Opening non-resident NRA accounts in Chinese banks
Fully remote procedure
Opening accounts in different banks
From 1500 EUR
Professional assistance and support at every stage of the account opening process.
Non-Resident Accounts (NRA) are bank accounts that can be opened by foreign companies that are not residents of China, in Chinese banks. These accounts allow businesses to conduct financial operations with China and beyond without having a legal presence in the country. NRA accounts are especially in demand among companies engaged in international trade and working with Chinese suppliers and partners.
What you should know about NRA accounts
- Flexibility of useNRA accounts allow companies to do business not only with Chinese counterparties but also with partners worldwide. Like accounts in other banks, they enable international transfers, multi-currency holdings, and cash flow management. This means businesses are not limited to operations with China and can freely use NRA accounts for any international transactions.
- Preferred for operations with ChinaThat said, NRA accounts are particularly attractive for companies working with China, as they provide convenient access to RMB and simplify settlements in Chinese currency. This helps reduce conversion costs and minimize foreign exchange risks. However, companies are not limited to working exclusively with Chinese partners.
- VersatilityA key advantage of NRA accounts is their versatility — they can be used for a wide range of international operations, regardless of whether a company is directly connected to China. They are ideal for businesses engaged in global trade or providing services across different countries, while also maintaining the option to work with China if needed.
Features of NRA accounts for companies in Chinese banks
Access to RMB and the Chinese market
One of the key features of NRA accounts is the ability to conduct transactions in Chinese currency (RMB). This is particularly advantageous for companies actively working with China, as it simplifies settlements with Chinese partners and minimizes risks associated with currency fluctuations and conversion costs.
Less flexibility compared to regional payment systems
While regional payment systems such as Airwallex, Aspire, and WorldFirst offer more flexible and faster solutions for international transactions and multi-currency accounts, Chinese banks have stricter requirements and procedures.
Restrictions on international transfers
Chinese banks impose stricter limits on transfers outside China. These restrictions are related to state capital controls and currency regulations in China. Transfers to overseas accounts may require additional verification and compliance with Chinese regulations, making international transfers more complex and time-consuming.
Requirement for physical presence to open an account
Opening an NRA account in a Chinese bank often requires the company’s physical presence in China. This is less flexible compared to traditional Hong Kong banks or regional payment systems, where account opening can be done remotely. This factor can be a significant barrier for companies looking to open an account quickly.
Use for the Chinese market and trade
NRA accounts in Chinese banks are ideal for companies doing business with Chinese suppliers, clients, or partners. They allow transactions directly in RMB, which significantly simplifies payment processes and reduces operational costs.
Popularity among companies from the CIS
Opening NRA accounts in Chinese banks has become popular among business owners from CIS countries whose businesses actively engage with China. This approach helps streamline financial operations related to the Chinese market. Chinese banks have reasonable KYC requirements and exhibit minimal country-based discrimination toward shareholders and directors from CIS countries.
Chinese banks offering NRA accounts
Description of available Chinese banks that can be considered for opening an NRA corporate account for non-resident companies.
Agricultural Bank of China (ABC) — one of the largest state-owned banks in China. ABC offers a wide range of services for international clients, including opening corporate accounts for non-residents. The bank provides convenient solutions for trading with China and conducting international transactions in RMB.
Bank of China (BOC) — one of the biggest and most well-known Chinese banks, actively working with international clients. BOC provides comprehensive services for non-residents, including corporate account opening and financial solutions for international business and trade with China.
OCBC — a Singaporean bank with a strong presence in China, offering fast and convenient solutions for businesses operating in China or working with Chinese partners. OCBC supports multi-currency accounts, with options available for non-resident companies looking to do business with China.
Industrial and Commercial Bank of China (ICBC) — the largest bank in China and one of the world’s biggest financial institutions. ICBC offers account-opening services for non-residents, providing access to international operations, including RMB and other currency transactions.
HSBC — while strongly established in Hong Kong, HSBC is also active in mainland China. The bank provides international banking services for companies, including account opening for non-residents. HSBC is a major global player and offers corporate solutions for businesses operating in China and beyond.
Standard Chartered — a British international bank operating in China and offering a wide range of services for global clients. The bank supports corporate account opening for non-residents and facilitates international transfers and RMB transactions.
Zhejiang Chouzhou Commercial Bank — a regional Chinese bank that also serves international clients. It offers corporate account opening for non-resident companies, providing convenience for businesses working with the Chinese market.
Bank of Shanghai — one of China’s major regional banks, offering services for international clients. The bank provides non-resident corporate account opening, including for companies doing business with Chinese partners.
Ping An Bank — a Chinese bank with a broad range of financial services for businesses. It offers corporate accounts for non-residents and provides solutions for companies looking to operate in the Chinese market and transact in RMB.
Guangfa Bank (China Guangfa Bank) — a Chinese commercial bank offering services for non-resident companies, including corporate account opening. The bank also supports international clients looking to do business with China.
Bank of Communications (BOCOM) — one of China’s largest commercial banks, offering services for non-resident companies, including corporate account opening and international transfers. The bank actively works with global clients and supports RMB operations.
Kunlun Bank — a Chinese commercial bank offering services for businesses, including corporate accounts for non-residents. The bank actively works with international clients and provides solutions for operating in China.
Harbin Bank — a regional Chinese bank providing services for international clients, including non-resident corporate account opening. The bank is focused on supporting companies working with Chinese partners and conducting business in China.
Hunchun Bank — a Chinese bank specializing in servicing clients in border regions of China and Russia. The bank offers solutions for businesses operating with Chinese regions and provides corporate account opening services for non-residents.
Documents required to order the service
On Boarding Memo
1
Corporate Documents
2
Special Documents
3
- Certificate of Incorporation.
- The latest Business Registration Certificate.
- The latest NAR1 (or NNC1 for newly formed companies).
- Articles of Association.
- A color scan of the director’s and shareholder’s passport (photo page), with a resolution of at least 300 dpi.
- Proof of address (utility bill, bank statement, driver’s license) in English, not older than 3 months.
- Director’s résumé.
- Director’s business card (if available).
Proof of Business Activity
4
- Two sets of Contract + Invoice + Delivery Note with a buyer from the last 6 months.
- Two sets of Contract + Invoice + Delivery Note with a supplier from the last 6 months.
- A bank statement from another corporate bank account (may significantly affect pre-approval).
- The Director’s or Shareholder’s personal bank statement (if available).
- Company website (if available).
- Presentation of services or products.
Service cost
Opening a Bank Account for a Hong Kong Company
€
3750
Bank Account opening in Digital Payment System
€
1500
Office Address. Assistance in account opening
€
1200
Single Representative Services
€
1200
Opening Personal Bank Accounts in Hong Kong and Singapore
€
2450
We guarantee that this price is final
Related services
Frequently Asked Questions
We open accounts in traditional banks (Chouzhou Bank, OCBC Wing Hang, Harbin Bank, HSBC, Standard Chartered Bank) and in virtual payment systems (LianLian Global and Airwallex).
If the bank gives its approval, the account opening is guaranteed. Payment for the service is made only after the account has been successfully opened.
Opening an account in a Chinese bank can take from a few weeks to several months, depending on the specific bank and the complexity of the document verification process.
No, the director’s personal presence is not required, but authorized representatives (our appointees) will need to visit the bank.
A virtual account is opened and managed entirely online; the process is faster and cheaper, but it offers a limited range of services. A traditional bank account usually requires an in-person visit to the bank, takes longer to open, but provides a much wider range of services, including loans, trade finance, and investment products.
Useful articles about bank account opening
Why choose us?
Licensed Corporate Secretary
Direct Services in China and Singapore
We provide services directly in Hong Kong, China, and Singapore without intermediaries. This speeds up the registration process and enables clients to manage their businesses more efficiently in these jurisdictions.
We are a licensed provider of corporate secretary services in Hong Kong, ensuring full compliance with local laws and regulatory requirements. Our license guarantees the reliability and security of the services we provide.
Comprehensive Turnkey Services
We offer not only company registration but also full support services: accounting, assistance with bank account opening, and handling correspondence at the company’s registered address. This ensures convenience and minimizes bureaucratic complexities for our clients.
Experience Since 2016
Since our founding in 2016, we have successfully assisted hundreds of companies in registering and efficiently conducting business. Our experience with international clients allows us to cater to the unique needs of each company, regardless of size.
Personal Manager for Each Client
Each client is assigned a personal manager who guides them through all stages of registration and ongoing support. This individualized approach ensures tasks are handled promptly and according to client expectations.
Confidentiality and Data Security
We guarantee complete confidentiality and protection of client data, strictly adhering to commercial secrecy regulations. Your information is secure at every stage of our cooperation.
Transparent and Fair Pricing
We provide clients with detailed cost breakdowns of all services, avoiding hidden fees. This ensures full transparency and predictable expenses.
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