Published · Lithuania

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

A practical, plain-English guide for Lithuanian founders on opening a corporate bank account in China: account types, documents, the KYC process, timelines, common pitfalls and alternatives. General information only, not legal or tax advice.

For most Lithuanian founders, the bank account is where the China plan meets reality. You can register a company, sign a lease and hire staff, but until the corporate account is open, money cannot move in or out, invoices cannot be issued properly, and your Chinese entity is effectively frozen. This guide explains how the process usually works, what banks expect from a foreign-invested company, and how to prepare so that a routine compliance review does not turn into a three-month delay.

Please note: this article is general information for founders. It is not legal, tax or financial advice. Banking rules and bank-specific policies change, and they are applied differently in Shanghai, Shenzhen, Beijing and smaller cities. Always confirm requirements directly with your chosen bank and take professional advice for your situation.

Understand what kind of account you actually need

Foreign-invested enterprises in China typically work with two accounts at minimum:

• Basic deposit account (基本存款账户, jiben cunkuan zhanghu). The company's main operating account. It is used for salaries, taxes and day-to-day payments, and only one basic account is allowed per legal entity. You generally need this account before you can open others.
• General deposit account (一般存款账户). Additional accounts for specific purposes, such as a second operating account or loan-related flows. These are opened after the basic account.
• Foreign currency account. Needed if you receive capital contributions or trade in USD, EUR or other currencies. Many banks offer a multi-currency setup, but not all branches handle foreign exchange settlement smoothly.
• Capital contribution account (资本金账户). Used to receive registered capital from abroad. The bank will check that incoming funds match the company's registered capital and business scope.

Ask the bank early which of these are handled by the branch itself and which require head-office approval. A branch that has never onboarded a Lithuanian-owned company may be slower than one used to European investors.

Why banks ask so many questions

China's banking sector operates under strict anti-money-laundering (AML) and know-your-customer (KYC) requirements. For a newly established foreign-invested company with no trading history, the bank cannot rely on past activity, so it relies on documents and interviews. Expect questions about who really owns the company, where the money comes from, what the business actually does, who your customers and suppliers are, and why a Lithuanian founder is setting up in China.

This is not personal suspicion. It is a standard file that a compliance officer must be able to defend internally. Founders who treat it as a paperwork exercise tend to succeed; founders who are vague about their business model tend to be asked for more documents.

Documents you should prepare

Requirements vary by bank and city, but a typical file for a new foreign-invested company includes:

• Business licence (营业执照) and the company's official seal, financial seal and legal representative seal.
• Articles of association and the foreign investment information report filed after establishment.
• Registration documents of the foreign shareholder, often notarised and legalised or apostilled, with Chinese translations where required.
• Passport of the legal representative and, if different, of the person actually opening the account.
• Proof of the company's registered address, such as a lease or property certificate.
• Ultimate beneficial owner (UBO) information, tracing ownership up to the real individuals.
• Business description: main products or services, expected counterparties, anticipated transaction volumes and currencies.
• Board resolution or written authorisation for the account signatory, if the signatory is not the legal representative.

Lithuanian corporate documents usually need translation into Chinese by a recognised translation company, and the bank may ask for the translator's stamp. Apostille practice for Lithuanian documents has changed since China joined the Apostille Convention, but individual banks may still request legalisation or additional verification. Confirm with the bank before you spend money on notarisation.

The process, step by step

1. Choose the bank and branch

Compare at least two or three options: a large state-owned bank, a joint-stock commercial bank and a foreign bank with a China presence. Larger banks have broader networks and stronger online banking, but compliance can be slower. Smaller banks may be more flexible on service but less convenient for international transfers. Location matters: a branch in the district where your company is registered is usually easier to work with.

2. Pre-screen with the bank

Before submitting a full application, speak to a corporate relationship manager and describe your business plainly. Ask whether the branch onboards foreign-invested companies in your industry, what documents it needs, and roughly how long approval takes. Getting a preliminary yes saves weeks.

3. Submit the file and attend the interview

Most banks require the legal representative or an authorised signatory to appear in person, at least for the initial account opening. Some banks now allow video verification for certain steps, but do not assume it. Bring original documents and seals; branches often check them against copies.

4. Compliance review and approval

The branch prepares the file, then it moves to compliance and often to a higher-level approval. Timelines vary widely; weeks rather than days is a realistic planning assumption. If the bank asks follow-up questions, answer them specifically and quickly.

5. Activate online banking and test flows

Once the account is open, set up online banking, payment tokens or USB keys, and test a small domestic transfer and an international transfer. Confirm the bank's cut-off times, fees and foreign exchange procedures before you rely on the account for payroll.

Common pitfalls for Lithuanian founders

• Assuming a personal account will do. It will not. Mixing personal and company funds creates tax and compliance problems.
• Underestimating translation and notarisation lead time. Build this into your schedule before the company needs to pay anyone.
• Thin business explanations. "Consulting" or "trading" alone is rarely enough; describe the actual goods, services and counterparties.
• Ignoring the registered capital timeline. Capital contributions must match the company's filings; the bank will check.
• Signing authority confusion. Make sure the person opening the account has documented authority and the right seals.
• Remote-only expectations. Some banks permit remote onboarding for existing clients, but a new foreign-invested entity should plan for an in-person visit.

Practical alternatives and planning notes

If the corporate account is delayed, some founders use a licensed payment service provider or a Hong Kong entity account for international receipts while the mainland account is being finalised. These are not substitutes for a mainland operating account, and they bring their own compliance obligations, but they can bridge a gap. Discuss the structure with your accountant before you use it.

Budget for bank fees, minimum balance requirements and foreign exchange spreads, and ask about charges for international transfers, which can be significant for a small company. Also confirm how the bank handles payroll, tax payments and social insurance deductions, since these are recurring flows that must work smoothly.

Finally, keep your documentation current. Changes in shareholders, legal representative, address or business scope should be reflected in the bank file promptly; unreported changes are a common reason accounts get restricted. With realistic timelines, complete documents and a clear business story, opening a corporate bank account in China is a manageable step rather than a barrier.