Published · Slovakia

Opening a Corporate Bank Account in China: A Practical Guide for Slovak Founders

A practical overview for Slovak founders on opening a corporate bank account in China, covering account types, documentation, KYC, timelines, common obstacles and practical tips. General information only, not legal or tax advice.

Opening a corporate bank account is one of those steps that looks simple on paper and can become surprisingly time-consuming in practice. For founders from Slovakia setting up a business in China, the bank account is not just a place to hold money: it is the gateway to paying suppliers, receiving customer payments in RMB, paying staff and dealing with tax and customs. This article gives you a practical, realistic overview of what to expect. It is general information only and is not legal, tax or financial advice. Always confirm details with your bank, your accountant and, where relevant, a qualified local adviser.

Why the corporate bank account matters more than you might expect

In many European countries, a company can be formed and a bank account opened in a fairly standardised way. In China, the bank account is closely tied to the company's legal registration, its tax status and its ability to operate. Without a corporate RMB account, a Chinese entity cannot easily pay salaries, settle invoices or receive domestic revenue. Without a foreign-currency account, cross-border payments from Slovakia or elsewhere become awkward. The account is therefore part of the operating infrastructure, not an afterthought.

It also matters because China's banking system distinguishes between different types of accounts, and each has its own rules. Understanding these distinctions early will save you weeks later.

The main account types you will encounter

Basic deposit account (基本存款账户)

This is the core account for a Chinese legal entity. It is used for day-to-day operations, cash withdrawals and salary payments. A company can generally have only one basic deposit account, and it is often the account that must be opened first. Banks will usually require the company to have completed its business registration and obtained the business licence before this account can be opened.

General deposit account (一般存款账户)

Companies can open general accounts for specific purposes, such as receiving loan proceeds or handling payments in a particular location. These are supplementary to the basic account and are subject to their own documentation requirements.

Foreign-currency account

If you expect to receive capital from Slovakia, pay overseas suppliers or handle cross-border service fees, you will need a foreign-currency account. This is often opened alongside or after the basic RMB account. Cross-border payments are subject to foreign-exchange rules and may require supporting documents such as contracts and invoices.

Special-purpose accounts

These cover specific uses such as temporary project funds or certain regulated activities. Most early-stage founders will not need them immediately, but it is useful to know they exist.

What you need before you approach a bank

Banks in China apply know-your-customer (KYC) and anti-money-laundering checks. The exact list varies by bank and city, but Slovak founders should generally prepare the following:

• Business licence of the Chinese entity, with the official seal.
• Legal representative's identity documents — usually a passport for a foreign legal representative.
• Company seals, including the official company seal, financial seal and, where applicable, the legal representative's seal.
• Articles of association and incorporation documents.
• Proof of registered address, such as a lease or property certificate.
• Beneficial ownership information, including details of Slovak shareholders and ultimate beneficial owners.
• Business rationale — a short explanation of what the company does, who its customers and suppliers are, and expected transaction flows.

If the legal representative cannot attend in person, banks may require a notarised and apostilled power of attorney. Requirements differ, so confirm with the specific branch before booking an appointment.

The practical process, step by step

1. Complete company registration first

The bank cannot open a corporate account for an entity that does not yet legally exist. You will need the business licence and the company's official seals. If you are still at the setup stage, coordinate with your registration agent so that the bank appointment follows quickly after incorporation.

2. Choose a bank and a branch

China has large state-owned banks, joint-stock banks and city commercial banks. Larger banks tend to have more standardised processes and broader networks; smaller banks may be more flexible but can have fewer branches. For Slovak founders, it is often sensible to choose a bank with experience serving foreign-invested enterprises and, where possible, English-speaking staff. The branch matters too: some branches are more accustomed to onboarding foreign shareholders than others.

3. Prepare and pre-check documents

Ask the bank for its document checklist in advance and send copies for pre-review. This step reduces the risk of being turned away at the counter. Make sure names, addresses and shareholding percentages match across all documents. Inconsistencies between the business licence, articles and shareholder records are a common cause of delay.

4. Attend the appointment

The legal representative or an authorised representative will usually need to attend in person. Expect the bank to verify original documents, take copies, and ask questions about the business model and expected transactions. Answer clearly and consistently with your written business rationale.

5. Activate and test the account

After approval, the account is activated and you receive account details. Set up online banking, which may require separate forms and tokens. Make a small test payment to confirm that inbound and outbound transfers work as expected.

How long does it take?

Timelines vary widely by bank, city and the completeness of your documents. Some accounts can be opened within a couple of weeks; others take longer, especially where foreign shareholding, complex ownership structures or additional compliance checks are involved. Rather than relying on a fixed number, plan for a buffer and avoid making commitments to suppliers or customers that depend on the account being live by a specific date.

Common obstacles for Slovak founders

• Language and documentation. Chinese-language forms and seals are standard. A trusted interpreter or local colleague can help avoid misunderstandings.
• Legal representative presence. If your legal representative is based in Slovakia, travel or a properly legalised power of attorney may be required.
• Business rationale scrutiny. Banks want to understand the source of funds and the nature of transactions. Vague answers slow the process.
• Foreign-exchange controls. Cross-border transfers need supporting documents. Keep contracts, invoices and customs records organised.
• Bank expectations on minimum balances or fees. These vary; ask for the fee schedule and any account conditions in writing.

Practical tips

Start the bank conversation early, ideally while company registration is still in progress, so you know the exact requirements. Keep a single, consistent set of corporate documents and update them whenever shareholding or addresses change. Build a relationship with a specific branch contact rather than relying only on a central hotline. Finally, involve your accountant from the beginning: tax registration, invoicing and bank setup are connected, and sequencing them well saves time.

A final note

Opening a corporate bank account in China is manageable, but it rewards preparation. For Slovak founders, the key is to treat it as part of the broader setup process rather than an isolated administrative task. Confirm current requirements directly with your chosen bank, and seek professional advice on legal, tax and foreign-exchange matters specific to your situation. This article is general information only and does not constitute legal, tax or financial advice.