How many bank accounts can a China WFOE open?
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For a China WFOE as we all know the very important part is to open the bank account after company registered. But how many bank accounts can a China WFOE open? The reason why ask so is because of nearly most China WFOEs need more than one bank accounts except the basic RMB bank account. We've already know that the basic RMB bank account can be opened after the company registered once obtain the business license certificate from government office. But what is the next step?
It is simple for investor to understand the procedure of opening bank account for their China WFOE after registration. With the company business license obtained. We can make appointment with bank for account opening. And we have choices in local main banks like Bank of China, the Industrial and Commercial Bank of China(ICBC), the China Construction Bank, the Agricultural Bank and so on. No matter which bank we choose to open the account, the WFOE legal representative will need to visit the bank for one time.
The RMB basic bank account can be opened around one week later after legal person's visiting. And here comes the second step which is foreign currency bank account. Usually the general RMB bank account cannot accept foreign currency from overseas. In this case the WFOE need another foreign currency bank account for international business trading. And this foreign currency bank account cannot be opened the same time when we open RMB bank account so far as we know. Usually we will have to wait for another one more week after the RMB bank account opened. And the legal person need to visit the bank for second time.
Is it possible to use my RMB basic bank account accept foreign currency like USD from overseas? The answer is yes. But not all the banks can do this way. Only the Bank of China accept this kind of transactions with certain amount some time. For most of the casee the China WFOE need to open another foreign currency bank account when doing international busienss transactions.
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