Opening a Corporate Bank Account: What to Prepare
Author: Junanda ConsultingReviewed by: Junanda Service Team2026-09-19
Opening a bank account is the step that turns a company on paper into a business that can receive and make payments. Many founders assume that a business licence and an ID card are all they need, only to discover at the counter that documents are missing, that the legal representative has not appeared in person, or that the address verification has failed — and to make two or three wasted trips. Whether the account can be opened in a single visit depends on three things: whether the documents are complete, whether the registered address can be verified, and whether the actual control relationships can be explained clearly. This article sets out what to prepare in advance, following the order of the process.
Decide First: Which Type of Account to Open
A corporate account is not a single category. The two most common types are:
| Account type |
Purpose |
Number permitted |
Key features |
| Basic deposit account |
Day-to-day transfers and settlement, cash receipts and payments, payroll and social insurance disbursements, tax withholding and payment |
An enterprise can normally open only one |
The company's "main account"; opening other accounts usually depends on it |
| General deposit account |
Loan transfers, management of dedicated funds, settlement in another location, project-specific accounts |
Several may be opened |
Cash withdrawals are generally not permitted, subject to the rules of the account bank |
There are also special deposit accounts, used for example for the management of particular funds, and temporary deposit accounts, used for example where there is a temporary place of business. For most small and micro enterprises the sequence is: open the basic account first, then open general accounts as needed. Only after the basic account is open can you sign the tripartite tax withholding agreement and arrange social insurance and housing provident fund deductions, so it is advisable to do this as early as possible.
Basic Document Checklist for a Basic Deposit Account
The following are common requirements. Details vary slightly between banks, and the latest requirements of the account bank prevail:
- Original and photocopies of the original and duplicate business licence;
- Company seal, finance seal and the legal representative's name seal, and in some banks the contract seal as well;
- Original and photocopy of the legal representative's valid identity document;
- Original and photocopy of the handling officer's identity document, together with a power of attorney signed by the legal representative;
- The articles of association, which some banks require in a version signed or sealed by all shareholders;
- The register of shareholders or shareholder identity information, with natural person shareholders providing identity documents and corporate shareholders providing their business licence;
- Proof of the registered address, as described in the next section;
- Some banks require the filing certificate for the carving of the company seal, tax registration information or confirmation of the taxpayer identification number;
- Some banks require beneficial ownership information for anti-money laundering identification.
Before setting out, do two things: telephone or book online to confirm the documents currently required by that particular branch, and pack all originals and photocopies in separate folders, with two extra copies of each photocopy.
How the Registered Address Is Verified
The most common reason an account is refused is not that documents are missing but that the address cannot be explained clearly. Banks usually cross-check in the following ways:
- On-site verification. The relationship manager visits the registered address to see it in person and photographs the door plate, the office space, the office equipment and the company signage;
- Address photographs. The enterprise supplies photographs of the premises, including the exterior building entrance and the interior office environment;
- Proof of premises. A photocopy of the property ownership certificate, the lease contract, or a move-in certificate or proof of use of premises issued by the park;
- System comparison. The registered address is compared with the business registration information and publicly available map information.
If the registered address is a cluster registration, a virtual address or a shared office area, confirm in advance whether the account bank accepts that address and what documents the park will need to issue. An abnormal address, an excessive number of companies at one address, or an inability to make contact will all make opening an account significantly harder.
Filing After the Abolition of the Account Opening Permit
Administrative licensing for corporate settlement accounts has been abolished and replaced by a filing system: an enterprise no longer needs to obtain an account opening permit first, and the bank may open the account once it has completed customer identification and due diligence, then report the account information to the local branch of the People's Bank of China for filing as required. Two things follow from this.
First, processing is faster, but the bank's own review responsibility is heavier, so scrutiny of the authenticity of documents and the substance of the business is in fact more detailed. Second, opening the account is not the end of the matter. If the address subsequently changes, the legal representative changes or the business scope is substantially adjusted, the bank should be updated promptly so that the account is not restricted.
Online Banking, USB Keys and Digital Certificates
Corporate online banking is usually arranged on the same day the account is opened, and the following need to be prepared:
- Identity information for the online banking operator and authoriser, generally at least one operator and one authoriser, with additional users added as required;
- A choice of payment limits and approval model, either single-person approval or two-person review;
- Collection of the USB key or digital certificate medium, with the password set on the spot.
A practical recommendation: keep the operator and the authoriser separate, held by different people. This satisfies internal control requirements and prevents business interruption when personnel change. A USB key is a critical payment medium, so keep a register of issue and return, assign one person to look after it, and do not lend it out casually.
Why Applications Are Refused, and Managing the Account Afterwards
Common reasons for refusal:
- The place of business is not genuine. There is no sign of actual office activity at the registered address, or it clearly does not match the business scope.
- The legal representative does not appear. Most banks require the legal representative to attend in person, and where delegation is genuinely necessary it must follow the bank's rules.
- The industry is sensitive. Some sectors are treated as high risk and require additional business documentation.
- There is no trace of actual operations. No contracts, no invoices, no social insurance, no transaction records — the bank cannot assess whether the business is real.
- The ownership structure is complex. Too many layers of equity make it difficult to identify the beneficial owner.
- There is a credit problem. The legal representative or the enterprise appears on an abnormal list or a list of dishonest debtors.
The response is not to try another bank, but to strengthen the evidence of operations: the lease contract, office photographs, business contracts, upstream and downstream information and social insurance contribution records. The more specific, the more useful.
Accounts that see no receipts or payments for a long period, hold a nil balance over the long term and have no other related business may be treated as dormant and restricted from use. Banks also carry out periodic account reviews and information verification, requiring enterprises to update their licences, address and contact details. Our recommendations:
- Keep modest, legitimate day-to-day receipts and payments flowing through the basic account so that it is not treated as dormant;
- Respond promptly when the bank issues a notice to verify information rather than setting it aside;
- Close accounts you no longer use, so that they do not become an administrative liability.
Self-Check Checklist
Fees, account management charges, online banking device charges, transfer rates and small and micro enterprise concessions vary considerably between banks, and policies are adjusted from time to time. The latest requirements of the account bank prevail in every case, and these should be confirmed in person before you proceed and kept as a written or online record.
This article is general business information prepared by Junanda Consulting. Specific policy positions, tax rates, deadlines and procedural requirements are subject to the latest official versions issued by the competent authorities. To understand how these requirements apply to your business, please contact Junanda Consulting for further information and support.
