The stated-owned Bank of China (UK) Limited has been granted permission by the Central Bank to operate a branch licence that would allow it to conduct operations in Ireland.
Last month, The Sunday Independent reported that Irish officials and representatives were in talks about the possibility of the Chinese bank bringing further operations to Ireland.
The Bank of China already runs some small banking operations here, as well as an aircraft leasing unit.
The formal application will come as a boost to Irish policymakers who are hoping to secure the relocations of a number Asian firms following the UK vote.
Irish Government officials have been keen to sell Ireland as an attractive place to do business since the UK voted to leave the EU.
Earlier this year, the Government applied for membership of the Asian Infrastructure Investment Bank (AIIB) in a move aimed at further opening further investment channels between Ireland and the region.
In January, a Government delegation travelled to Hong Kong and Beijing to promote Ireland's international financial services sector.