Published · Moldova

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

A practical, plain-English guide for Moldovan founders on opening a corporate bank account in China: account types, documentation, KYC, RMB vs foreign-currency accounts, timelines, common pitfalls, and how to work with banks from abroad. General information only, not legal or tax advice.

You have registered your China entity, you have a business plan, and now you need the one thing that makes trade real: a corporate bank account. For founders coming from Moldova, the process can feel opaque — Chinese banks have their own documentation habits, their compliance teams ask detailed questions, and the rules differ depending on whether you are opening an RMB account, a foreign-currency account, or both. This guide walks you through what to expect in practical terms. It is general information, not legal or tax advice, and bank practices vary by city, branch and the type of entity you set up.

First, understand which account you actually need

Chinese corporate banking is not a single product. Most foreign-invested companies end up needing more than one account, and it helps to know the vocabulary before you walk into a branch.

Basic deposit account (基本存款账户)

This is the core account for a China-registered company. It is used for day-to-day operations: paying salaries, settling local invoices, receiving RMB from customers. A company generally has one basic account, and it is the account from which cash withdrawals are permitted. Opening it usually requires the company to have completed its registration and to have its business licence and official seals ready.

General deposit account (一般存款账户)

If you need a second operating account — for example, one for a specific project or a different city — you can open a general account. It cannot handle cash withdrawals in the same way as the basic account, but it is useful for separating funds.

Foreign-currency account (外币账户)

If you will receive payments from Moldova or other countries in USD, EUR or another currency, you will need a foreign-currency account. Many banks offer this alongside the RMB account, but the compliance checks are stricter and you should expect questions about the source and purpose of incoming funds.

Special accounts

There are also dedicated accounts for specific purposes, such as capital contributions from foreign investors, loan proceeds, or temporary project funds. If your structure involves injecting registered capital from abroad, ask the bank early which account type they require for that inflow.

What the bank will ask for

Documentation is where most delays happen. Chinese banks follow know-your-customer (KYC) and anti-money-laundering requirements, and they apply them to foreign-invested companies carefully. While each bank has its own checklist, you should prepare the following as a baseline:

• Business licence (original and copies, often with an official seal).
• Company seals: the official company seal, the financial seal, the legal representative's seal, and sometimes the contract seal. Bring all of them — branches often ask for more than you expect.
• Articles of association and, where relevant, the foreign-investment approval or filing documents.
• Legal representative's ID: passport for a foreign legal representative, and proof of entry into China if they are signing in person.
• Authorised signatory documents if someone other than the legal representative will operate the account, including a power of attorney.
• Proof of registered address: lease agreement or property documents for the company's registered office.
• Beneficial ownership information: who ultimately owns and controls the company, with supporting documents for the ownership chain back to Moldova.
• Business substance evidence: contracts, invoices, a business plan, or a description of expected transaction flows. This is increasingly important for new companies with no trading history.

Bring more than the minimum. A branch officer who has to request an extra document can add days or weeks to the process.

The in-person problem

In practice, many Chinese banks still require the legal representative or an authorised signatory to appear in person at the branch to sign account-opening documents and complete identity verification. For a Moldovan founder, that means planning a trip to the city where the company is registered. Some banks have introduced remote or video-based verification for certain client types, and some work through relationship managers who coordinate the process, but availability varies widely and should never be assumed.

If you cannot travel, ask the bank in advance — in writing — whether remote onboarding is possible for a foreign-invested company of your size and sector, and what alternatives they accept. Do not book travel on the assumption that a branch will bend its rules.

RMB versus foreign currency: practical differences

Your RMB account is for domestic payments, salaries and local suppliers. Your foreign-currency account is for cross-border receipts and payments. Converting between them involves the bank's foreign-exchange procedures, and cross-border transfers are subject to documentation requirements: invoices, contracts, tax filings and, depending on the transaction, foreign-exchange registration records.

For founders receiving money from Moldova, expect the bank to ask about the payer, the underlying contract and the nature of the goods or services. Keep clean, consistent documentation from the first transaction, because patterns established early affect how smoothly later transfers are processed.

How long does it take?

There is no reliable standard. A straightforward case with complete documents at a branch that is familiar with foreign-invested companies might be measured in days to a few weeks. Cases involving complex ownership structures, unusual business models, or a legal representative who is not physically present can take considerably longer. Build this into your project plan: do not sign a lease or commit to payroll dates on the assumption that the account will be live by a specific date.

Choosing a bank

China has large state-owned banks, joint-stock commercial banks, city commercial banks and foreign bank branches. Each has trade-offs:

• Large state-owned banks tend to have broad branch networks and experience with foreign-invested companies, but onboarding can be formal and slow.
• Joint-stock and city commercial banks may be more flexible and relationship-driven, especially for smaller companies, but their international capabilities vary.
• Foreign bank branches can be comfortable for founders used to international banking, but their local product range and branch access may be narrower.

Ask other founders in your city which branches actually handled their account opening, and ask specifically whether the branch had done it for a company with a foreign legal representative. A branch's general reputation matters less than whether the individual officer has done this before.

Common pitfalls for Moldovan founders

• Mismatched names. The company name on the business licence, the seal and the bank forms must match exactly, including punctuation and spacing. Check translations of your Moldovan documents carefully.
• Missing beneficial ownership documents. If your holding structure runs through Moldova or another jurisdiction, prepare the ownership chain in advance.
• Assuming a personal account will do. Mixing personal and company funds creates compliance problems later. Open the corporate account before you start trading.
• Underestimating the seal culture. In China, the company seal carries legal weight comparable to a signature. Store seals securely and track who uses them.
• Ignoring the registered capital account. If you are bringing in registered capital, confirm with the bank how the inflow should be documented and which account it should land in.

A sensible sequence

Complete company registration and receive the business licence and seals. Confirm your registered address documents. Prepare the ownership and beneficial ownership file. Shortlist two or three banks and speak to a relationship manager at each about your specific structure. Confirm in writing whether in-person attendance is required and who may sign. Then travel or appoint an authorised signatory, and open the basic RMB account and the foreign-currency account together if the bank allows it.

Treat the bank as a partner you are onboarding, not a formality. Clear documents, honest answers about your business, and a relationship manager who understands your model will do more for you than any shortcut. And because rules and branch practices change, confirm the current requirements directly with your chosen bank and, where your structure is complex, with a qualified local adviser. This article is general information only and is not legal or tax advice.