Chinese bank account for a European legal entity.

[StanleyS]

Hope you are all doing well. I haven't found any topic alike within the forum, so I am to start this one.

Does anyone have any experience in opening corporate/merchant account in China for a European entity?

 

[TurnedToRobot]

Welcome aboard 🙂

Why do you want a China merchant account for a European company? just curious?

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[Martin Everson]

Welcome.

Do you mean offshore China like Hong Kong or Taiwan or mainland China? I thought mainland China has capital controls you sure you want to do this?

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[fshore]

It used to be possible to open offshore USD and currency accounts in China. However no longer, at least with all the banks I checked with 2 years ago. Here is a link describing CMB offshore account.
China Merchants Bank -- CMB Offshore Banking Services

 

[StanleyS]

fshore said:
It used to be possible to open offshore USD and currency accounts in China. However no longer, at least with all the banks I checked with 2 years ago. Here is a link describing CMB offshore account.
China Merchants Bank -- CMB Offshore Banking Services
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Thank you! much appreciated. Is it possible then to trade with Chinese locals using an offshore company?

kanakke said:
Welcome aboard 🙂

Why do you want a China merchant account for a European company? just curious?
Click to expand...

Thank you! My colleague wishes to supply certain items from Europe to China, that is why he is currently looking for an option.
Local bank account could help in this connection.

Martin Everson said:
Welcome.

Do you mean offshore China like Hong Kong or Taiwan or mainland China? I thought mainland China has capital controls you sure you want to do this?
Click to expand...

Yep, unfortunately, I mean mainland China but would be really grateful if you could tell me how to deal with locals (from mainland territory) using an offshore company and offshore bank account.

Bailongma said:
i have some experience about how to open merchant account in China, if u need my help, just pm me.
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Would be grateful if you could help me. How can I contact you? Unfortunately, I can`t dm you since I am not in the Mentors Group

 

[fshore]

It would be possible to trade with locals, but would be the same as if the bank was overseas as they could only send usd non local transfers. Also as I wrote it's not possible anymore to open these offshore accounts, at least at most banks.

 

[StanleyS]

fshore said:
It would be possible to trade with locals, but would be the same as if the bank was overseas as they could only send usd non local transfers. Also as I wrote it's not possible anymore to open these offshore accounts, at least at most banks.
Click to expand...

What should be done to open a local company then? Or maybe there is a way to use a local EMI (in case such option exists)

 

[dutchnik]

You should try Neat HK, works very good!

 

[fshore]

StanleyS said:
What should be done to open a local company then? Or maybe there is a way to use a local EMI (in case such option exists)
Click to expand...

You can open a local company. It's very complicated and frustrating.
You can also accept alipay, wechat payment from Chinese customers through stripe with a UK or other company.

 

[dutchnik]

If you want a HK company, I recently incorporated so I can help you with the good connections if you want!

 

[Palvik]

I manufacture products in China and sell them on Amazon.

My set up is this:
Hong kong company with NEAT Business bank account. The drawback is that they don't yet do direct transfers to China. So to circumvent that I use GoRemit.HK - Cross Border Payment

Basically i send them HKD from my account (NEAT btw, is kind of like transferwise. They are an online "bank" that's backed by ICBC in China) to goremit. And then goremit converts to CNY and goes to any account in China, personal or business.

Hope this helps.

 

[Runway]

you can also try currenxie.com