A Reliable Chinese Bank Account: How to Open a Corporate Account with Kunlun Bank
Kunlun Bank Co., Ltd. is one of China's leading commercial banks, located in Urumqi, Xinjiang Uyghur Autonomous Region. The bank specializes in international settlements with foreign partners, including Russia, Belarus, Ukraine, and other jurisdictions under sanctions. Thanks to its resilience to restrictive measures, Kunlun Bank has become a reliable financial partner for companies conducting foreign trade between Russia and China.
Advantages of Opening an Account with Kunlun Bank
One of its key advantages is the ability to conduct settlements in Chinese yuan (CNY) and Russian rubles (RUB), simplifying trade and minimizing currency risks. The bank maintains corporate accounts for non-residents and actively works with Russian companies, providing an alternative to the SWIFT system through the Chinese payment system CIPS. This allows for secure international transfers and serves export-oriented enterprises, consulting companies, and IT companies.
Kunlun Bank also offers convenient online banking, allowing you to manage your account remotely. Two tokens are used for security: one for the company's director and one for the company's financial director.
Basic requirements for opening an account
Trading, consulting, and IT companies, as well as other organizations that have undergone individual approval, can open a corporate account. New companies must confirm their relationship with partners or have a cooperation agreement.
It is important that the NRA account maintains at least 20 million yuan in settlement funds. The presence of a company representative during account opening is mandatory.
The bank accepts directors and shareholders with Russian, Belarusian, or Ukrainian passports. Direct transactions with Russian and Chinese companies are possible, and a preliminary due diligence is conducted before visiting the bank.
Required documents
To open a corporate account, you will need to prepare the following documents:
- Company and business registration certificates (BR);
- Form NAR1 or NNC1 (for new companies);
- Company articles of association and special NAR account code;
- Notification from the local Authority for Market Regulation (AMR);
- Passport or ID of the director and shareholders;
- Office lease agreement confirming physical location;
- Contracts, invoices, and customs declarations confirming business activity;
- KYC form with information on trade volumes and planned turnover.
All documents must be submitted scanned and bearing the company seal.
Account Opening Fees and Process
The fee for incoming payments is 100 yuan, and for outgoing payments, it is 1% of the transaction amount, but not less than 200 yuan.
The account opening process includes:
- Preparation and submission of documents for review;
- Interview with a bank manager;
- Preliminary approval and appointment;
- Director's visit to the bank to sign documents;
- Obtaining bank details and account activation;
- Token production (approximately two weeks) and delivery to the client.
IT-OFFSHORE will help you prepare documents, complete preliminary due diligence, and successfully open a corporate account with Kunlun Bank China, ensuring secure and legal access to financial instruments for international business.
