As Hainan customs closure on December 18, 2025 is approaching, more and more investors have been flooded into Hainan Free Trade Port (FTP) to start their business. Opening a local bank account is an essential step for investors planning to live, work, or conduct business in Hainan. Below is a practical guide on how to open a bank account in Hainan.
Types of Bank Accounts
In Hainan, banks generally offer two main categories of accounts:
- Personal Accounts – For daily use, salary deposits, and savings.
- Corporate Accounts – For business transactions, company capital registration, and tax payments.
Foreigners can usually open both types, subject to compliance and documentation requirements.
Major Banks in Hainan
Most major Chinese and international banks operate branches in Hainan, including:
- Bank of China (BOC)
- Industrial and Commercial Bank of China (ICBC)
- China Construction Bank (CCB)
- Agricultural Bank of China (ABC)
- HSBC and Standard Chartered (in selected areas)
These banks typically have English-speaking staff, especially in Haikou and Sanya.
Documents Required for Individuals
To open a personal bank account, you’ll typically need:
- A valid passport (with a valid visa or residence permit)
- Proof of residence in Hainan (rental contract, hotel registration, or property ownership)
- A Chinese mobile phone number (for SMS verification)
- Employment certificate or university enrollment proof (if applicable)
- Some banks may also ask for a tax identification number (TIN) from your home country.
Documents Required for Companies
For corporate bank accounts, the required documents generally include:
- Business license issued in Hainan
- Company seal and legal representative’s ID/passport
- Board resolution or authorization letter for account opening
- Tax registration certificate (if already obtained)
- Company address proof
- Foreign-invested enterprises (FIEs) must first complete registration with the Hainan Market Supervision Administration (MSA) before applying for a corporate bank account.
Account Opening Procedure
- Choose a bank and branch – Preferably one familiar with foreign clients.
- Prepare and verify documents – Ensure translations are notarized if required.
- Visit the bank in person – Some banks may require the applicant’s physical presence.
- Fill in application forms and conduct an interview.
- Activate online banking and mobile app – For convenient fund management.
- For company accounts, the review may take several working days, as banks must conduct due diligence under anti-money laundering (AML) regulations.
Useful Tips
- Bring a Chinese-speaking companion or translator to ease communication.
- Ensure your visa type allows financial activities (some short-term tourist visas may be restricted).
- Keep a copy of your bank account agreement and account number securely.
- Foreign currency accounts (USD, EUR, HKD) are available upon request and subject to State Administration of Foreign Exchange (SAFE) rules.
Advantages of a Hainan Bank Account
- Smooth salary and tax payments for foreign employees.
- Easy cross-border transactions under the Hainan Free Trade Port policy.
- Access to digital payment tools such as Alipay and WeChat Pay.
- Eligibility for local government incentives and subsidies for registered companies.
Opening a bank account in Hainan is a straightforward process when you prepare the required documents in advance and choose the right banking partner. As Hainan continues to develop into a global business and tourism hub, having a local bank account will greatly facilitate your financial and business operations on the island. Should you have further query, please feel free to contact Tannet through visiting https://tannet-group.net/ or calling at 00852-27837818.
