WFOE Corporate Bank Account Opening Case Study
After establishing his wholly foreign-owned enterprise, a Turkish investor needed to open a corporate basic deposit account. Because Chinese banks required an on-site inspection of the registered business premises and the investor was unable to travel to China, we prepared the office site, coordinated the bank inspection and completed the account-opening procedure remotely.
Client Background
Mr. Mehmet Özkan is a Turkish cross-border trader residing in Turkey. His business involves the import and export of industrial machinery, mechanical equipment and spare parts between China and the Middle East.
He began cooperating with Global Eastern Investment in 2020 and successfully established a wholly foreign-owned enterprise in China through a remote company-registration procedure.
After the WFOE registration was completed, the client’s next priority was opening a corporate basic deposit account.
The basic deposit account serves as the foundation of the enterprise’s corporate banking structure. It supports daily settlement, tax payment, payment for goods and subsequent applications for other banking accounts.
The account was essential for the company to begin normal operations and develop its machinery trading activities in China.
However, the client lived permanently in Turkey and remained heavily occupied with cross-border business management. He could not travel to China to prepare the registered office or cooperate with the bank’s on-site inspection.
Challenges & Client’s Decision-Making Journey
Two major obstacles arose when the corporate bank account application was initiated.
First, the basic deposit account is the company’s principal corporate account and a prerequisite for opening certain general accounts and foreign currency settlement accounts.
Chinese commercial banks apply strict review standards to newly established foreign-owned enterprises. To prevent shell-company activity and fraudulent account use, banks may conduct an on-site visit to verify that the company has genuine business premises.
Second, the bank’s on-site inspection had specific practical requirements. The registered address needed to contain basic office furniture and operational facilities demonstrating genuine business activity.
An authorised on-site representative was also required to receive the bank officers, answer questions, assist with photography and confirm the company’s information.
Many service providers only assist with document submission and bank appointment arrangements. They do not provide registered office preparation or on-site inspection coordination.
Because the investor was based in Turkey, he could not return to China to arrange the office premises, receive bank representatives or participate in repeated inspection procedures.
Failure to satisfy the bank’s inspection requirements could have resulted in direct rejection, repeated rectification and a prolonged preparation period.
After comparing several service providers, the client appointed us to provide complete supporting services for the corporate basic deposit account application.
Customized Solution
To address the client’s overseas residence and inability to attend the on-site bank inspection, we developed a complete supporting solution for opening the foreign-owned enterprise’s basic deposit account.
We first confirmed the target bank’s document requirements and on-site inspection standards. This allowed the premises and application materials to be prepared correctly before the bank officers attended the registered address.
| Review Area | Required Preparation | Verification Method | Main Purpose |
|---|---|---|---|
| Company Documents | Business licence, articles, company seals and corporate registration records | Bank document review and information cross-check | Confirm the legal status of the foreign-owned enterprise |
| Legal Representative | Identity documents and required remote identity procedures | Identity verification and bank compliance review | Confirm authorised control of the corporate account |
| Registered Address | Basic office furnishings and visible business-use environment | Bank officer conducts an on-site inspection | Demonstrate genuine operating premises |
| On-Site Representative | Designated local staff familiar with the company information | Receive bank officers and assist with verification | Ensure the inspection can be completed without the investor |
| Business Authenticity | Business description, transaction plan and supporting commercial information | Bank due diligence and account-purpose review | Confirm the account will support genuine business activity |
We arranged a standard office layout at the registered company address in accordance with the bank’s inspection requirements.
Basic office furniture and the necessary operating environment were prepared to demonstrate that the registered address could support genuine company operations.
Document Preparation
Organise, review and submit the WFOE registration records, identity documents, company seals and account-opening application materials.
Premises Preparation
Prepare the registered address with a standard office layout and basic furnishings that satisfy the bank’s on-site inspection requirements.
On-Site Coordination
Provide local staff to receive bank officers, assist with photography, verify company information and resolve questions during the inspection.
Our designated staff remained at the registered address during the inspection and coordinated directly with the bank representatives.
We assisted with the required on-site photographs, confirmation of company information and explanation of the intended business use of the premises.
All account-opening documents were organised and pre-reviewed before submission. This reduced the risk of missing documents, inconsistent information and repeated supplementary requests.
We continued following the bank’s internal review progress and resolved any questions arising during the document and premises verification procedures.
Project progress was communicated to the client online. While remaining in Turkey, the investor only needed to complete the necessary remote identity procedures and provide requested corporate information.
The office preparation, local coordination and bank follow-up were completed without requiring the investor to travel to China.
Project Outcomes
The enterprise successfully passed the bank’s on-site inspection and obtained its corporate basic deposit account.
The account established the fundamental corporate settlement infrastructure required for machinery payment collection, payments to suppliers, tax deductions and subsequent foreign currency account applications.
The investor avoided the cost and time associated with international travel for registered office preparation, bank meetings and premises inspections.
Our closed-loop service covered office-site preparation, on-site reception, document submission and continuous bank follow-up.
The registered premises passed the on-site bank inspection during the initial verification, avoiding delays caused by repeated rectification and re-inspection.
The client was able to complete the principal account-opening procedure remotely while continuing to manage his cross-border trading activities from Turkey.
The completed account now enables the WFOE to proceed with normal domestic settlement, tax payment and banking operations.
Key Highlights
- Provided a complete account-opening service for the WFOE’s corporate basic deposit account.
- Clarified the role of the basic deposit account as the foundation of the company’s banking structure.
- Prepared the registered address according to the bank’s on-site inspection standards.
- Arranged basic office furnishings and a compliant operating environment.
- Provided local staff to receive bank officers and assist with photography and verification.
- Pre-reviewed all account-opening documents before bank submission.
- Followed the bank’s review process and resolved supplementary information requests.
- Enabled the overseas investor to complete the procedure remotely without travelling to China.
