China Payroll
Do I need a bank account in China?

Do I need a bank account in China?

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.

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