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

A practical, plain-English overview for Spanish founders on opening a corporate bank account in China: account types, documents, the role of the Spanish parent company, timing, common friction points, and cross-border compliance with Spanish rules. General information only, not legal or tax advice.

This article provides general information for founders from Spain setting up a business in China. It is not legal, tax, accounting or financial advice, and bank practices vary by institution, city and branch. Always confirm requirements directly with your chosen bank and with qualified advisors in both Spain and China.

Why the bank account is a milestone, not an afterthought

For a Spanish founder, registering a company in China (typically a wholly foreign-owned enterprise, or WFOE) is only half the job. Until the company has a functioning RMB basic account, it cannot pay salaries, rent, suppliers, or social insurance, and it cannot receive capital contributions from Spain in a clean, documented way. In practice, the bank account is the point where the entity starts to operate as a real business.

It is also where many timelines slip. Chinese banks apply strict know-your-customer (KYC) and anti-money-laundering checks, and they are cautious with newly established foreign-invested entities. Planning the account process in parallel with company registration — not after it — is the single most useful habit for founders.

Understand the account types before you apply

Chinese banks distinguish several account categories, and you will likely need more than one.

• Basic deposit account (基本存款账户): The company's primary RMB account. It is used for day-to-day payments, cash withdrawals and salary payments. A company can normally have only one basic account, and it is the anchor for the others.
• General deposit account (一般存款账户): Used for additional RMB business, for example a second operating account or a dedicated loan-repayment account. You can hold several.
• Special deposit account (专用存款账户): For ring-fenced purposes such as capital funds, project funds or housing provident fund contributions.
• Foreign currency account: Needed if you will receive USD, EUR or other currencies, for example export proceeds or shareholder loans.
• Capital account / RMB conversion account: Used to receive registered capital from the Spanish parent and convert it into RMB under the foreign-exchange rules. This account is closely tied to your capital registration and is subject to reporting through the bank.

A common sequence is: capital account for the shareholder's initial injection, basic RMB account for operations, then foreign-currency and general accounts as the business grows. Ask the bank early which accounts it will open at the same time and which require separate approvals.

The documents banks usually ask for

Requirements differ by bank and branch, but Spanish founders should expect a document pack along these lines:

• Business licence (营业执照) of the Chinese entity, with the unified social credit code.
• Articles of association and the company's registration documents from the market supervision authority.
• Legal representative's ID or passport, and the company chop/seal set (official seal, financial seal, legal representative seal, contract seal).
• Board resolution or shareholder resolution authorising account opening and appointing signatories, often notarised or apostilled depending on the bank's approach.
• Documents on the Spanish parent: certificate of incorporation, articles, register extract, and ultimate beneficial owner (UBO) information. Banks may ask for these to be apostilled and accompanied by a Chinese translation.
• Proof of address for the Chinese entity (lease or property certificate) and, sometimes, for the Spanish parent.
• Business substance evidence: contracts, invoices, a business plan, or a description of expected transaction flows, currencies and counterparties.
• For the capital account: the foreign investment registration record and capital contribution schedule.

Because Spain and China are both parties to the Apostille Convention, Spanish corporate documents can generally be apostilled rather than legalised through consular channels. Confirm with the specific bank and, where relevant, the local authorities whether an apostille plus a certified Chinese translation is accepted.

The practical process, step by step

1. Register the entity and obtain the business licence

Account opening follows company establishment. Make sure the registered address is real and usable: banks increasingly verify the premises, and a virtual or shared address can trigger extra scrutiny.

2. Choose the bank and the branch

Large state-owned banks, joint-stock banks and some foreign banks all serve foreign-invested companies. Compare on: English-language support, appetite for your industry, willingness to open a capital account, digital banking quality, and the branch's experience with Spanish or European shareholders. A branch with a relationship manager who handles foreign investment is worth more than a marginally better fee schedule.

3. Pre-screen with the bank

Before booking an appointment, send the relationship manager a short profile: shareholder structure, UBOs, business model, expected monthly transaction volumes, main counterparties and currencies. Banks use this to decide whether they can onboard you and what additional documents they need.

4. Prepare and translate documents

Get Spanish corporate documents apostilled and translated early. Translation and notarisation are common causes of delay, especially around UBO declarations and parent-company resolutions.

5. Attend in person

Expect the legal representative or an authorised signatory to attend the branch in person with original documents and seals. Some banks may permit remote or video verification for certain steps, but in-person attendance remains common for new foreign-invested companies.

6. Complete KYC and activate the account

The bank will verify the UBOs, the source of funds and the purpose of the account. Approval can take days to several weeks. Once activated, test the account with a small inbound and outbound payment before relying on it for payroll or supplier payments.

7. Handle the capital injection correctly

Shareholder capital should flow into the capital account with a clear purpose reference, then be converted and reported in line with foreign-exchange rules. Keep the bank informed of the expected amount and timing so the payment is not held or returned.

Common friction points for Spanish founders

• Name mismatches: The Spanish parent's name on documents, translations and the bank's records must align. Minor variations can stall onboarding.
• UBO complexity: If the Spanish company has holding structures, funds or family shareholders, expect deeper ownership disclosure.
• Thin business substance: A new entity with no contracts or clear transaction rationale may face longer review or a declined application.
• Seals and signatories: Chinese banking relies heavily on company seals and authorised signatories. Decide early who holds and can use them.
• Language: Many forms and online banking interfaces are Chinese-only. Budget for translation support or choose a bank with English service.
• Branch discretion: Two branches of the same bank can apply requirements differently. If one is unresponsive, another branch or bank may be more suitable.

Cross-border compliance on the Spanish side

Opening a Chinese account also has implications in Spain. Founders should consider Spanish corporate and personal tax obligations connected to the Chinese subsidiary, transfer-pricing documentation for intercompany flows, and reporting duties for foreign accounts and holdings where applicable. Spanish banks may also ask questions when funds are sent to China, so keep board resolutions, capital contribution documents and the Chinese business licence ready. Coordinate with a Spanish advisor alongside your Chinese service provider.

Practical checklist for the first 90 days

• Confirm the registered address is verifiable and suitable for banking.
• Collect and apostille Spanish parent-company documents; arrange certified Chinese translations.
• Map UBOs and prepare a clear ownership chart.
• Shortlist two or three banks and pre-screen each with a written business profile.
• Sequence accounts: capital account, basic RMB account, then foreign-currency and general accounts.
• Agree seal custody and signatory authority internally.
• Test payments and keep complete records of every cross-border transfer.
• Review Spanish tax and reporting positions with a qualified advisor.

Opening a corporate bank account in China is manageable with preparation, but it rewards founders who treat banking as part of market entry rather than an administrative afterthought. Start the conversation with banks before the business licence is issued, keep your documentation consistent, and be ready to explain your business in plain terms. For decisions specific to your structure, seek advice from qualified legal, tax and banking professionals in both Spain and China.