How to open a business bank account in China from Singapore (2026 guide)

Key Takeaways:

• Opening a business bank account in China from Singapore usually means applying for a Non-Resident Account (NRA), the account type designed for foreign-registered companies.

• Most Chinese banks require your company's legal representative to visit a branch in person to complete identity verification, even if the rest of the process starts online.

• Need to hold or move Chinese yuan without going through a lengthy in-person process? Airwallex's CNY Business Account gives Singapore businesses a faster way to receive and pay in CNY.

If you're wondering how to open a business bank account in China from Singapore, the process starts with picking the right account type for a foreign-registered company.

Most Singapore businesses go with a Non-Resident Account (NRA), which lets you settle payments in CNY or foreign currency without registering a local entity in China.

This guide walks you through the NRA account, what banks generally expect from applicants, and why an in-person visit is usually part of the process.

We'll also discuss how Airwallex's Business Account can help if you need a faster way to hold and move CNY.

Why open a business bank account in China?

A China bank account changes how you handle money with Chinese partners. Instead of relying on your Singapore bank to convert and route every payment, you deal directly in yuan.

Settle payments directly in yuan

With a Non-Resident Account (NRA), your business can receive and pay out funds in CNY or foreign currency, without setting up a local Chinese entity.

This means you can pay a Shenzhen supplier or receive funds from a Beijing customer without going through multiple currency conversions first.

Simplify how you handle tax obligations

If your business has a taxable presence in China, a local account can factor into how your Corporate Income Tax (CIT) is calculated.

This depends on your specific setup, so it's best to confirm your obligations with a tax advisor familiar with Chinese tax law before assuming a China account changes your CIT position.

Build more direct relationships with Chinese partners

Paying and getting paid in yuan, from an account with a Chinese bank, can make you look more established to suppliers and customers based in China.

Some Chinese counterparties prefer working with businesses that hold a local account, since it removes uncertainty around cross-border payment timing.

What type of account do you need? The Non-Resident Account (NRA)

Chinese banks offer several account types, but most Singapore businesses opening an account without a local entity in China will end up with a Non-Resident Account (NRA).

This is the account type designed specifically for overseas-registered institutions. Here’s a quick overview:

What is an NRA account?

An NRA is a bank account category set up for institutions that are legally registered outside mainland China. The account name carries an "NRA" prefix, which signals to Chinese banks and counterparties that the holder is a non-resident entity.

You can use it to settle transactions in CNY or in foreign currency, depending on what your bank supports.

Who can open an NRA account?

Any business that's legally registered in Singapore (or another jurisdiction outside mainland China) can apply.

You don't need to set up a Chinese subsidiary or representative office first; the NRA exists precisely so that overseas businesses can transact in China without doing so.

Don’t want to go through the hassle of opening an NRA? Airwallex’s CNY Business Account let you receive, hold, and manage CNY alongside other currencies, without needing to open a traditional bank account in China.

Why does opening a China business bank account require an in-person visit?

Most Chinese banks require your company's legal representative to show up at a branch in person, even if you've started the application online. Here’s what to keep in mind:

What happens during the in-person visit

The bank verifies your legal representative's original ID card or passport at the counter, confirms their intention to open the account, and asks standard Know Your Customer (KYC) questions.

Banks typically record this verification on audio and video as part of their compliance process.

If your legal representative is based overseas

If your legal representative can't easily travel to China, some banks will ask their overseas branch to carry out the identity verification instead.

However, few Chinese banks offer this option, so it's worth confirming directly with your chosen bank before assuming this route is available to you.

If you're outsourcing the process to a third party

If an accounting or law firm handles the account opening on your behalf, that firm's employee still needs to submit their own ID and an authorisation letter, signed by your legal representative and carrying your company's official seal.

Note that this doesn't remove the need for identity verification. It just shifts whose identity gets verified at the counter.

Regulators have tightened compliance and anti-fraud checks around account opening in recent years, which is part of why banks now apply this in-person requirement more strictly than they once did.

What documents do you need to apply?

Exact requirements vary by bank, but most will ask for documents that confirm your company's legal status and who is authorised to act on its behalf.

This typically includes your business registration certificate, company constitution or articles of association, and identification documents for your legal representative and authorised signatories.

Requirements can also change depending on the bank and your business structure, so check the latest document list with your chosen bank before applying.

Send and receive CNY with Airwallex

If you need to receive, hold, and send CNY, an Airwallex Business Account can be a simpler alternative to opening an NRA with a Chinese bank.

Our Business Account is a fintech account rather than a traditional bank account, but it gives Singapore businesses a way to manage CNY alongside other currencies without setting up a physical presence in mainland China.

Here’s what you can do with Airwallex:

• Receive and hold CNY: Keep CNY in your account rather than automatically converting incoming payments to SGD.

• Pay suppliers and partners: Send CNY to businesses in China and manage payments from your CNY balance.

• Convert between currencies: Convert CNY into SGD or other supported currencies when you need to.

Airwallex is regulated in both Singapore and mainland China.

Its Singapore entity is licensed as a Major Payment Institution by the Monetary Authority of Singapore (MAS), while its mainland China entity, Yunhui Pay Co. Ltd, holds a nationwide Payment Business Licence issued by the People’s Bank of China (PBOC).

You can open an Airwallex Business Account entirely online, with no account opening fee, monthly maintenance fee, or minimum balance requirement on the free Explore plan.

Frequently asked questions (FAQs)

Can I open a business bank account in China as a foreigner?

Yes. Foreign-registered businesses can open a Non-Resident Account (NRA) in China without setting up a local entity first. This is the account type most Singapore businesses use, since it's designed specifically for overseas institutions.

Can I open a China business bank account from Singapore without visiting China?

Generally, no. Most Chinese banks require your legal representative to visit a branch in person to verify their identity, even if you start the application online. If travelling isn't possible, ask your bank whether an overseas branch can complete this step instead, though few banks offer this option.

Can I open a business bank account in China with a foreign corporate entity, without a local office?

Yes, through a Non-Resident Account (NRA). This account type exists specifically so that businesses registered outside mainland China, including in Singapore, can transact in CNY or foreign currency without a Chinese subsidiary or representative office.

Which banks let me open a China business bank account from a Singapore branch?

ICBC and Bank of China both have branches in Singapore that offer RMB-related services to local businesses. OCBC, a Singapore bank, also offers a Renminbi Business Account, so you don't need to bank directly with a Chinese institution to hold or transact in yuan.

Is there a faster way to open a business bank account in China from Singapore?

If your main need is to send and receive Chinese yuan, rather than the full range of services tied to a mainland bank account, a fintech provider can be a faster route. Airwallex, for example, lets you open a CNY Business Account entirely online, without an in-person visit.