Opening an account in Chongqing for Russian companies in 2026: requirements of banks and a list of documents

The development of trade relations between Russia and China has led to the fact that more Russian companies open their own accounts in Chinese banks. Chongqing is the largest industrial and logistics center of Western China, which plays an important role in international transportation on the routes China – Russia – Europe.

Opening a Chinese bank account is much more difficult than it was a few years ago. Increasing financial monitoring requirements, anti-money laundering and international sanctions risks force banks to conduct multi-stage verification of each foreign client.

A document from one of Chongqing’s banks shows how seriously Chinese financial institutions approach the procedure for identifying companies and their owners.

Why Chongqing is becoming an important financial center for Russian businesses

In recent years, Chongqing has become one of the largest transport and logistics hubs in China.

The city is:

• the largest industrial center of Western China;
• an important part of the “One Belt, One Road” initiative;
• the starting point of many railway routes to Russia;
• Center for e-commerce and international trade.

Many Russian importers and exporters open accounts in Chongqing for settlements with Chinese suppliers, export-import operations and work in yuan.

However, the way to open an account requires serious preparation.

The main principle of Chinese banks is to know their customers.

If ten years ago, the procedure for opening an account was limited to providing company registration documents, today banks actually conduct their own investigation of the client’s business.

The main task is to establish:

• who is the real owner of the company;
• who controls financial flows;
• What type of activity does the company engage in?
• for which transactions the account will be used;
• whether the company is associated with sanctions or high-risk jurisdictions.

That is why the list of documents is constantly expanding.

What documents will the company need

According to the requirements of the bank in Chongqing, the company’s business license remains the main document.

The application shall be submitted:

• Original business license;
• a copy for the bank file;
• Information about company registration.

Foreign companies may additionally require:

• extract from the commercial register;
• constituent documents;
• certificate of registration of a legal entity;
• Notarized translation of documents into Chinese.

Chinese banks are very attentive to the quality of translation. In many cases, documents are accepted only after notarization.

Audit of the head of the company

One of the mandatory requirements is the identification of the legal representative of the company.

The bank requires:

• original passport;
• a copy of the document;
• Confirmation of authority.

If the director cannot be personally present at the opening of the account, work through a trustee is allowed.

However, this would require:

• notarial power of attorney;
• copy of the passport of the head;
• original passport of the representative.

In practice, many banks still insist on the director’s personal presence during the final interview.

Special attention to beneficiaries

The most interesting part of banking regulations is the requirements for disclosure of business owners.

If the legal representative, the actual controlling owner and the ultimate beneficiary do not coincide, the bank requires disclosure of all participants in the structure.

A special rule applies to owners of large shares.

Every individual who directly or indirectly owns more than 25% of the company must be identified.

It is necessary to provide:

• a copy of the passport;
• confirmation of participation in capital;
• information about the ownership structure.

In fact, the Chinese bank aims to see the full chain of ownership of the company to the ultimate individual.

For Russian companies with a complex corporate structure, this stage often becomes the most time-consuming.

Prints are still very important.

Unlike most Western countries, in China, corporate seals continue to play a key role in legal circulation.

To open an account, the bank requires:

• the main seal of the company;
• financial seal;
• Name stamp of the legal representative.

If any seal has been replaced or updated, up-to-date samples must be provided.

For Chinese banks, printing remains one of the main tools for confirming the authority of the company.

Interview with the bank becomes mandatory

One of the most notable points of the document is the requirement to pass a personal interview.

The legal representative of the company must meet with the employee of the bank and answer questions about the activities of the enterprise.

During the interview, it is usually clarified:

• direction of business;
• the main counterparties;
• estimated turnovers;
• countries of operation;
• sources of cash flow;
• making future payments.

In fact, the bank conducts its own compliance verification procedure before opening an account.

Why Chinese banks have become stricter

The tightening of requirements is associated with several factors at once.

First, China is actively fighting financial crime and illegal capital movements.

Secondly, banks are trying to minimize sanctions risks.

Third, the growing volume of international payments requires more detailed control of the origin of funds.

Therefore, today opening an account is considered not as a formal procedure, but as a full-fledged check of the client’s business.

What difficulties arise for Russian companies

In practice, Russian business often faces several problems.

Difficulties in translating documents

Chinese banks require high-quality notarial translation into Chinese.

Translation errors can lead to re-submission of documents.

Confirmation of beneficiaries

If the ownership structure includes several legal entities, the bank may request disclosure of the entire chain of ownership.

Personal presence

Despite the possibility of working through a power of attorney, many banks prefer to see the head in person.

Audit of business activities

The bank may request:

• contracts;
• invoices;
• customs documents;
• Information about suppliers and buyers.

The clearer the business model of the company, the higher the probability of successful account opening.

How long does it take to open an account

If the package of documents is prepared correctly, the procedure usually takes place in several stages.

Initial verification of documents takes from a few days to a week.

Compliance verification can last from one to three weeks.

After approval, the connection of banking services and activation of the account usually take a few more working days.

As a result, the total account opening period is most often two to four weeks.

For companies with a complex ownership structure, the process can take much longer.

Prospects for settlements through Chinese banks

Despite the complexity of the procedures, the interest of Russian companies in the Chinese banking system continues to grow.

Settlements in yuan are becoming an important tool of international trade, and Chongqing is gradually becoming one of the key financial and logistics centers of cooperation between Russia and China.

Therefore, successful account opening today requires not only the correct execution of documents, but also full transparency of the business. The better the company prepares for the audit, the faster it will be able to access China’s banking infrastructure and get fully operational in one of the world’s largest markets.