Foreign companies in Anhui are required to maintain the following bank accounts as a minimum, though the exact combination depends on the nature of their business activities:

Mandatory Accounts

Basic RMB Current Account (基本存款账户): Every company operating in China must maintain a basic RMB current account, which serves as the primary operating account. Under PBOC regulations, a company can have only one basic account. This account is used for daily transactions — paying salaries, covering operating expenses, receiving domestic customer payments, and settling supplier invoices. The basic account must be opened with a bank that has a licensed branch in the same city as your registered address.

Capital Account (资本项目账户): If your company receives foreign capital contributions (shareholder loans or equity injections), you must open a capital account. This account is specifically for receiving and converting foreign currency capital under the supervision of SAFE. The funds in this account can only be used for purposes specified in the company’s approved business scope and capital contribution plan.

Conditionally Required Accounts

General Foreign Currency Current Account (经常项目外汇账户): Required if your company receives foreign currency from overseas customers, makes payments to overseas suppliers, or receives service fees in foreign currency. This account is governed by SAFE’s current account foreign exchange rules.

Special Accounts for Specific Purposes: Depending on your business activities, you may also need:

• A bonded account if operating in a free trade zone or comprehensive bonded zone
• A margin/guarantee deposit account for certain types of performance bonds
• A custodian account for securities investments (QEII or similar programs)
• A foreign debt account if borrowing from overseas parent companies or related parties

The documentation requirements for opening corporate bank accounts in Anhui have been standardized under PBOC regulations, but individual banks may request additional documents based on their internal risk assessment. The core requirements are:

Company-Level Documents

• Business license (营业执照): Original copy showing the unified social credit code. The license must be current and in good standing — companies that have not filed annual reports or that have been flagged by the AMR for compliance issues will face additional scrutiny.
• Articles of association (公司章程): The version registered with the AMR, with any amendments. Key information banks check includes: registered capital amount, capital contribution timeline, business scope, legal representative designation, and governance structure.
• FIE registration certificate (外商投资企业设立备案回执): Or the equivalent filing receipt from the local Department of Commerce, confirming registration under the Foreign Investment Law.
• Tax registration certificate (税务登记证): Now integrated into the unified social credit code certificate, but the bank may request additional tax-related documents.
• Seal registration certificate (印章备案证明): Issued by the Public Security Bureau after company seals have been approved and registered.

Identity and Authorization Documents

• Legal representative identity: Original passport (for foreign nationals) or national ID card (for Chinese nationals). The bank will require the legal representative to appear in person at least once during the account opening process, though some banks accept a notarized power of attorney.
• Board resolution: A resolution authorizing the opening of the specific account type, designating authorized signatories, and specifying the account’s operational parameters (transaction limits, approval thresholds, etc.).
• Authorized signatory identification: Identity documents for each person authorized to operate the account, along with their specimen signatures and seal impressions.
• Financial officer identification: Many banks require the person designated as the financial manager or finance person-in-charge to provide identification and specimen signatures.

Address Verification Documents

• Lease agreement (租赁合同): A valid lease agreement for the registered business address, registered with the local housing authority.
• Property ownership certificate (房产证): A copy of the lessor’s property ownership certificate, confirming they have the legal right to lease the premises.
• Utility bills: Some banks request recent utility bills (electricity, water, or internet) at the registered address as proof of active business operations.

Foreign exchange (forex) requirements are the most complex and strictly enforced banking regulations for foreign companies. The key requirements include:

Capital Account Forex Requirements

Capital injection registration: Every capital injection from the foreign parent must be registered with SAFE within 15 working days of receipt. The registration includes details of the amount, currency, source, and purpose of funds. Failure to register on time can result in fines and restrictions on future capital movements.

Capital use restrictions: RMB funds converted from capital contributions can only be used within the company’s registered business scope. The “four prohibitions” on capital use are strictly enforced:

1. No use for purposes outside the company’s business scope
2. No use for securities investments (unless the company is licensed for such activities)
3. No lending to non-related parties
4. No use for non-self-use real estate investments

Repatriation restrictions: Capital account funds (including contributed capital that has been converted to RMB) cannot be repatriated to the parent company unless through approved channels such as dividend distribution, capital reduction, or liquidation.

Current Account Forex Requirements

Transaction authenticity verification: Every forex transaction must be supported by documentation proving the underlying transaction is genuine. For trade payments, this means contracts, invoices, customs declarations, and transport documents. For service payments, this means service agreements and tax payment certificates.

Reporting thresholds: Forex transactions above certain thresholds trigger automatic reporting requirements:

• Single remittance over USD 50,000: requires enhanced documentation
• Single remittance over USD 500,000: requires pre-approval from the bank’s head office
• Annual cumulative receipts/payments over USD 20 million: requires quarterly reporting to SAFE

Declaration requirements: All forex transactions must be reported through the SAFE forex declaration system. The bank handles the technical submission, but the company is responsible for providing accurate information and correcting any errors in the declaration.

Anti-money laundering (AML) and know-your-customer (KYC) requirements have been significantly strengthened in 2025–2026, following the implementation of China’s updated AML Law and the alignment of PBOC regulations with FATF recommendations.

Customer Due Diligence (CDD): Banks must conduct CDD on all corporate account holders, including:

• Identifying and verifying the identity of all beneficial owners (individuals who ultimately own or control 25% or more of the company)
• Understanding the company’s ownership and control structure
• Determining the source of funds and source of wealth for high-risk clients
• Assessing the company’s business activities and expected transaction patterns

Enhanced Due Diligence (EDD): EDD applies to companies that meet any of the following criteria:

• Beneficial owners are from high-risk jurisdictions (as designated by FATF)
• Company operates in a high-risk industry (virtual assets, precious metals, cross-border payments, etc.)
• Company has complex or opaque ownership structures involving multiple jurisdictions
• Company is a politically exposed person (PEP)-related entity

Ongoing monitoring: Banks in Anhui use AI-powered transaction monitoring systems that analyze account activity in real time. Companies should expect:

• Periodic reviews of account activity (at least annually for standard-risk accounts)
• Immediate flagging of transactions that deviate from expected patterns
• Requests for additional documentation to explain unusual transactions
• Possible account restrictions if suspicious activity is identified

Banking compliance is an ongoing obligation, not a one-time event. Foreign companies in Anhui must fulfill the following ongoing requirements:

Yes. Companies registered in Anhui’s Pilot Free Trade Zone (covering Hefei, Wuhu, and Bengbu) benefit from several preferential banking treatments:

Integrated multi-currency account: FTZ companies can open a single integrated account that handles both RMB and foreign currency transactions, eliminating the need for separate basic and capital accounts. This simplifies fund management and reduces administrative overhead.

Liberalized current account convertibility: FTZ companies enjoy more relaxed documentation requirements for current account forex transactions. For transactions up to USD 100,000, only a simplified declaration is required, compared to the standard USD 50,000 threshold outside the FTZ.

Centralized forex management: FTZ companies with multiple subsidiaries in China can apply for centralized forex management, allowing them to net inter-company forex exposures and manage currency risk more efficiently.

Cross-border RMB facilitation: FTZ companies can conduct cross-border RMB transactions without the documentation requirements that apply to standard foreign currency transactions. This includes RMB settlement of trade transactions, cross-border RMB lending, and RMB-denominated capital contributions.

Streamlined site visit process: Banks designated for FTZ services often waive the physical site visit requirement for companies located within FTZ business centers that have been pre-certified by the bank.

To qualify for FTZ banking benefits, your company must be registered within the geographic boundaries of the Anhui Pilot Free Trade Zone and maintain a physical presence (registered address) within the zone.