01
The Direct Answer
Company incorporation and bank account opening are separate steps. Once the company legally exists, the bank carries out its own account-opening review and customer due diligence. The bank — not YOUYI and not the company-registration authority — decides whether its account-opening requirements have been satisfied.
A corporate bank account lets a China company receive and make payments in its own name, and supports day-to-day settlement separate from any personal account. What a company actually needs from its account setup depends on its business model and transaction profile; not every business uses an identical structure.
02
The Account-Opening Review
How the Review Works Today
China removed the former enterprise bank-account licensing requirement. There is no separate government “account opening permit” to obtain in advance; the opening bank now conducts the account review itself and handles the applicable account filing directly. Bank account opening follows the company registration process (see the WFOE registration guide) as the bank's own next-stage review, not an automatic follow-on step.
- 01The company legally exists
- 02Bank account-opening review and customer due diligence
- 03Clarification or supplementary documents, where requested
- 04Ongoing due diligence after opening
03
Basic and General Deposit Accounts
Basic deposit account
- Only one basic deposit account per company
- The company's principal RMB settlement account
- Used for ordinary transfer settlement and permitted cash functions
- Not the only bank account a company can hold
General deposit account
- Can support borrowing or other settlement needs
- Typically opened at a different bank than the basic account
- Subject to the applicable account rules
- Other special-purpose account categories also exist
04
What Banks Review During KYC
Account opening involves bank customer due diligence, which can cover the company's identity, the nature of its business, its ownership and control structure, its business needs and risk profile, its expected transaction activity, and the source and purpose of funds where relevant, along with any supporting information the bank requests.
Banks apply risk-based due diligence rather than one fixed universal checklist, so requirements can differ between banks.
05
Beneficial Ownership and Control
For a corporate customer, the bank needs to understand who ultimately owns and controls the company and to identify and verify the beneficial owner under the applicable customer due diligence rules. This bank-side KYC review is a separate matter from any government beneficial-owner filing the company may complete; the two processes serve different purposes and should not be treated as the same requirement.
06
Legal Representative and Attendance
Account-opening intent
Current enterprise account rules require the bank to verify the company's genuine account-opening intention, which can include verification with the legal representative or the unit's responsible person when opening the basic deposit account. The legal representative should be prepared to cooperate with the bank's identity and account-opening-intent verification; the exact form that cooperation takes is not the same at every bank or branch.
In-person steps and remote-opening limits
The identity-verification and attendance method can vary by bank, branch, customer profile, company structure, nationality or identity-document situation, risk review, and the specific account or service requested. Some banks may require in-person steps for some or all participants. This guide does not promise remote opening, and there is no single attendance rule that applies everywhere; confirm the exact procedure with the selected bank before booking an appointment.
07
Document Categories Banks May Request
Rather than one fixed universal document list, banks typically work from categories such as company registration and identity information, legal representative identity, shareholder and beneficial-owner information, business background and scope, customer or supplier and transaction background where requested, expected transaction profile, supporting business documents where requested, and contact or authorization information where applicable. What is actually requested depends on the bank and its risk review of the specific company.
- Company registration and identity information
- Legal representative identity
- Shareholder and beneficial-owner information
- Business background and expected transaction profile
- Contact or authorization information where applicable
08
Business Case and Choosing a Bank
Business model, transactions and source of funds
Banks may seek to understand what the company does, who it trades with, its expected transaction types and volume, whether activity is mainly domestic or cross-border, relevant currencies, and the source and intended use of funds where relevant. Not every bank requests every item in the same format.
Choosing a bank
Useful, neutral factors include the company's business model, domestic versus cross-border flows, expected currencies, branch access, payment and online-banking needs, and each bank's own KYC and onboarding approach. No single bank is universally the best choice; the right fit depends on the company's own situation.
09
Outcomes and After Opening
Supplementary requests and outcomes
A bank may ask for clarification or supplementary documents during its review. If the bank is not satisfied with identity, ownership, business-purpose, transaction-profile or risk information, account opening may not proceed. YOUYI cannot overturn or control a bank's account-opening decision; the outcome remains the bank's own determination.
After the account is open
KYC is not necessarily a one-time event. Financial institutions carry out ongoing due diligence and monitoring during the business relationship, based on risk. Changes in ownership, control, business activity, contact details or transaction profile may require the company to provide updated information to its bank from time to time.
10
Accounting, Tax and Next Steps
The bank account becomes part of the company's day-to-day operating and accounting environment, but accounting and tax obligations are a separate subject from account opening itself. See Accounting and Tax Compliance for that side of ongoing compliance.
This guide explains what to expect and how to prepare; it does not replace case-specific review of a company's own situation. For help preparing KYC materials, coordinating the bank appointment and following up during review, continue to China Bank Account Support.
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