Published · Equatorial Guinea

Opening a Corporate Bank Account in China: A Practical Guide for Founders from Equatorial Guinea

A practical, plain-English guide for founders from Equatorial Guinea on opening and operating a corporate bank account in China, covering bank choices, documentation, KYC, remote onboarding limits, timelines, foreign-exchange practicalities and common pitfalls. General information only, not legal or tax advice.

So you have registered your company in China — or you are about to — and now you need the piece that makes it real: a corporate bank account. For founders coming from Equatorial Guinea, this step is often where plans slow down, not because the rules are impossible, but because Chinese banks apply them carefully and expect a well-prepared file. This guide walks you through what to expect, what to prepare, and where founders most often lose time. It is general information only and is not legal, tax or financial advice; confirm the current requirements with your chosen bank and with a qualified local adviser.

Why the corporate account matters more than you think

In China, a company's bank account is not just a place to hold money. It is tied to your business licence, your invoicing (fapiao) system, tax filings, social insurance registrations for staff, and your ability to receive payments from Chinese customers. Many suppliers and platforms will only deal with a company that can issue a proper invoice, and that requires a bank account linked to the registered entity. Setting it up early and correctly avoids a chain of downstream delays.

Understand the two types of account

Basic deposit account (基本存款账户)

This is the core account. A company can generally have only one basic account, and it is the account used for day-to-day operations such as paying salaries, withdrawing cash and handling tax payments. Opening it usually requires the company's legal representative to be present in person at the branch, or to complete a remote verification process if the bank offers one. For most foreign-invested companies, this is the account you actually need first.

General deposit accounts (一般存款账户)

These are additional accounts used for specific purposes, such as receiving loan proceeds or separating project funds. They are opened after the basic account exists. You do not need one on day one, but knowing the distinction helps you avoid confusion when a bank asks which type you want.

Which bank should you choose?

There is no single best bank. The practical choice usually comes down to three factors: whether the branch regularly handles foreign-invested companies, whether they can support your currency and cross-border needs, and how responsive their relationship manager is.

• Large state-owned banks (for example, Bank of China, ICBC, China Construction Bank, Agricultural Bank of China) tend to have broad branch networks and established processes for foreign-invested entities. Bank of China is often favoured by companies with significant cross-border flows.
• Joint-stock and commercial banks can be more flexible and faster to respond, particularly for smaller companies, though their international network may be narrower.
• Foreign bank branches may suit companies that already bank with the same group internationally, but they are fewer in number and often focus on larger clients.

Visit two or three branches near your registered office before deciding. Ask directly: do you open accounts for foreign-invested companies, what documents do you require, and can any step be done remotely? The answers vary by branch, not just by bank.

Documents you should prepare

Requirements differ by bank and city, but a typical file for a foreign-invested company includes:

• Business licence (original and copies, often stamped with the company seal)
• Articles of association and, where relevant, the foreign investment information report
• Legal representative's identity document — passport for a foreign national
• Company seals: official seal, financial seal, legal representative's seal and, if applicable, contract seal
• Proof of registered address, such as a lease or property certificate
• Shareholder and ultimate beneficial owner information, including ownership percentages
• Board resolution or written authorisation for account opening, if the signatory is not the legal representative
• Tax registration information and, for some banks, a brief description of expected business activity and transaction volumes

Because documents issued in Equatorial Guinea may need translation, prepare certified English or Chinese translations in advance. Banks generally expect Chinese-language documents or translations they can verify.

KYC and beneficial ownership: expect detailed questions

Chinese banks apply customer due diligence requirements similar in spirit to those elsewhere. They will want to understand who ultimately owns and controls the company, what the business does, who your main customers and suppliers are, and what sort of transactions you expect. For founders from Equatorial Guinea, this means being ready to explain your ownership structure clearly, including any intermediate holding companies.

Be consistent. If your business licence, shareholder register and your explanation at the counter tell different stories, the file will be paused. Bring an organisational chart showing the ownership chain from the Chinese entity up to the ultimate individuals.

In-person versus remote opening

Historically, the legal representative had to appear at the branch in person. Some banks now permit remote verification through video or authorised agents, but availability varies widely by bank, branch and city, and policies change. Do not assume remote opening is possible. If you are still in Equatorial Guinea, ask the bank in writing whether the legal representative must travel to China, and plan your trip accordingly. Budgeting for one trip to complete account opening, tax registration and any follow-up is a realistic approach for most founders.

How long does it take?

If the file is complete, account opening can sometimes be completed within a few days, but two to four weeks is a more common planning assumption once document checks and internal approvals are included. Delays typically come from incomplete documents, unclear ownership structures, mismatches between the registered address and the actual office, or a legal representative who is unavailable. Ask your bank for a checklist in advance and follow it precisely.

Foreign exchange and cross-border practicalities

Your account will need to handle both renminbi and foreign currency if you expect funds from abroad. China maintains a managed capital account regime, so cross-border flows are subject to registration and documentary requirements. In practice this means:

• Keep contracts, invoices and supporting documents for inbound and outbound payments.
• Register foreign currency capital contributions appropriately before funds arrive; your bank or adviser can explain the current process.
• Expect questions on the purpose of transfers, particularly for service payments and related-party transactions.
• Confirm the bank's capability and experience with transfers involving your home country before you commit.

Equatorial Guinea uses the Central African CFA franc, which is not a major settlement currency in China. In practice, most transactions will be converted through USD, EUR or directly into renminbi. Clarify the conversion route and fees with your bank early, so you can price your business correctly.

Common pitfalls to avoid

• Using a virtual or shared registered address that the bank's compliance team cannot verify. This is a frequent cause of rejection.
• Arriving without the company seals. They are required, not optional.
• Assuming the account is active immediately. Some banks restrict initial transactions until verification is complete.
• Ignoring the online banking setup. Ask for the corporate online banking package, token devices and user permissions at opening, not later.
• Forgetting the follow-up registrations. Tax, invoicing and social insurance arrangements usually depend on the bank account existing, so sequence your tasks accordingly.

Final practical advice

Treat the bank account as a project with a checklist, not an errand. Build a relationship with one relationship manager, keep copies of everything you submit, and respond quickly to follow-up questions. If your Chinese is limited, bring a trusted interpreter or colleague — accuracy at the counter matters more than speed. And before you sign anything, have a qualified local adviser review your structure and tax position. This article is general information only and is not legal or tax advice.