companies in China need to have a bank account?

Do all licensed companies in China need to have a bank account with a Chinese bank?

Or can they do business with/thru foreign banks, western union etc.?

[yctp]

Originally Posted by Unregistered Do all licensed companies in China need to have a bank account with a Chinese bank? Or can they do business with/thru foreign banks, western union etc.?

My understing is this:

All companies registered on the Chinese mainland need to have a bank account from the mainland linked directly to that business.

In fact, it is easier to change your business address (and this is a nightmare of paperwork, offices here and there, and stamps and seals), than it is to change your banker.

Once your business is registered with a specific bank on the mainland, changing it to another bank can be a bureaucratic nightmare.

Essentially, you're pretty much locked down to the bank your business is registered with.

You could not be a registered business in China, and have your bank account outside of China.

I hope this answers your question.

All the best,

Ken Stone