How to Open a BEA Business Account in HK

What Services Does a BEA Business Account Provide?

The core products for Bank of East Asia (BEA) business accounts are the "CorporatePlus" and "Corporate Express". These allow enterprises to manage HKD and foreign currency deposits, cheque accounts, time deposits, and basic cash management services within a single integrated account.

Enterprises can handle collections, payments, payroll, and daily transfers through BEA Corporate Online, phone banking, ATMs, and corporate cards. It can also be connected to additional services such as investments, securities, and bonds. However, each service typically incurs independent charges and minimum balance requirements. For smaller companies or those with limited transaction volumes, the long-term cost of a traditional account may be relatively high.

What is Corporate Express?

Corporate Express is a simplified account under the "CorporatePlus" umbrella. It is specifically designed for startups registered and operating in Hong Kong that have been established for less than one year (including sole proprietorships, partnerships, and limited companies).

Key Features:

• Simple Onboarding: Applicants do not need to provide business proof; only basic account opening documents are required.
  
• Statutory Limits: The account comes with several restrictions, such as a daily deposit balance limit of HK$500,000 and a monthly total expenditure/cash withdrawal limit of HK$500,000.
  

What Documents Are Required to Open a BEA Business Account

When applying for a BEA business account, the bank requires different original or copy documents depending on the company type. To avoid delays, verify your company type and shareholding structure beforehand.

1. Sole Proprietorship

• Business Registration Certificate (BRC).
  
• Identity documents and residential address proof (e.g., utility bills issued within the last 3 months).
  
• Business Proof: Office lease, purchase contracts, or invoices to help the bank understand the business nature and transaction patterns.
  

2. Partnership

• Valid BRC and proof of membership in relevant professional or trade associations (if unavailable, provide a Partnership Agreement/Deed).
  
• Identity documents and address proof for all partners.
  
• Business Proof: Sales contracts, invoices, or the latest audited financial statements.
  

3. Hong Kong Incorporated Limited Company

• Valid BRC, Certificate of Incorporation (CI), and Memorandum and Articles of Association (M&A).
  
• Identity documents and address proof for all directors, ultimate beneficial owners (UBOs), and authorized signatories.
  
• Ownership Chart: For companies with multi-layered corporate shareholders; plus Board Minutes.
  
• Latest Annual Return (NAR1) and all subsequent filings.
  
• Business Proof: Office lease, contracts with major suppliers/customers, recent invoices, or quotations.
  

How Much Are the Initial Account Opening and Search Fees at BEA?

Using the CorporatePlus account as an example:

• Initial Deposit: HK$10,000.
  
• Account Opening Fee: HK$800.
  
• Search Fees: HK$200 for Business Registration search and HK$200 for Limited Company search.
  
• Administrative Fee: An administrative fee of HK$200 per account applies if the account is closed within three months of opening or terminated due to improper use.
  

Special/High-Risk Industry Surcharge: If the applying company belongs to a "Special Industry" (e.g., Money Service Operators, gambling businesses, virtual commodity-related schemes, etc.), BEA charges a Company Account Application Fee of HK$10,000 per application. For Overseas Companies, a handling fee of HK$10,000 per account is also charged, reflecting higher fees for high-risk industries and non-local entities.

How to Open a BEA Business Account

Eligible companies can apply online or book an appointment via the "BEA Corporate Express Line." Note that even for online applications, the company must submit documents and visit the bank in person to sign and complete the process.

Online Application Process:

• Submit basic company information.
  
• Upload account opening documents online.
  
• Wait for bank staff to contact you to visit the bank for account opening.
  

Before formal opening, the bank conducts interviews and due diligence, verifying the identities of shareholders/directors and understanding operational details and fund sources.

*Eligibility for Online Application: HK-incorporated sole proprietorship, partnership, or limited company; no corporate directors, shareholders, or signatories; maximum of 3 directors/shareholders/signatories.

BEA Corporate Express Line Process:

• Call during business hours to book an appointment.
  
• Bank staff provide solutions and start the process, contacting the client within 2 working days.
  
• Visit the Business Banking Centre on the scheduled date to sign documents.
  
• A dedicated relationship manager follows up on the progress.
  

How Long Does It Take to Open a BEA Business Account

BEA’s official website does not provide specific data. Generally, the time from submitting a complete application to formal opening varies based on company background, industry risk, and document readiness. Due to the required interview and compliance review, the process may take several weeks or longer.

What is the Minimum Balance Requirement

While the CorporatePlus account does not specify a minimum deposit, a monthly service fee of HK$200 applies if specific conditions are not met.

Exemption Conditions (Meeting any one of the following):

• Average Daily Total Relationship Balance of HK$50,000 or more.
  
• Total MPF contributions of HK$5,000 or more in the past month.
  
• Total Autopay Payroll amount of HK$50,000 or more.
  

What are the Ongoing Transaction Charges for BEA Business Accounts

Beyond setup and monthly fees, charges include ATM card service fees, postage for statements, corporate card replacement fees, and securities transaction/custody fees. SMEs that only require basic payment/collection functions but frequently use counter or investment services may find cumulative costs significant.

Remittance Fees

For telegraphic transfers (TT) conducted via online banking:

• Handling Fee: HK$20 per transaction.
  
• Cable Charge: HK$100.
  
• Remittance Commission: 0.25% of the remittance amount. Cross-border remittances often involve fixed fees and high exchange rate spreads; enterprises should evaluate the total impact on operating capital.
  

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!