What bank accounts could WFOE open?

A host of foreign friends want to open a company in China. The purpose for this is to open bank accounts to pay Chinese suppliers.After setting up a company, there are different bank accounts you could open and do you know the difference?

RMB Basic Account

Function: It is used for company daily transfer settlement,cash payment such as paying salary, bonus,tax.

Estimate time to open: It will take you about 5-7 workdays to open. Before going to the bank, the bank manager will go through your company legal docs and pay a visit to your office and take photos.

Remark: A company could just open one RMB Basic Account.

Capital Account

Function:The company Capital Account is used for receiving investment payment from company shareholders from their overseas accounts.The capital is for company daily operation like paying office rent,electric bill,buying goods,etc.

Estimate time to open: It will take about 15-20 workdays to open. 

General Account

Many people are confused between Basic Account and General Account. Simply speaking, you could consider a General Account is a backup account of the Basic Account.

Estimate time to open: It will take about 5-7 workdays to open and will be opened along with RMB Basic Account.

Remark:One company could open more General Accounts but General Account doesn’t cash function.Foreign

Currency Account 

Function:It is used for receiving overseas payment.Before opening the company Foreign Currency Account,your company has to have customs registration,electric card application and foreign currency registration.

Estimate time to open: It will take about 10-20 workdays to open.