Since the implementation of CRS as well as the strengthening account management, stricter rules for foreigners to open individual accounts will be conducted by banks in mainland China.
According to the inquiry from some banks in Guangzhou, there are new requirements for expats opening Chinese bank accounts. These rules are mainly including:
More Supporting Documents are Needed
For expats and Taiwanese (not including residents from HK or Macao) opening Chinese bank accounts, in the past, only passports were needed. But now, following documents are also required:
❶ Passport (for expats) or Mainland Travel Permit for Taiwan Residents
❷ ID Card (Identification documents)
❸ One of relevant documents:
Business License, Commercial Contract/Receipt, supporting documents of residence (including Working Proof, Share Proof, Tenancy Agreement, or 3-month-or-above Payment Records of utility or telephone bills.)
For residents from HK and Macao:
❶ Mainland Travel Permit for Hong Kong and Macao Residents
❷ HK or Macao ID Card
Stricter Background Investigation
Besides from more supporting documents are needed, there will be a stricter background investigation.
For those applicants coming from economically or politically unstable countries, their applications for opening Chinese bank accounts are likely to be refused.
*The information is for reference only, specific details are subject to country’s official website.
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