Opening a Business Bank Account in Hong Kong [2024]

Whether you’re starting a new business in Hong Kong, moving your company there, or expanding to the region, opening a Hong Kong business account is the next step you should take to simplify local transactions. 

However, with the many business account options, from local and international banks to virtual banks and banking alternatives, it might be challenging to find where to begin. 

In this article, we answer some of the most commonly asked questions about opening a business account in Hong Kong, including the banking options, how long it takes to open an account, and how much it costs. We will also be looking at the factors to consider when choosing a business account to make your application process as simple as possible.

What to Consider When Opening a Business Account in Hong Kong

There are several factors you should consider when opening a business account in Hong Kong, including:

• Type of Bank or Provider: Choose between traditional banks with physical branches, virtual banks for online-only services, or financial service providers offering flexible, cost-effective options based on the nature of your business.
• Eligibility: Some banks accept business account applications from offshore companies, though business owners and directors may need to be Hong Kong residents. Moreover, some banks may not provide corporate accounts for some types of business, such as sole proprietorship. 
• Account Features: Depending on your business needs, features like accounting software integration, ATM access, or multi-user access may be essential to streamline your operations. You may also consider other services, such as business loans or payroll services.
• Minimum Deposit Requirements: Some banks require you to make an initial deposit and maintain a specific minimum account balance.
• Fees and Pricing: Assess the monthly account maintenance fees, transaction fees, and any other charges to ensure the cost structure fits your business’s budget and transaction volume. 
• Customer Support: Evaluate the accessibility and availability of customer support, including the languages supported, to ensure timely and personalised assistance. 
• Internet Banking Services: If you prefer digital convenience, ensure the bank offers comprehensive online banking services such as mobile apps, online payments, and real-time payment tracking. 
• Your Business Operation: If your business deals with international transactions, consider a business account supporting multiple currencies besides HKD to facilitate global operations.

The documents you must prepare when opening a business account in Hong Kong depend on which bank or financial service provider you choose. Different banks in Hong Kong request varying supporting documents, while most non-bank alternatives may ask you to provide less paperwork.

Here are the commonly required documents you should prepare when applying for a business account in Hong Kong: 

1. Account Application Form: The applicant must complete the form to initiate the account opening process. This form is typically available online and requires details about the company, account preferences, and authorised signatories.
2. Establishment Documents: Official documents verifying your company's lawful incorporation and registration in Hong Kong or other jurisdictions, including the Certificate of Incorporation, a valid Business Registration Certificate, and the Articles of Association.
3. ID Documents: Copies of photo identification documents, such as passports, Hong Kong identity cards, or driver’s licences, of the directors, shareholders, and UBOs. 
4. Proof of Address: Copies of recent proof of residential address in Hong Kong for directors, shareholders, and UBOs. This document should be dated at most three months
5. Organisational Chart: A concise chart outlining the company’s shareholding and managerial structure, indicating the directors, shareholders, and ultimate beneficial owners (UBOs), along with their respective equity stakes.
6. Business Plan: A brief business plan explaining the company’s operations, with projected expenses and revenues for the next 12 months. 
7. Board of Directors Resolution: An official written document that authorises opening a corporate account in the business’s name and designates an individual to manage the account opening process.
8. Certificate of Incumbency (Certificate of Good Standing): This document outlines the management and ownership structure and confirms the company’s compliance and status. It is essential for offshore companies incorporated outside Hong Kong.

Most banks in Hong Kong provide an application form and a document checklist online for applicants to download. You can see some examples of the required documents on HSBC, Standard Chartered, Bank of China (Hong Kong), and Hang Seng Bank websites.

To choose the best business account provider for your business, consider factors like the size of your company, the nature of your business, the account purpose, and the services offered by each provider.

For example, suppose you are an established SME looking for extensive banking services beyond holding deposits like loans or credit cards. In that case, you should look at business accounts offered by traditional banks, such as HSBC’s Business Integrated Account. 

On the other hand, if you are a startup or small business with a lower budget or simply looking for a digitally convenient way to make cross-border payments, banking alternatives like Statrys or virtual banks like ZA Bank are better choices for your needs.

After choosing an account provider, the next step is to prepare the supporting documents. Typically, banks would provide a downloadable checklist to facilitate this process.

Although most banks in Hong Kong now offer online applications for eligible applicants, depending on your chosen bank, you may have to make an appointment to submit the documents in person.

Some banks may also require you to visit a branch for an interview with the bank representative. 

On the other hand, you can apply for a business account online and remotely with most banking alternatives that operate entirely online. 

After your application is approved, you can access your new business account. Depending on your chosen bank or neobank, you may have to take additional steps to activate your account, such as setting up the mobile app or digital banking platform and adding funds. 

With Hong Kong being one of the world’s leading financial hubs, your company has many business bank account options, from local and international traditional banks to virtual banks and non-bank alternatives.

Let’s look at each type:

Similar to typical current accounts, business accounts facilitate everyday transactions such as deposits, withdrawals, transfers, and payments but are tailored for business purposes. 

However, most banks and financial service providers in Hong Kong offer business accounts with extra features tailored to global business needs, such as:

• Multi-currency capabilities, including at least HKD, CNY, and USD
• Higher transaction limit compared to personal accounts
• Access to business loans and other facilities
• Foreign exchange services for international transactions
• Multiple user access to manage your account
• Integration with accounting software to streamline the process and improve cash management

How Long Does It Take to Open a Business Bank Account in Hong Kong?

Opening a bank account in Hong Kong can take quite a bit of time. Depending on the bank, it may take several weeks before your business bank account is up and running.

Typically, you will have to make an appointment with a bank representative to submit the required documents. Then, your application will go through a review, where you might be asked to provide additional information or documents. This review could take up to months.

However, some commercial banks like HSBC, DBS, and Hang Seng Bank offer business bank accounts designed for smaller businesses that could take as fast as 3 working days to open an account.

How Much Does It Cost to Open a Business Bank Account in Hong Kong? 

The cost of opening a business bank account in Hong Kong widely varies depending on your chosen account plan and service provider. If you have settled for a business account with a bank, it can range broadly from HKD 10,000 to 100,000. 

The following are typical costs associated with business account opening in Hong Kong:

• Account Opening Fee: A one-time charge by the bank for setting up a corporate account. Hong Kong companies typically have to pay around HKD 1,200, while the cost for offshore companies starts at around HKD 10,000. Most fintech firms do not charge this fee for online accounts. 
• Company Search Fee: Some banks may charge additional fees of around HKD 150 to conduct due diligence and verify the company's registration and legal standing. 
• Initial Deposit: The minimum amount required to be deposited to activate the new business account. This could be at least HKD 10,000 for corporate clients. 
• Monthly Fee: A recurring charge for maintaining and operating the business account, which can vary based on the account type and bank. It can potentially be waived or cost around HKD 200 or more.
• Inactive Account Fee: A fee charged on accounts that have not had any activity or transactions over a specified period.
• Account Closure Fee: A fee that may be applied when closing the business account before a certain period, typically within 3 months.

Transaction Fees: Charges applied to certain types of transactions, such as international remittances, ATM withdrawals, FPS transfers, or wire transfers beyond the included service limits..

Why Is It Difficult to Open Business Bank Accounts in Hong Kong?

If you are a startup, new business, or foreign company, opening a business bank account in Hong Kong might be challenging. 

This is because financial institutions have to follow Know Your Customer (KYC) policies and Anti-Money Laundering Regulations (AML) to ensure that the account will not be used for money laundering or other criminal activities. 

According to the Hong Kong Monetary Authority (HKMA), processing an application from start-ups takes longer and requires more supporting documents due to the complexity of the background checks.

For non-residents, opening a business account in Hong Kong can be even more challenging, including the necessity for in-person interviews at most banks and higher account opening fees compared to those for local companies.

Alternative Solution: Statrys

If you are interested in a hassle-free way to open a business account in Hong Kong, consider Statrys.

Statrys is a licensed Money Service Operator in Hong Kong that provides financial solutions for global business growth, especially in Asia. The services include multi-currency business accounts that support 11 foreign currencies, Hong Kong and Singapore company incorporation, and dedicated customer support tailored for SME needs. 

Additionally, you can apply for a Statrys business account conveniently online and start using your new account in as fast as 3 working days. 

Statrys Services