How to Open a Bank of Communications Business Account in HK

What Services Does a Bank of Communications (HK) Business Account Provide?

Bank of Communications provides comprehensive Corporate Internet Banking and Corporate Mobile Banking services. These platforms are designed to help enterprises achieve flexible and convenient financial management, allowing transactions to be processed anytime, anywhere.

1. Security and Authority Management

• Multi-layer Authorization: Employs a multi-tier authorization model to ensure high transaction security.
  
• Role Configuration: Supports multiple roles including Corporate Users, Corporate Administrators, and Corporate Managers.
  
• Associated Groups: Features for associated groups and delegated accounts to facilitate efficient transfers between parent and subsidiary companies.
  
• Biometric Authentication: Supports Mobile Security Tokens and biometrics (Face ID/Fingerprint for iOS and Android).
  

2. FPS (Faster Payment System) Services

• Provides 24/7 uninterrupted services, including account binding, general transfers, and express transfers.
  
• Supports eDDA (Electronic Direct Debit Authorization) and refund functions.
  

3. Account and Payment Management

• Account Inquiry: Check balances, transaction history, loan details, remittances, cheque status, and download e-Statements.
  
• Transaction Management: Inquire, authorize, or reject pending transaction instructions.
  
• Payment Support: Transfers to same-name accounts, registered/non-registered payees, and bulk payments (e.g., payroll). Supports pre-set exchange rates and recurring transfer instructions.
  

4. Trade Finance (BILLS) Services

• Import Services: Issuance and amendment of Letters of Credit (LC), inward collection, and invoice financing applications.
  
• Export Services: Collection, packing loans, and export invoice financing applications.
  
• Real-time Tracking: Online tracking of application status and repayment scheduling to simplify cross-border trade.
  

5. Other Integrated Services

• Cheque book application, sub-account management, and e-Cheque status inquiries.
  
• Insurance: Personal Accident Comprehensive Insurance and China Medical Emergency Accident Insurance.
  
• MPF: Real-time inquiry of contribution periods and employee lists.
  

What Documents Are Required to Open a BOCOM Business Account?

The bank sets different requirements based on entity type to verify business legitimacy, shareholder backgrounds, and authorized signatories.

1. For Sole Proprietorships

• Original Business Registration Certificate (BRC).
  
• Original Identity Documents and Nationality Proof for the proprietor and all authorized signatories (Non-HK Permanent Residents must provide a valid passport).
  
• Original Residential Address Proof issued within the last 3 months (e.g., bank statements or utility bills).
  
• Business Address Proof (if different from the registered address).
  
• Company Chop (if applicable).
  

2. For Partnerships

• Original Business Registration Certificate (BRC).
  
• Original Identity Documents and Nationality Proof for all partners and authorized signatories.
  
• Residential Address Proof (within the last 3 months) for all partners and signatories.
  
• Business Address Proof (if different from the registered address).
  
• Company Chop (if applicable).
  
• Note: It is recommended that all partners be present during the application for document signing.
  

3. For Limited Companies (Locally Incorporated)

• Original BRC and Certificate of Incorporation (CI).
  
• Original Identity Documents and Nationality Proof for all Directors, Substantial Shareholders/Beneficial Owners, and Authorized Signatories.
  
• Original Residential Address Proof (last 3 months) for the above individuals.
  
• Original Articles of Association.
  
• Business Address Proof (if different from the registered address).
  
• Certified Extract of Board Resolution (Bank-provided format).
  
• Business Proof: Original contracts, invoices, or company brochures (upon bank request).
  
• Ownership Structure Chart signed by a Director.
  
• Reference Letter: Must be from an existing BOCOM customer (of over 1 year) or a bank reference letter.
  

Important Note for New Companies: If the company is less than 1 year old, a reference letter is mandatory. It must include the reference bank’s letterhead, full name, phone, fax, and address, and be issued within the last 6 months.

How Much Are the Account Opening and Search Fees at BOCOM?

• Local Limited Company Setup: HK$3,000 per application.
  
• Overseas or Non-HK Company Setup: HK$20,000.
  
• Special Company Account (Trusts or 3+ layers of structure): HK$20,000.
  
• Search Fee (BR / CI): HK$200 per search.
  
• Overseas Search: Minimum HK$2,000 (depending on the country).
  

What is the Step-by-Step BOCOM Business Account Opening Process?

• Online Application: Use the BOCOM website or Mobile App to fill out the form and upload identity documents and the BRC.
  
• Review & Verification: The bank performs automated searches, document reviews, and background checks. They will contact the authorized signatory via phone or email for an appointment.
  
• In-person Signing: Visit the designated branch with original documents to sign the account opening forms, risk disclosure statements, and e-Banking agreements.
  

How Long Does it Take to Open a BOCOM Business Account?

The process is efficient; once all documents are complete and the online appointment/upload is finalized, account opening can be completed in as fast as 2 weeks.

What is the Minimum Balance Requirement for a BOCOM Business Account?

There is no mandatory minimum deposit requirement, offering high flexibility for SMEs. However, to enjoy fee waivers and benefits, it is recommended to maintain an Average Daily Balance of HK$5,000 or more. For RMB accounts, a balance of RMB 10,000 is suggested for similar waivers.

What Are the Ongoing Transaction Charges for BOCOM Business Accounts?

1. Common Service Fees

• Returned Cheque (Insignificant Funds): HK$150 / USD 20 / RMB 200.
  
• Stop Payment / Cancellation of Cheque: HK$100 / USD 13 / RMB 100.
  
• Statement Copies: HK$50–$70 per copy.
  
• Counter Transactions: First 8 per month are free; thereafter HK$20 per transaction.
  
• CHATS (HKD): As low as HK$50.
  

2. Remittance and Transfer Fees

• Outward Remittance (Online): HK$170 (to Mainland branches); HK$220 (to other banks/overseas branches).
  
• Inward Remittance: HK$60.
  
• Cross-border Online Remittance: 1% of the amount (Capped at HK$60).
  
• FPS Transfers: HK$5 for general transfers; HK$50 for express transfers.
  

BOCOM vs. Aspire: Which Account is Best for My Business?

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Aspire vs. Traditional Banks: Key Differences

The core difference lies in operational efficiency and service depth.

Traditional Banks: Excellent for offline support, handling physical cash, cheques, and eDDA. However, they have high entry barriers and lengthy processes. For startups without an operating track record or overseas directors, the process is unfriendly, often requiring in-person interviews and weeks of auditing. Cross-border fees and monthly maintenance become hidden costs.

Aspire: Perfectly complements these shortcomings:

• Simple Procedures: All-digital process with no in-person interviews. Same-day approval is possible.
  
• Lower Transaction Costs: FX costs up to 3x lower than banks (spreads from 0.18%). Using multi-currency accounts to pay/receive locally can result in zero remittance costs.
  
• Instant Expense Management: Issue unlimited corporate cards instantly with real-time category and limit controls.
  

Beyond Banking: Scaling Your HK Business with Aspire’s All-in-One Finance OS

Aspire provides a one-stop solution for Hong Kong enterprises, perfectly integrating global transfers, expense management, and accounting automation into a single platform. With just one Aspire business account, you can fully control your corporate finances:

• Global Payment: Fully digital account opening with approval as fast as the same day. Supports 130+ countries and 40+ currencies, with FX spreads as low as 0.18% (costs are up to 3x lower than banks).
  
• Transfer Network: In addition to built-in FPS (Free) and CHATS to ensure local payments and payroll arrive on time, Aspire features a powerful local transfer network—allowing you to directly receive and send money overseas like a local. Compared to traditional SWIFT wire transfers, local transfers eliminate layers of intermediary bank fees and significantly shorten arrival times, helping you save on transfer expenses at the source.
  
• Spending Control: From Invoicing to paying Bills, the process is fully automated. You can instantly issue controllable corporate cards and pair them with "snap-and-claim" features to automatically categorize employee expenses. All transaction data syncs seamlessly with Xero, QuickBooks, and NetSuite, solving all administrative pain points from payroll to reconciliation on one platform.
  
• Operational Rewards: Turn your spending into returns! Earn 1.2% unlimited cashback on major business expenses, e.g. marketing and SaaS subscriptions. Your account also comes with over USD 500,000 in business rewards, covering tools like Google Workspace and Slack, rebating your operating costs from the start.
  

Open an account for free now to experience a smarter, more flexible business financial solution and accelerate your business growth!