Published · Togo

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

A practical, plain-English overview for Togolese founders on how to open a corporate bank account in China, including document preparation, residency rules, bank selection, timelines, and common pitfalls. General information only, not legal or tax advice.

So you have decided to set up a company in China. Whether you are registering a wholly foreign-owned enterprise (WFOE), a joint venture, or a representative office, one of the first operational hurdles you will face is opening a corporate bank account. For founders arriving from Togo, the process can feel unfamiliar, because Chinese banks apply strict anti-money-laundering (AML) and know-your-customer (KYC) rules, and procedures vary from city to city and from bank to bank. This article walks you through the practical steps, the documents you should prepare, and the questions to ask before you sign anything. It is general information only and is not legal, tax, or financial advice; always confirm current requirements with your bank and a qualified local professional.

Why the Corporate Bank Account Matters

In China, a company cannot operate properly without a corporate bank account. It is used to receive registered capital, pay staff salaries, settle rent and suppliers, and handle tax payments. Many licensing and registration steps also require proof of a bank account. There are two main types you will hear about:

• Basic deposit account (基本存款账户): the primary account, one per company, used for payroll, cash withdrawals, and general operations. It must be opened at a bank branch, usually in the city where the company is registered.
• General deposit account (一般存款账户): a secondary account for loans, specific projects, or additional operational needs. You can open more than one, but it cannot replace the basic account for cash withdrawals.

Foreign currency accounts are also common, especially if you will receive funds from Togo or elsewhere. Many companies open both a RMB account and a USD (or EUR) account, sometimes at the same bank.

Who Can Open the Account, and Where

Chinese banks generally require the company's legal representative (法定代表人) to appear in person for account opening, at least for the basic account. If the legal representative is a foreign national, some banks accept a passport as identification, but practices differ. In some cities, the legal representative can authorise a representative with a power of attorney, though the bank may still insist on a video call or in-person verification. Because rules change, ask the specific branch before you travel.

Where you open the account matters. The basic account is typically opened at a branch in the same city as the company's registered address. If your company is registered in Shanghai but you live in Guangzhou, expect complications. Plan to open the account in the city of registration, or ask your registration agent which banks are familiar with foreign-invested enterprises in that location.

Documents You Should Prepare

Requirements vary by bank and city, but the following list covers the usual documents for a foreign-invested company. Prepare originals and several copies, and keep digital scans.

• Business licence (营业执照) — original and copy.
• Company seal, legal representative seal, and finance seal, as applicable.
• Articles of association (公司章程).
• Foreign investment information report or filing receipt, where required.
• Legal representative's passport and, if applicable, residence permit.
• Passport and proof of address for authorised signatories.
• Proof of registered address: lease agreement, property certificate, or a letter from the landlord.
• Shareholder documents, including certificates of incorporation for corporate shareholders and translated documents where required.
• Board resolution or shareholder resolution authorising account opening and signatories.
• Tax registration information, once available.
• Company chop and, in some cases, a fingerprint or signature card.

Documents issued in Togo or another country may need translation into Chinese and, in some cases, notarisation or legalisation. Ask the bank early, because this step can add weeks.

Choosing a Bank

China has a large banking sector, including the big state-owned banks (such as ICBC, Bank of China, China Construction Bank, and Agricultural Bank of China) and many commercial and city banks. Each has trade-offs:

• Large state-owned banks: wide networks, strong international services, but often stricter onboarding and more paperwork for foreign-invested companies.
• Commercial and city banks: sometimes more flexible and faster for small companies, but international services and English support may be limited.
• Foreign banks: familiar international processes, but fewer branches and higher minimum balances or fees.

Before committing, ask about monthly fees, minimum balance requirements, online banking capabilities, English-language support, and whether the bank can handle cross-border payments to and from Togo. Also ask whether the branch has experience with companies from your region; a branch that has done it before will usually be smoother.

The Process, Step by Step

While every bank is different, the typical flow looks like this:

• 1. Complete company registration and obtain your business licence and seals.
• 2. Shortlist banks and visit branches in your registration city to compare requirements.
• 3. Submit an application with the documents listed above; the bank will conduct KYC and AML checks.
• 4. Attend an interview if required, often with the legal representative, covering the company's business, ownership, and expected transactions.
• 5. Receive approval and activate the account, including online banking tokens and passwords.
• 6. Register the account with the tax authorities where required, and connect it to payroll and social insurance systems.

Timelines vary widely. Some companies open an account within one to two weeks; others take a month or more if documents need translation or the bank requests additional information. Do not promise your landlord or staff a specific date until the account is active.

Common Pitfalls for Togolese Founders

• Assuming your home-country documents are enough. Chinese banks want Chinese-language documents and often specific formats.
• Underestimating the legal representative's role. If the legal representative cannot attend, confirm in writing whether a proxy is accepted.
• Choosing a branch far from your registered address. This can cause rejection or delays.
• Ignoring ongoing compliance. Banks may ask for updated ownership information, and accounts can be frozen if KYC information is not refreshed.
• Relying on verbal promises. Get fee schedules and requirements in writing, and keep copies.

Practical Tips Before You Start

Bring more copies than you think you need. Keep a folder with digital scans of every document. Ask your company registration agent which banks they have worked with for foreign founders. If your Chinese is limited, arrange a translator for branch visits and interviews. Finally, budget for the possibility that the process takes longer than expected, and avoid signing leases or hiring staff that depend on immediate banking access.

A Final Word

Opening a corporate bank account in China is manageable with preparation, but it is not a formality. The rules are set by regulators and applied by individual branches, so the best approach is to ask specific questions early, prepare complete documents, and work with professionals who know your city. This article is general information only; it is not legal or tax advice, and it does not guarantee any outcome. Confirm all requirements with your chosen bank and a qualified adviser before making decisions.