Opening a mainland China bank account for Hong Kong businesses: process, limits, and timeline

Expanding into the mainland market has been a strategic priority for many Hong Kong businesses. Setting up a bank account in Mainland China streamlines and smoothens cross-border transactions. 

This article explains the process, requirements, costs, and timeline for opening a China bank account from Hong Kong. We will also discuss account limitations,  important considerations, and introduce the advantages and features of Airwallex as a one-stop financial platform.

What is a mainland China bank account?

Mainland China bank accounts fall into two main categories – personal and corporate accounts.

Hong Kong companies looking to open a registered limited company account in mainland China can seek help from professional agencies – either by visiting a mainland branch physically or by submitting signed documents by mail. Some Hong Kong banks also offer remote support for business registration on the mainland. 

Corporate accounts come in several types, including basic, general, temporary, and dedicated accounts. There are also specific options such as settlement accounts, capital accounts, and USD accounts, each serving purposes such as daily operations, payroll, and various payments.

Why do Hong Kong businesses need a mainland China bank account?

Many Hong Kong businesses are seizing opportunities in the mainland – by establishing companies or branches, participating in commercial projects, or entering the fast-growing cross-border eCommerce and trade sectors. Having a mainland China bank account not only can facilitate payments and collections but can also build trust with mainland clients and suppliers.

1. Cross-border eCommerce and trade

Hong Kong businesses need to set up payment options such as Alipay or WeChat Pay to operate on mainland eCommerce platforms. A mainland China bank account is often required when registering on these platforms and purchasing from mainland suppliers as cross-border RMB remittances are involved. Businesses may also consider international payment solutions like Airwallex for cross-border transactions.

2. Setting up a company or branch on the mainland

For businesses establishing a presence on the mainland, a corporate bank account can facilitate tax payments, payroll, cash management, remittances, and large-scale commercial transactions.

3. Participating in mainland projects or investments

When participating in mainland projects or investments, a secure corporate account would allow Hong Kong businesses to manage funds while ensuring compliance with global regulations.

It is important to note that there are regulatory limits on RMB remittances to the mainland. Personal and business remittances must be clearly separated, each with different limits on the amount and recipient. Payments to mainland suppliers are only allowed between approved business accounts on both sides (Hong Kong and the mainland). Bank remittances may incur higher exchange rates and fees. Using online platforms like Airwallex, which provides competitive exchange rates, could be an alternative for businesses to reduce costs.

Required documents for Hong Kong businesses to open a mainland China bank account

For corporate accounts, the originals and copies of the following documents are required:

1. A business license that proves your business is properly registered and authorised in China

2. Company sign chop, financial chop, and legal representatives’ personal chop

3. Proof of office address

4. Legal representatives’ ID

5. The account manager’s ID

6. Company articles of association

7. IDs of at least two payment contacts or online banking administrators

Steps for opening a mainland China bank account

To set up a company account on the mainland, a company must first establish a registered company in the mainland and obtain a business licence. Then, prepare the necessary documents and proceed to a mainland bank or engage a professional agency in Hong Kong to handle the process.

Costs and time needed for opening a mainland account

Basic accounts are usually used for daily operations, payroll, and payments in multiple currencies, while capital accounts are mainly for receiving foreign investments. With all documents prepared, opening an account on the mainland typically takes 1–2 weeks.

Fees vary depending on the bank or agency and may include account opening fees, video conferencing charges, and application fees. The overall cost usually starts from several thousand Hong Kong dollars.

Limitations of traditional mainland China accounts

Opening a business account for cross-border transactions and payroll usually requires a physical visit to a mainland bank, or assistance from a professional agent. These can be time-consuming and costly.

Airwallex, an all-in-one financial and payments platform designed specifically for businesses, is an alternative to traditional mainland China accounts. The account opening process is fast and convenient, eliminating the need to visit a bank in person. On top of that, there are no transaction limits, making it suitable for cross-border businesses.

Airwallex Business Account – built for international businesses

Businesses can apply for an Airwallex Business Account online anytime. Account activation can be completed in as fast as 48 hours. The platform does not charge monthly fees, account opening charges, or hidden transaction fees. There are also no limits on transaction amounts. 

With Global Accounts – each with local bank details, branch codes, and dedicated account numbers – businesses can receive funds from various countries and regions in multiple currencies, including CNY, USD, SGD, EUR, etc.

In addition, Airwallex’s FX and Transfers allow businesses to send payments in over 60 trade currencies to more than 150 countries, including mainland China. The platform offers competitive exchange rates, with fees as low as 02% above the interbank rate. 95% of transfers can arrive on the same day, making Airwallex an ideal solution for fast-paced cross-border businesses.

Sources:

The information regarding opening a mainland China bank account was sourced in April 2025 from the following source. This content is for reference purposes only. Please visit the relevant websites for the latest details.

1. https://www.go-gba.com/doc/gotoguide/bank_accounts_en.pdf

Disclaimer: This article was written in April 2025 based on independent online research. While we strive for accuracy, we have not personally tested all tools or service providers mentioned. The content is for educational purposes only, and readers should evaluate service providers independently. We update our articles every six months. For updates and inquiries, please get in touch with us at [email protected]