🇨🇳 Bank of China — corporate account for HK company

Attorney, Family Office

Overview

Bank of China (BoC) — one of the four largest state-owned commercial banks in the PRC,"Big Four"(alongside ICBC, CCB and Agricultural Bank of China). Total assets exceed $4 trillion. For Hong Kong trading companies, BoC has historically been the primary channel for settlements into mainland China: high reputation, direct correspondent relationships with European and American banks, transparent fees.

After 2022, BoC tightened compliance criteria for foreign beneficiaries — the bank stopped opening accounts for HK companies whose UBO holds Russian citizenship. For other profiles, the channel remains operational: companies with UBOs from the EU, UK, UAE, Turkey, Singapore follow standard openment flow.

Permitted beneficiary jurisdictions

• Hong Kong, Singapore, Malaysia, Japan, South Korea
• UAE, Turkey, Saudi Arabia (subject to approval)
• EU, UK, Switzerland
• USA, Canada, Australia

For beneficiaries from other jurisdictions, we offer alternative options — seeCorporate account at ZCCB.

Available currencies

• CNY (primary)
• USD, EUR, GBP, JPY, HKD
• Additional currencies upon request

A separate sub-account with its own number is opened for each currency.

Documents required for opening

• Passport of director and shareholder (all pages)
• Articles of Association of HK company
• Certificate of Incorporation
• Business Registration Certificate
• Annual Return (NNC1 / NAR1)
• Audited financial statements (if company is over one year old)
• Business model description, one page

Opening stages

1. Preliminary approval.We coordinate the project profile and cash flows with the bank.5–7 business days.
2. Document submission and video interview.KYC review + interview with bank manager in English.3–5 business days.
3. Original passport.After approval, director and shareholder must present original — in person at Shanghai office or via courier delivery.
4. Activation and test deposit. 2–3 business daysafter receiving hardware tokens.

Total timeline —15–20 business dayswith clean KYC.

Fee

Our fee for full service —€7,000. The fee includes:

• Preparation of KYC package and business description
• Services of local associate in Shanghai
• Support during video interview with bank manager
• Delivery of hardware tokens to specified jurisdiction
• Activation and first deposit

Not included — bank fees listed below.

BoC fees

• Account maintenance:$150/month minimum.
• Payments within China:0.1% (cap CNY 1,000).
• International payments:0.1% (cap CNY 2,000).
• High-risk destinations:0.2%–0.4% (e.g., transfers to Belarus).
• Currency exchange:Bank of China rate, 0.2–0.6% to interbank.
• Fee reduction — upon reaching $5M annual turnover.

Permitted transactions

• Trade transactions (B2B)
• Consulting, service provision
• Cross-border settlements with European and Asian counterparties

Not permitted: crypto transactions, FX brokerage, gambling, precious metals without special license.

Related services

• 🇨🇳 Corporate account at ZCCB— alternative for beneficiaries not accepted by BoC
• 🇨🇳 Huaxia Bank— another Chinese channel for financial consulting
• 🇭🇰 Hong Kong company— corporate structure for account
• 🐉 Financing in China— credit products from Chinese banks