Published · Dominica

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

A practical, plain-English guide for founders from Dominica on opening a corporate bank account in China, covering account types, KYC documents, apostille and consular legalisation, remote onboarding, RMB versus foreign-currency accounts, timelines and common pitfalls. General information only, not legal or tax advice.

If you are a founder from Dominica setting up a business in China, the corporate bank account is usually the step that turns a registered company into an operating one. Until the account is open, you cannot easily receive customer payments in RMB, pay local staff and suppliers, or satisfy the capital contribution requirements that apply to your entity. This guide walks through what the process actually involves, what banks tend to ask for, and where founders from Dominica commonly get stuck.

Important: This article is general information only. It is not legal, tax or financial advice, and banking requirements change. Always confirm current rules with your bank, your registered agent and a qualified China-licensed professional before you act.

Understand what you are opening

Most foreign-invested enterprises in China need more than one account. Banks typically distinguish between:

• Basic deposit account (基本存款账户) — the company's primary RMB account. It is used for day-to-day operations and is usually required before you can open other RMB accounts or withdraw cash.
• General deposit accounts — used for specific purposes such as payroll, tax payments or project funds.
• Foreign-currency accounts — for receiving USD, EUR or other currencies from overseas. Cross-border receipts are subject to foreign-exchange and trade-authenticity checks, so keep contracts and invoices organised.
• Capital contribution account (资本金账户) — where shareholders inject registered capital. Funds are released against documented business purposes.

In practice, many banks will open a basic RMB account and a foreign-currency account as a package. Ask upfront which account types they will open for a newly established foreign-invested company, because not every branch handles every account type.

Prerequisites before you approach a bank

Banks do not open an account for an unregistered entity. Before you book an appointment, you should have:

• A completed business licence (营业执照) showing your company name, legal representative and registered address.
• Company seal set (company chop, legal representative chop, finance chop, and contract chop where applicable) — banks and Chinese counterparties rely heavily on chops.
• A registered office address with supporting documents. Some banks verify the premises.
• A legal representative who can attend or be verified remotely. The legal representative is the person the bank treats as ultimately responsible for the account.
• Articles of association and the foreign investment filing or approval documents that apply to your entity.

If you registered the company through an agent, confirm that the agent can provide the full document set, including the business licence original and the company chops, before you start the bank application.

Documents a bank will typically request

Requirements vary by bank and branch, but a typical checklist for a Dominica founder includes:

• Business licence, original and copy.
• Articles of association and any amendments.
• Foreign investment filing or approval documents.
• Legal representative's passport and, where required, proof of address.
• Passport copies for shareholders holding above the bank's disclosure threshold.
• Ultimate beneficial owner (UBO) declaration and supporting ownership chart.
• Company chops.
• Registered office lease or proof of address.
• Board resolution authorising account opening and naming authorised signatories.
• Tax registration and, where applicable, the unified social credit code documents.

Expect the bank to ask about your business model, expected transaction volumes, main counterparties and countries you will trade with. This is part of know-your-customer (KYC) and anti-money-laundering (AML) screening, and it is not personal — answer consistently and in writing where possible.

The Dominica-specific paperwork question

Because Dominica is not a mainland China jurisdiction, documents signed or issued in Dominica may need to be legalised before a Chinese bank will accept them. China's approach to foreign public documents depends on the document's origin and the applicable treaty arrangements. Two routes are commonly discussed:

• Apostille — used where the issuing jurisdiction and China both apply the relevant convention. Not every Dominica-issued document will qualify, so check the current position for your specific document.
• Consular legalisation — where apostille is not available, documents may need authentication by the competent Dominican authority and then legalisation by the Chinese embassy or consulate responsible for Dominica.

Documents in English or another foreign language usually also require a Chinese translation, and some banks require the translation to be prepared or certified in a particular way. Build this into your timeline: legalisation and translation can add days or weeks, and banks will not start KYC until the file is complete. Confirm the exact route with the bank and with the Chinese embassy or consulate before you pay for anything.

Can you open the account remotely?

Some banks and fintech-enabled channels advertise remote account opening for foreign-invested companies. In practice, most traditional banks still require at least one in-person visit by the legal representative or an authorised signatory, and many require the legal representative to appear in person at the branch. Remote onboarding, where offered, tends to involve video verification and additional documentary checks.

If travelling to China is difficult, ask the bank three questions in writing: who must attend in person, whether a notarised power of attorney is acceptable for an authorised representative, and whether video verification can replace the branch visit. Get the answers before you book flights.

Choosing a bank

There is no single best bank. Consider:

• Branch proximity to your registered office or main operating city.
• English-language support and experience with foreign-invested companies.
• Account types offered, including foreign-currency and capital accounts.
• Digital banking quality for payments, payroll and reconciliations.
• Fees and minimum balance requirements — ask for the schedule in writing.
• Speed of onboarding and willingness to handle cross-border documentation.

It is sensible to approach two or three banks in parallel. Different branches of the same bank can also apply requirements differently, so the relationship manager matters as much as the institution.

Realistic timelines and common pitfalls

Assuming your company documents are complete, account opening often takes anywhere from a couple of weeks to a few months. Delays usually come from incomplete legalised documents, mismatches between the business licence and the application, unclear explanations of the business model, or a legal representative who cannot attend.

Common pitfalls for founders from Dominica include:

• Assuming a Caribbean company document will be accepted without legalisation or translation.
• Leaving the legal representative's role with a nominee who is unavailable for bank interviews.
• Providing vague answers about source of funds or expected transaction volumes.
• Opening only an RMB account and later discovering that overseas receipts need a foreign-currency account.
• Forgetting that capital contribution funds are released against documented purposes, not freely.

Practical next steps

Start with your company registration agent: confirm you have the business licence, chops and filing documents in hand. Then shortlist banks in your operating city and ask each for a written document checklist and their position on remote onboarding. Prepare a short business profile explaining what your company does, who your customers and suppliers are, and where money will come from and go. Keep every document consistent — the name on the business licence, the bank form and the legalised translation should match exactly. Finally, budget time for legalisation and translation before you assume the account will be live.

Done in the right order, opening a corporate bank account in China is a manageable process. The founders who move fastest are usually the ones who treat documentation and KYC as the main work, rather than the branch visit.