China Incorporation Bank Account Opening

Posted by setupcompany on October 21st, 2017

Here's information about China Incorporation Bank Account Opening, and you're welcome to contatc us if you have any doubts.

EMAIL
proposal@set-up-company.com
TELEPHONE
+86-020-2917 9715
No matter which business entities you set up, you will have legitimate right to open a corporate bank account in China after foreign entity finalized.

Corporate bank account, stands for your China entity, keep tracks of business flow and is connected to every aspect of your business. China company's bank account consists of Basic RMB Account, Foreign Currency Account, Temporary Account like USD payment account, capital account and etc. Its importance can be divide into 3 sides:

First, Legitimate concern tops the concern list.

Corporate bank account is the legitimate bank account of your china business entity, which means it proves and protects your business transaction legitimately. For example, your company can issue fapiao (official government invoice) after your clients pay to your corporate bank account.

Second, tax concerns influence business a lot after your business transaction proceed.

The importance of China Incorporation Bank Account Opening would be enlarged when you try to claim business-related tax deductions, such as tax return, social insurance allowance, even VAT (value added tax) return when government issued favorable supportive policy towards different industries.

Third, yearly audit concern should be considered when you start running a business entity in China.

In China, at the period between the end of the year and the start of next year, IRS (Internal Revenue Service) would ask business entities to report their yearly auditing report to state their business.

What's Needed To Start​
For the bank account opening, legal representative himself would be required to visit the front desk once holding his passport with some legitimate documents to sign. We will arrange one colleague present at the same time to make sure the process is smooth and understandable.