Guide to opening a Bank of China Account for businesses in Hong Kong

The Bank of China (BOC) has been a popular option among small and medium-sized enterprises (SMEs) in Hong Kong for opening business accounts. BOC’s “SME in One” programme covers various financial services, including renminbi products, cross-border financial solutions, remittances, credit cards, and loan products. The bank has become an appealing choice for SMEs seeking to open accounts because of its proficiency in navigating Hong Kong-China trade regulations. This article provides a detailed guide for opening a BOC business account and compares its pros and cons with other financial platforms.

Basic requirements for opening a Bank of China Business Integrated Account

Businesses can open a Bank of China account at a branch or remotely. Eligible applicants include companies registered in Hong Kong or abroad, startups, and small enterprises. There are three key steps when establishing a BOC account – complete the application form, verify your identity online, and submit the necessary documents remotely or at a branch.

However, remote account opening is only available when these basic requirements are met:

• The applicant company must be registered in Hong Kong as a sole proprietorship, partnership, or limited company (including guarantee companies);

• The annual turnover must meet specified thresholds;

• The company must not have corporate shareholders;

• There should be no more than 10 related parties involved, all of whom must possess Hong Kong identity cards.

Minimum deposit requirements

BOC sets minimum deposit requirements for different account tiers, with service fees waived when the required deposit amounts are met:

• Business Integrated Account: HK$50,000 minimum deposit

• Business Integrated Account – Plus: HK$200,000 minimum deposit

• Business Integrated Account – Elite: HK$1 million minimum deposit

Besides, businesses should be aware of other fees, such as account application fees that differ by the company’s registration location. For example, Hong Kong companies are charged HK$1,200. That for mainland China companies is HK$3,200. The fees for Macau or Taiwan companies are HK$6,200. Additionally, companies with structures exceeding four tiers are subject to an extra fee of HK$5,000 per application.

Types of Bank of China business accounts

BOC Hong Kong offers three types of Business Integrated Accounts, each with distinct features:

* The auto-sweeping service helps to avoid bounced cheques – it will sweep funds from your company’s other designated account when the available balance of the designated current account is not sufficient to settle the cheque amount.

^If the number of transactions exceeds the free limit, a fee of HK$20 will be charged for each additional transaction.

Procedures and timeline for opening an account with BOC

Opening an account with BOC is straightforward. Businesses can apply remotely or in-person at branches. The steps for remote account opening include:

1. Create a profile, complete the application form, and upload the necessary documents

2. Download the iGTB MOBILE app for online identity verification

3. Confirm the submitted information for account activation

4. Log into Corporate Internet Banking to activate the new account

For local sole proprietorships or limited companies with simple structures (one-tier), the process takes about three working days to complete after the submission of required documents and fees.

Do I have to make an appointment for an account opening?

If businesses do not meet the criteria for remote account opening, they will have to schedule an appointment and visit a branch to complete the process. However, banks may still request in-person meetings for document signing, even for those who have applied remotely.

Required documents for opening a BOC business account

Businesses should prepare documents based on their company’s registration location and type. Typical necessary documents include registration documents and identification proofs for all relevant individuals. Here is a list for your reference:

• Certificate of Incorporation;

• Identification documents for company directors, major shareholders, and all authorised signatories;

• Companies with more than four tiers will have to provide their organisational structure chart;

• Proof of source of funds: Companies that have been established for over a year can submit audited financial statements and bank statements. Newly formed companies where initial funding is primarily from the owner can provide personal bank statements, income proof, asset proof, or a one-time income statement.

For startups, the bank may request additional details, such as the experience of key personnel in the relevant industry, reasons for starting the business, development plans, and operational goals.

In short, for SMEs or startups planning to open an account with the Bank of China, besides preparing all necessary company and identification documents, they may also have to visit a branch to finalise the process. The whole account opening procedure usually takes three working days to complete. After opening the account, businesses should take note of the minimum deposit requirements to avoid incurring extra fees.

For those seeking a convenient account opening option that can be conducted online, and without fees, Airwallex would be an excellent alternative. As a financial platform licensed by Hong Kong Customs (MSO License No. 16-09-01929), Airwallex allows businesses to complete the entire account opening process online, eliminating the hassle of visiting a branch physically.

Airwallex offers a swift account setup and does not charge any account opening or monthly fees. Its fee structure is transparent and comes with no hidden surcharges. It offers competitive exchange rates as low as 0.2% above the interbank exchange rate, making it ideal for businesses operating globally. 

Airwallex Business Account: an all-in-one platform for global funds management

With Airwallex, businesses can open multi-currency accounts in 60+ countries. Businesses can collect funds in their customers' chosen currencies, eliminating high foreign exchange and transaction costs. For example, companies can set up a local USD collection account and a local AUD collection account respectively, and directly receive funds in the corresponding currency. The funds can then be spent in the same currency as needed. This helps to avoid unnecessary conversion fees.

In addition, Airwallex provides competitive foreign exchange rates and international payment services, supporting transactions in 60+ trade currencies across 150+ countries. 90% of payments can arrive on the same day. 

The platform can also easily integrate with accounting software like Xero and QuickBooks, as well as eCommerce platforms, such as Shopify. These features make Airwallex ideal for businesses seeking efficient and cost-effective financial solutions for global operations.

Sources: 

Information regarding the account opening procedure of the Bank of China was sourced as of March 2025 for reference purposes. For the latest details, please visit the official Bank of China website.

1. https://transaction.bochk.com/igtb/html/aop/gib_aopMainPage.html?lang=en_US

2. https://www.bochk.com/en/smeinone/acopen/servicecharge/bia.html

3. https://www.bochk.com/dam/more/bizacopenguide_en.pdf

4. https://www.bochk.com/dam/smeinone/accopen/en.html

5. https://www.bochk.com/dam/corporatebanking/BIA_Leaflet_en.pdf

Disclaimer: The information was based on our own online research and we were not able to manually test each tool or provider. The information is provided for educational purposes only and a reader should consider the specific requirements of their business when evaluating providers. This research is reviewed every 6 months. If you would like to request an update, feel free to contact us at [email protected].