Running a business often means juggling a lot of moving parts, and managing your company's finances is definitely one of the big ones. When you're looking at business accounts, understanding the nitty-gritty of fees and what's included can feel like deciphering a secret code. Let's shed some light on the CorporatePlus Account, a service designed for businesses, and break down some of the common charges you might encounter.
At its core, the CorporatePlus Account aims to streamline your banking. However, like many specialized accounts, there are associated fees. One of the most common is the monthly service fee, which can be HK$150. Now, before you start thinking that's just another cost, there are several ways to get this fee waived. Keeping an average daily relationship balance of HK$10,000 or more is one. Alternatively, if your company's Mandatory Provident Fund (MPF) contributions hit HK$5,000 or more in the previous month, or if you're processing automated payroll of HK$50,000 or more monthly through the bank, that fee can disappear. It’s worth noting that these balances and contributions need to be linked to your CorporatePlus account statement for the waiver to apply.
Beyond the monthly service fee, you might come across other charges. For instance, if you ever need a temporary overdraft, there's a handling charge of HK$120 per transaction, plus interest. This applies to both HKD and USD current accounts, with the interest rate pegged to the bank's prime rate or HIBOR (whichever is higher) plus an additional 8% per annum. It’s a good reminder to keep a close eye on your cash flow to avoid these.
Paper statements, something many of us still rely on, also come with a small fee. BEA charges HK$20 per account, per half-year period, for issuing paper statements. This is debited directly from your account, so if you prefer to go paperless, you can avoid this.
Now, for some more significant fees, there's the company account application fee, which stands at HK$10,000 per request. This fee is specifically for companies in certain industries that are considered higher risk, such as casinos, money services businesses, arms manufacturers, or virtual commodity operators. It also applies to companies with complex corporate structures (three or more layers), those without a physical presence or operating office in Hong Kong, or companies in receivership or liquidation. It’s a measure to manage the bank's risk profile.
Other services also have their price tags. A business registration search or a limited company search will cost HK$200. Opening an overseas company account carries a hefty HK$10,000 fee per account. And if you decide to close your account within three months of opening it, or if BEA has to close an improperly maintained account, there's a HK$200 charge per account.
For those looking at the CorporatePlus - Business Start Account, the fee structure is a bit different. For example, counter transaction fees are HK$10 per transaction, but there are no fees for dormant accounts. ATM card services have their own set of charges; re-issuing a lost card costs HK$50, while cash withdrawals at UnionPay ATMs worldwide incur a HK$15 fee per transaction. Withdrawals at BEA ATMs in Mainland China or Macau are also HK$15, and at JETCO ATMs in those regions, it's HK$25. Interbank transfers via JETCO ATMs with the Interbank Transfer symbol are HK$10.
It's clear that while the CorporatePlus Account offers a suite of services, understanding the fee structure is crucial for effective financial management. Many of these fees can be avoided by meeting certain balance requirements or utilizing specific services, so it’s always a good idea to review your account activity and the bank's terms to ensure you're making the most of your business banking.
