need to prepare to apply for work visa in China?
