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

June, 2024

Last update

March, 2024
  • 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;
  • 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;
  • 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
June, 2024
Last update
March, 2024
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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
    To legal entity: Standard set of corporate documents of the company; Completed questionnaires on the form of a bank for the company and the owner; Copies of current contracts / invoices with counterparties; Office lease, business plan, cash flow chart, ownership structure chart, website, etc.
    On the natural person (director / shareholder / beneficiary / attorney): Passport; Confirmation of address (not older than 3 months); Summary.
    This list is not exhaustive and the bank may request any other documents and information.
    If the director of the company is NOT a citizen of China, then it will be necessary to independently notarize the passport in his country; legalization of documents in the consulate of Vietnam will also be required if an account is opened with the GC company
    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

    Banks of China

    Bank
    The cost of opening an account, $
    Global rating
    Countrywide rating
    GSL rating
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