How to open a bank account in Zhejiang Chouzhou Commercial Bank

GSL reference about the bank What is it?

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GSL rating

Beginning of cooperation

November, 2022

Last contact

November, 2025

Last update

October, 2025

a city commercial bank headquartered in the international trade city of Yiwu, Zhejiang Province, China; was transformed into a joint-stock company in 2005 and transformed into Zhejiang Chouzhou Commercial Bank in 2006;
target clients of Chinese banks are trade companies; in rare cases banks can open accounts for service companies or companies that conduct activity related to IT;
when opening an account, preferred companies are those incorporated in Hong Kong and China; companies from other jurisdictions need a preliminary approval;
the bank mainly accepts only companies registered in Hong Kong, also the company should have an address in China (photo of the office is necessary);
after all approvals the bank sends forms for signing (DHL), which should be signed and sent back with the original passport;
the account is opened remotely;
accounts can be opened in EUR, USD, CNY;
minimum deposit requirements of USD 1 000 000 for a personal account (Union Pay card);
no commission for incoming payments; for outgoing payments – 0,2% (but not less than CNY 50) + additional fee for transfer: CNY 10 – within China, CNY 80 – to Hong Kong, Macao and Taiwan, CNY 150 – abroad;
no currency conversion (except if the director can come to the bank in person);
possibility of pre-approval;
starting from 1,5 months for opening an account

GSL rating

Beginning of cooperation

November, 2022

Last contact

November, 2025

Last update

October, 2025

Поиск консультанта...

+44 0 207 822 85 93

General information and rating

Not rated

Global rating

Not rated

Countrywide rating

—

Countrywide rating of the head bank

—

Global rating of the head bank

Year of foundation

1987

History

Established in 1987 as a city commercial bank headquartered in the international trade city of Yiwu, Zhejiang Province, China. In 2005, it completed the transformation into a joint-stock company. In 2006, transformed into Zhejiang Chouzhou Commercial Bank

Personnel

There are English-speaking staff

Bank’s shareholders

Zhejiang Seaport (Hong Kong) Co., Limited - 4,62%;

Guangsha Holding Group Co., Ltd - 2,44%;

Minsheng Life Insurance Company Ltd - 4,29;

Zhejiang China Light & Textile Industrial City Group Co., Ltd- 2,45% etc.

Confidentiality

Judicial Cooperation Agreement with Russia is signed; Double Taxation Agreement with Russia is signed; AML legislation is strictly observed

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Minimum requirements

N/A

Minimum balance, €

No restrictions

Transactions permitted per month

N/A

Initial deposit of funds, €

N/A

Deadline for the initial deposit, month

Minimum balance, €

There are no minimum balance requirements for current accounts. For personal accounts, the minimum account balance requirement is from USD 1 000 000

Transactions permitted per month

No restrictions on the number of transfers

Initial deposit of funds, €

The down payment is equal to the minimum account balance

Deadline for the initial deposit, month

When opening an account

Minimum turnover, €/year

No restrictions on minimum revolutions

How fast payments are executed

Payments - same day or next day

Tariffs and services

28

Outcoming transfer, €

0

Incoming transfer, €

N/A

Account maintenance, €/year

N/A

Payment limit for credit cards, €/day

Outcoming transfer, €

Transfer fee is 0,2% (but not less than CNY 50) + additional transfer fee:
CNY 10 - by China,
CNY 80 - to Hong Kong, Macau and Taiwan,
CNY 150 - Overseas

Incoming transfer, €

The bank does not charge a fee for incoming transfer

Distant access to the account

Internet Banking

Financial products

The bank provides deposits, loans, domestic settlement, foreign exchange, and other services.

Credit/debit cards

Bank cards can be issued

Account opening procedure

Days to open for incoming transfers

Case by case

Days to open for outcoming transfers

Case by case

References

Not necessary

Purpose of the account

Savings & current

Visit to the bank

You do not need to go to the bank. Account opening is done remotely

Required

Corporate documents (using a company incorporated in Hong Kong as an example):
- Certificate of incorporation;
- Business registration certificate;
- Form NAR1 (or NNC1 for a new company);
- Articles of association.

Business profile of the company:
- KYC questionnaire, including a detailed description of the company’s activity and its economic indicators, information on the desired currencies and proposed incoming / outgoing payments;
- Contracts with existing counterparties and invoices thereto (or contracts of intent or contracts of an existing company that conducts analogous activity);
- Bank statements (if there is none, one can provide bank statements of an existing company that conducts analogous activity);
- Business plan or presentation of goods / services;
- Detailed description of the company’s activity.

Documents for individuals in the structure of the company:
- Passport copy;
- Copy of a document proving the residential address (must be not older than 3 months and translated into English);
- Director’s CV.

Types of accounts

Savings; Current

Opening procedure and Due Diligence

It is possible to open an account without visiting the country where the bank is located

Chances to open an account

Predictable

Business description

Moderately detailed: along with a description of the business, you must provide information about the sources of funds

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