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

April, 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

April, 2024

Last update

March, 2024

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

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

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