Opening a Bank Account in China for a Foreign Company: NRA, Chinese Company or Hong Kong?

Opening a bank account in China for a foreign company has three routes: a non-resident (NRA) account in the name of your foreign company, an account in the name of a Chinese company you set up with foreign ownership, or an account in Hong Kong. For paying suppliers, an NRA or Hong Kong account is usually enough. Receiving sales in renminbi inside China, however, requires a Chinese company. The timeline runs from two weeks to several months, depending on the bank and how complete your file is.

If you are a Gulf trader paying Chinese suppliers, the real question is not which account is best, but which account fits the way your money flows. This article explains the difference between the three accounts, the documents, the timeline, and what changes depending on your goal. The rules change, so at each point we state what you should verify and where.

What is the difference between an NRA account, a Chinese company account and a Hong Kong account?

A non-resident account, known as an NRA account, is opened with a bank in China by a company registered outside mainland China, and that includes Hong Kong. These accounts fall under the framework of the People's Bank of China (PBOC) and the State Administration of Foreign Exchange (SAFE). In 2010 the central bank issued administrative measures for renminbi settlement accounts opened by offshore entities, and these are the basis on which such accounts were built. The account accepts foreign currencies and renminbi, but every transfer with a party inside China is treated as a cross-border transaction, and the bank asks for the supporting documents every time.

Compare the three options this way:

• NRA account in the name of your foreign company: You do not need a company in China. Suitable for paying Chinese suppliers and receiving amounts from Chinese parties within the scope of trade. There are more restrictions on use, and documents are required with every transaction. The timeline usually ranges from a few weeks to several months, depending on the bank.
• Account for a 100% foreign-owned Chinese company: You first need the business licence and the official company seal, then you open the basic account. Suitable for receiving sales in renminbi and paying salaries, taxes and local suppliers. The cost and time are higher because you are setting up a company first.
• Hong Kong company account: Suitable for paying suppliers in US dollars or other currencies, and many Chinese suppliers accept payment to a Hong Kong account. On its own it cannot receive local sales inside mainland China, and traditional banks scrutinise non-resident files closely.

Can you open a bank account in China without setting up a company?

Yes, through an NRA account, provided your company is legally registered in your own country or in Hong Kong and has a genuine business that can be explained. A personal account for a foreigner is a different matter and does not serve the company. According to what consultancies published in 2026, not every branch offers it with the same ease, and some branches do not handle foreign files at all. Ask the bank directly whether the branch you will visit opens NRA accounts.

When an NRA account is enough

It is enough if your business is straightforward importing: you pay a limited number of suppliers, you keep contracts and invoices for every payment, and you do not sell inside China. In this case it spares you the cost of a local company and its tax filings.

When you need a Chinese company

You need one if you sell to customers inside China, run an online store that receives renminbi, or employ people in China. Read Business Licence and Import and Export Rights in China to see what is required before the bank will accept your file, and read Set up a company in China from A to Z for the full details.

What documents are required to open a bank account in China?

The list varies from bank to bank and from branch to branch, so ask for the list in writing before you prepare anything. The usual baseline for a company registered in Hong Kong includes the following:

• The company's Certificate of Incorporation and Business Registration Certificate.
• The memorandum and Articles of Association.
• Passports of the owners and directors, with recent proof of address for each of them.
• The ownership structure up to the ultimate owner, and the signatures of the authorised signatories.
• A description of the business, with a contract or proforma invoice with a Chinese supplier, and proof of the source of funds.
• For companies outside Hong Kong: certified and translated documents as the bank requests, and it may ask for notarisation by an accredited body. Ask the bank which form of certification it accepts.
• For a Chinese company: the business licence, the company seals, the legal representative's ID card, and the lease or registered address.

The registered address matters for a Chinese company account. Read Company registration address in China: real, virtual or fake before you choose an address the bank rejects.

How long does it take, and what does your goal change?

There is no single figure. In Hong Kong, the Hong Kong Monetary Authority (HKMA) stated in a government reply published in June 2025 that account opening can generally be completed in about two weeks after the required information and documents are received. That reply concerned non-commercial organisations, so do not treat it as a promise for a foreign trading company. Practical experience that circulates speaks of two weeks to 3 months for non-residents at traditional banks, and consultancy guides published in 2026 mention 4 to 6 weeks at the major banks. These are secondary, unofficial figures, so ask the bank for a written timeline.

What lengthens the timeline? Three things: an unclear business, a complicated ownership structure, and a requirement for the owner to attend in person. What shortens it? An organised file, real contracts, and an owner who knows how to explain the business.

Then comes the goal. If you are paying suppliers, focus on how easy outgoing transfers are and on whether the supplier accepts the account. If you are receiving sales, focus on whether the account can receive renminbi locally, and that means a Chinese company. If you do both, many traders use a Hong Kong account for payments and a Chinese account for sales. Before you decide, include transfer costs and exchange-rate differences in The Real Cost of Importing from China: Your Full Landed Cost.

A practical example: a Saudi trader importing from Shenzhen

A trader buys goods worth between 20,000 and 50,000 US dollars a month from 3 suppliers in Shenzhen. He does not sell inside China and does not employ anyone there. This type of trader usually starts with a Hong Kong or NRA account, because his need is outgoing payments only. The figures here are an illustrative example and not an official threshold. If he later decides to open a store on a Chinese platform and receive renminbi, he will need a Chinese company and a basic account in its name, and by then he will already have learnt what the bank asks for.

There is one point many people overlook: the supplier itself. Some suppliers accept payment only to an account in the name of the company registered in the contract, and refuse an account in the name of a third party. Before opening any account, confirm the beneficiary name that will appear on the supplier's invoice, and that it matches your company's name in the contract. If the supplier is a factory that is new to you, check it before paying using the methods explained in How to Inspect a Factory in China Before You Pay.

Finally, ask the bank about daily and monthly transfer limits and the fees on each transaction, because these terms differ between banks and change over time. Record the answer in writing and compare it across at least two banks before you decide.

What are the steps to open the account from start to finish?

1. Define the goal: paying suppliers, receiving sales, or both, and write down the expected monthly amounts.
2. Choose the structure: NRA, a Chinese company or Hong Kong, according to the comparison above.
3. Ask the bank for the written list of documents and the in-person attendance requirements.
4. Prepare the documents, certify and translate them where needed, and check that names and dates match across all the papers.
5. Submit the application and answer the compliance questions about the business, the suppliers and the source of funds.
6. Activate the account, and test a small transfer before sending a large payment to a supplier.
7. Keep the contracts and invoices for every transfer, because the bank may ask for them at any time.

What are the common mistakes?

• Opening a Hong Kong account and then trying to receive Chinese sales into it, so collections stall.
• Presenting a vague business such as (general trading) without contracts or named suppliers, so the bank rejects or delays the application.
• Sending documents that are not certified or not translated, then reapplying weeks later.
• Applying to more than one bank at the same time with conflicting information.
• Choosing a registered address for the Chinese company that the bank does not accept.
• Relying on a timeline figure you heard from another trader, without asking the bank about your own case.

Do not build your financial plan on the assumption that the application will be approved. Banks decide according to their own compliance policies, and no intermediary can oblige them to accept. For ongoing accounts after opening, it helps to read the guide to choosing an accounting firm in China.

What should you do next?

Start this week with three steps:

• Write down your goal and monthly amounts: how much you pay suppliers and how much you expect to receive.
• Gather your company certificates, the owners' passports and proof of address, and make sure they are recent.
• Ask at least one bank for the list of documents and the expected timeline in writing, and record the reply.

If you would like us to handle choosing the structure, preparing the file and following up with the bank for you, see the corporate bank account opening service at HiGreenPanda.