Open Bank Accounts for China company WFOE

 Wholly Foreign Owned Enterprise WFOE

The China company WFOE must open bank accounts, if not, it will very difficult to operate business in China.

How many bank accounts need to open. Firstly, one account is capital account which specified using for receive capital (raise or reduce), (it is foreign currency account). Secondly, one account is base account, which has general function, such as: income outcome, pay salary, pay tax. (it is RMB CNY currency account).  Moreover, company can also open others account for others purpose. Above type accounts can be open in different local banks.

What requirements for open bank accounts? In usually, the bank require conditions: (1) provide full set of business license of the company; (2) director self presence to the bank to sign documents; (3) the company has real office room in local; (4) the registered capital of the company, the higher capital, the easier to open.

Cost for open bank accounts, charge by bank: (1) the capital account, aprx RMB800; (2) the base account aprx RMB1000.

Investors or shareholders must contribute the full amount of registered capital and deposit the money into a specified bank account (capital account) in the name of the WFOE.