Basic deposit account
This account is designed for cash receipts, payments, and transfers. In accordance with the rules of the People’s Bank of China, one organization can establish only one deposit account with a single bank.
To open a basic Renminbi deposit account, submit any one of the following documents to us:
·Corporate Business License or original Business License issued by the industrial and commercial administration that has been inspected for the current year;
·Approval documents from the central or local commission office for public sector reforms, personnel or civil affairs departments;
·Certificate of account opening approval from the competent authority;
·Account opening permit and certificate issued by the financial department of an army or armed police corps;
·Approval document issued by a local authority to a permanent out-of-town establishment.
·A corporation must submit an organization code certificate issued by the General Administration for Quality Supervision, Inspection and Quarantine.
General Renminbi deposit account
This account allows you to deposit and transfer cash, and make salary payments. You cannot withdraw cash. You can open this type of account at a branch at which you have a basic deposit account. As a business entity without independent accounting, you can also apply to open the account to settle accounts independently for business if you are located in a different place than your parent company.
To open a general Renminbi deposit account, submit the same materials as required for a basic deposit account.
Temporary Renminbi deposit account
This account is established for temporary business needs.
To open an account for temporary capital verification, submit the Prior Notice of Approving Company Names and a hard copy of the ID card of the applicant specified in the notice;
To collect remittances, open a clearing account by presenting your personal ID card.
Renminbi-only deposit account
This account is established for designated business purposes.
To open a Renmibi-only deposit account, submit any one of the following documents in addition to those required for a basic account:
·Project approval documents from a relevant authority;
·or Documents and certificates of national regulations.
Foreign currency accounts:
This account is designed to pay and collect recurring foreign exchange payments or handle capital expenditures approved by the exchange control authorities. Subsidiary accounts include those for account settlement, commission, contract projects, security deposits, or expenses incurred by a representative office in China.
To open a foreign currency account, submit any one of the following documents in addition to those required for a basic deposit account:
Approval document from the Administration of Exchange Control;
or Foreign Exchange Registration Certificate for Foreign-Invested Enterprises.
This account is designed for various loans, and direct and securities investments to cover recurring or capital expenditures. Subsidiary accounts include the following: capital accounts, accounts for foreign exchange loans to Chinese financial institutions, foreign loan accounts, accounts for principal and interest repayment, and stock accounts.
All the contents stated above are for your reference only. Please consult the local branch of China Merchants Bank for further information. China Merchants Bank reserves the ultimate right of interpretation for the contents in this page.