A corporate account (often called a company account or business bank account) is a bank account opened in the company’s name to receive business income and make business payments (for example, supplier payments, payroll, rent, and utilities).
In Hong Kong, financial institutions are required to apply customer due diligence (CDD) and ongoing monitoring under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615) and supervisory requirements issued by the Hong Kong Monetary Authority, so the corporate account opening procedure can involve document review and follow-up questions depending on the business profile and ownership structure.
What: A bank account opened in the company’s name for business receipts and payments, often used as a business integrated account for day-to-day operations.
Why: Keeps business transactions separate from personal finances; can help with clearer recordkeeping for tax and reporting.
Typical requirements: Company registration documents and identification documents for authorized signers and beneficial owners (requirements vary by bank and entity type).
Costs: Some banks charge setup or administration fees; some digital banks and traditional banks run time-limited fee waivers or digital-opening offers.
Timeline: Ranges from several days (simple cases) to longer for more complex ownership or verification needs.
Choose based on: Eligibility rules (ownership layers, HKID status), fees, online banking capabilities, FX/collections needs, and operational complexity.
What is a Corporate Account?
A corporate account is a bank account opened in the name of a company. The account can receive business income and facilitate various business transactions. Companies should open a corporate account to ensure proper separation of business finances.
Before approval, banks typically request information about the company’s ownership structure, controllers, and expected account activity to complete CDD.
Types of Business Accounts in Hong Kong
Banks offer different business banking products depending on how company funds are managed, including integration with Hong Kong’s Faster Payment System (FPS) for real-time transfers.
The Faster Payment System is a real-time payment infrastructure operated in Hong Kong that allows instant transfers between participating banks and stored value facilities using mobile numbers, email addresses, or FPS identifiers.
Operating (Checking) Accounts
Used for day-to-day transactions such as payroll, supplier payments, and general expenses. These accounts support frequent inflows and outflows and usually serve as the company’s primary operating account.
Savings or Reserve Accounts
Used to hold surplus funds or short-term reserves. Interest may apply depending on the balance and product terms. These accounts are often linked to an operating account.
Merchant and Collection Facilities
Support card payments and electronic collections. Settlement proceeds are typically credited into the company’s deposit account. Additional onboarding and transaction fees may apply.
Some companies maintain more than one account to separate operating funds from reserves or to manage different currencies.
How Does a Corporate Account Work?
A corporate account credits funds when customers make payments and debits funds when the company makes transfers, issues cheques, or incurs card expenses. Transaction fees may apply depending on the channel and currency.
Most leading banks also provide digital banking services that allow companies to monitor balances, initiate transfers, download statements, and manage user permissions online.
Access rights are controlled through authorized signers and online banking mandates. Banks therefore assess who controls the account, how it will be used, and the company’s expected transaction profile.
Who Can Open Corporate Accounts?
Eligibility varies by bank. Some streamlined or digital onboarding routes—including options to open a business account online—are limited to Hong Kong–registered companies with simple ownership structures and HKID-holding principals. Other profiles may require branch-based handling or additional review.
Banks may also impose requirements relating to connected parties or local addresses for certain application channels, depending on the nature and scale of the company’s business operations.
What Are the Benefits of Having a Business Bank Account?
A corporate account centralizes business receipts and payments and creates a clear transaction record.
It separates business transactions from personal spending, which improves bookkeeping accuracy and simplifies reconciliation.
When income and expenses flow through a dedicated account, accounting and tax reporting are more structured and easier to support with documented records.
A business account also provides consistent financial documentation for audits, compliance reviews, and applications for business financing such as credit facilities or a mortgage loan for commercial property.
Depending on the bank and product selected, it may provide access to services such as multi-currency holding and local payment systems. Legal liability depends on the company’s structure and applicable law.
What are the Differences Between Corporate Bank Accounts and Personal Bank Accounts?
Corporate accounts are designed for business receipts and payments and typically operate under a bank mandate specifying signing and approval rights. Personal accounts are intended for individual use.
Further, corporate accounts may permit multiple authorized users with defined approval controls. Banks apply business-level customer due diligence and ongoing monitoring requirements to corporate relationships.
Lastly, fee structures may also differ, and business accounts commonly involve administration charges or transaction-based fees that do not apply to standard personal accounts.
Challenges in Opening Business Bank Accounts
The entire account opening process may take longer where banks require additional information to complete customer due diligence, particularly for companies with complex ownership structures or overseas controllers.
Delays commonly result from incomplete documentation, unclear ownership summaries, inconsistent information across application forms, or insufficient detail regarding expected transactions.
Providing a clear ownership chart, confirming authorized signers in advance, and submitting consistent supporting documents can reduce follow-up requests and review time.
What Documents Do You Need to Open a Corporate Bank Account?
Requirements vary by bank and entity type. Some banks require in-person presentation of original documents, especially for complex structures.
Banks typically request two main categories:
- Company registration documents
Documents proving legal existence, such as incorporation records and constitutional documents.
- Identification documents for individuals
Identification documents for directors, authorized signers, and beneficial owners as part of CDD.
HSBC presents corporate onboarding requirements using these two categories.
Some banks publish expanded document lists based on customer profile. OCBC, for example, references additional requirements such as:
- Shareholder and ownership information
- Proof of business address
- Identity documents for connected parties
- Entity-specific certificates, including certificates of incumbency or certificates of good standing
Requested documents depend on ownership structure, place of incorporation, and onboarding channel.
How to Open an Account: Step-by-Step Process
Opening a business bank account generally follows a structured process.
Step 1 - Check Eligibility Requirements
Banks commonly assess company registration status, ownership structure, authorized signers, business activities, and application channel eligibility.
| Eligibility Area | What Banks Commonly Assess |
|---|---|
| Company registration | Whether the applicant is a Hong Kong–registered entity |
| Ownership structure | Simple ownership versus multi-layer or offshore holding structures |
| Authorized signers | Whether key signers hold Hong Kong identity documents (relevant for certain online or simplified onboarding channels) |
| Business activities | Nature of business and overall risk profile |
| Application channel | Eligibility for online onboarding versus branch-based application |
Step 2 - Gather Required Documents
Banks verify the company, its controllers, and intended account usage. Preparing complete and consistent documentation helps reduce follow-ups on a business account opening.
| Document Category | Examples |
|---|---|
| Company registration | Business Registration Certificate, Certificate of Incorporation, constitutional documents |
| Ownership and control | Shareholder information, beneficial owner details |
| Authorized signers | Identification documents for directors and account signers |
| Address information | Registered office address or business address proof |
| Account mandate | Signatory list or account authorization details |
Step 3 - Submit the Application
Applications may be submitted through different channels depending on the bank and the company’s profile, including branch-based applications and, for eligible companies, mobile account opening or other remote account opening services.
| Submission Method | When It Is Used |
|---|---|
| Online application | For eligible companies meeting simplified onboarding criteria, usually involving simple ownership and locally based controllers |
| Branch application | When in-person submission or verification is required |
| Relationship manager | For established companies or higher-complexity corporate structures |
Step 4 - Complete Identity and Compliance Checks
After submission, banks conduct customer due diligence in line with Hong Kong regulatory requirements. The depth of review depends on the company’s structure, activities, and risk profile.
| Compliance Area | What the Bank May Do |
|---|---|
| Identity verification | Review identification documents of directors, authorized signers, and beneficial owners |
| Ownership review | Confirm shareholding and control structure |
| Business assessment | Assess stated activities and anticipated transaction behavior |
| Verification method | Request video calls, additional documents, or in-person checks |
Step 5 - Approval, Account Setup, and Timelines
Once compliance checks are completed, the bank proceeds with account approval and activation.
| Timeline Factor | Impact on Approval Speed |
|---|---|
| Documentation quality | Complete submissions reduce review time |
| Ownership complexity | Additional ownership layers generally extend review timelines |
| Verification method | Digital verification versus in-person confirmation |
| Bank internal process | Timelines vary by institution |
Approval timelines depend on documentation quality, ownership complexity, and internal bank processes. Simple cases may be completed within several working days, while complex cases take longer.
Top Tips for Managing Company Accounts
Managing a corporate account involves monitoring fees, compliance obligations, and operational needs.
Be Aware of Introductory Offers
Promotions such as fee waivers or onboarding incentives are usually time-limited and conditional. Always review what applies after the promotional period ends.
Consider Having an Investment Strategy
Consider having an investment strategy for your corporate account. If surplus cash is regularly held, basic cash-management options such as time deposits or low-risk treasury arrangements may be available, depending on the bank and company profile.
Check Whether Your Deposits are Insured
Eligible deposits with scheme member banks in Hong Kong are protected under the Deposit Protection Scheme up to HKD 800,000 per depositor per bank, subject to eligibility rules.
Double-Check the Fees Payable
Corporate bank accounts may involve multiple charges, including account opening fees, monthly or annual administration fees, and transaction-based service charges. Always review the bank’s latest fee schedule and clarify which charges apply to your specific account type.
Why is it Critical for Businesses to Have Company Accounts?
A corporate account provides a structured channel for business receipts and payments and creates a consolidated transaction record to support bookkeeping and tax compliance.
Because banks apply CDD and ongoing monitoring requirements, maintaining a properly opened corporate account helps ensure transparency and regulatory compliance.
If you want to incorporate a company in Hong Kong and need assistance with setting up your company account, get in touch with Air Corporate. Our experts can help you open a corporate account or other business accounts and suggest alternatives to traditional banks depending on the nature of your business.
FAQs
Most banks charge an application fee for opening any type of account, including a corporate account.
The exact cost of opening a corporate account varies depending on the bank you approach.
Usually, any business organization incorporated under the law can set up a corporate bank account.
Unincorporated business entities, like small businesses with sole proprietorships or partnerships, can consider opening a regular business account.
