Published · Guinea-Bissau

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

A practical, plain-English guide for founders from Guinea-Bissau on opening a corporate bank account in China: documents, KYC, remote versus in-person steps, timelines, common pitfalls, and how to prepare before you travel. General information only, not legal or tax advice.

Opening a corporate bank account in China is often one of the last steps in setting up your company — and one of the most misunderstood. Many founders from Guinea-Bissau assume that once the business licence (营业执照, yíngyè zhízhào) is issued, a bank account follows automatically. In practice, banks treat account opening as a separate compliance exercise, and the quality of your preparation determines whether it takes two weeks or two months.

This article explains what to expect, what to prepare, and where founders from Guinea-Bissau commonly get stuck. It is general information only — not legal, tax or financial advice. Banking rules in China change, and individual banks apply them differently, so confirm details with the specific bank and with a qualified professional before you act.

First, understand what kind of account you need

Chinese companies typically need two accounts, and confusing them is a common early mistake.

• Basic deposit account (基本存款账户): the company's main account. It is used for salaries, tax payments and day-to-day operations. A company can generally have only one basic account, and it must be opened at a bank branch with the appropriate licence to handle it. Many operational activities — including withdrawing cash and paying taxes — depend on this account.
• General deposit account (一般存款账户): a secondary account for specific purposes, such as receiving foreign currency, holding project funds, or separating business lines. You can have more than one, typically after the basic account exists.

If you plan to receive payments from overseas clients or repatriate funds, ask specifically about foreign currency (FX) capabilities and whether the branch handles cross-border receipts. Not every small branch does.

The documents you will be asked for

Requirements vary by bank, branch and city, but a typical corporate account application for a foreign-invested company includes:

• Business licence (original and copies, often stamped with the company seal).
• The company's official seals — at minimum the company seal (公章) and, where required, the financial seal and legal representative's seal. Bring all of them; branches differ on which they want to see.
• Articles of association (公司章程) and, for foreign-invested entities, the relevant filing or approval documents.
• Identification of the legal representative: passport for a foreign national. If the legal representative is not present, a properly executed power of attorney and the ID of the authorised signatory.
• Identification of the beneficial owners (the natural persons who ultimately own or control the company), including passport copies. This is part of standard know-your-customer (KYC) checks.
• Proof of the company's registered address — a lease agreement, property certificate, or the address documentation accepted by the bank.
• Board resolution or shareholder resolution authorising the account opening and naming the signatories, in the form the bank requires.
• Contact details, including a Chinese mobile number for the authorised person in many cases.

Ask the branch for its written checklist before you travel or courier documents. Requirements genuinely differ between banks and even between branches of the same bank.

In-person attendance is usually expected

Chinese banks generally require the legal representative or an authorised signatory to appear in person at the branch for identity verification and to sign documents. Some banks offer limited pre-application or video steps, but do not assume you can open a fully functioning corporate account entirely remotely. Plan a trip to the city where the company is registered, and allow more days than you think you need.

Bring your passport, your visa or entry documentation, and be ready for the bank to take photographs and verify signatures on the spot.

How long it takes, realistically

There is no universal timeline, and no bank can promise one. In practice, a well-prepared application at a cooperative branch can move quickly once all documents are accepted, but the process can also pause for compliance review, address verification, or follow-up questions about your business and source of funds. Budget for several weeks and avoid booking tight return flights around the account opening.

Expect the bank to ask practical questions: What does the company do? Who are your customers and suppliers? Where does incoming money come from? What is the expected monthly volume? Answer consistently with your business licence, contracts and shareholder documents. Inconsistent answers are the most common reason applications stall.

Practical tips for founders from Guinea-Bissau

• Use a local accountant or corporate service provider. A reputable firm that routinely handles foreign-invested companies can introduce you to branches that are used to foreign founders and can review your documents before submission.
• Keep names consistent. Your name on your passport, on the business licence, and on bank forms must match. Decide early how your name will be transliterated and stick to it across all documents.
• Prepare a simple business explanation in Chinese. A one-page summary of your business, customers and expected transactions, translated into Chinese, helps the branch's compliance team and speeds up internal review.
• Have your seals made before you go to the bank. Account opening forms and authorisations typically need stamping.
• Do not use a residential address casually. If your registered address is a shared or virtual office, confirm in advance that the bank accepts it — some branches are strict about address verification.
• Open the basic account first. Trying to open an FX or general account before the basic account exists usually wastes a trip.
• Keep copies of everything. Scan every document you submit, and keep a record of what each branch asked for. If you need to open a second account later, this saves time.

Common pitfalls to avoid

• Assuming that a business licence guarantees an account. It does not; the bank conducts its own checks.
• Arriving without all seals or without the legal representative's original passport.
• Submitting a power of attorney that does not match the bank's required format.
• Giving vague answers about the source of funds or expected transaction volumes.
• Choosing a branch purely on convenience without confirming it handles foreign-invested companies and cross-border payments.

After the account is open

Once active, keep the account in good standing: respond to the bank's periodic KYC updates, keep your registered information current, and make sure your bookkeeping and tax filings are handled by someone qualified. A dormant or poorly documented account can be restricted, which is far more disruptive than the initial paperwork.

Finally, remember that this guide is general information, not legal or tax advice. China's banking and foreign-exchange rules are detailed and can change, and the right approach depends on your business structure. Work with a qualified local accountant or lawyer, confirm requirements directly with your chosen bank, and treat account opening as a project to plan — not an errand to squeeze into a busy week.