The 9 Best Business Accounts in Hong Kong
Whether you are starting or moving a business to Hong Kong, having a local business account can ensure efficient financial management and streamline your business operations. But with which bank should you open an account? What do you need to prepare to open one? Are there any alternatives to traditional banks for smaller businesses?
This article will guide you through the 9 best business accounts in Hong Kong, including traditional banks and fintech providers. We will look at their account features, application process, and eligibility criteria so you can find the best account that suits your needs.
What is a Business Account?
A business account is a bank account opened in the company's name for businesses to manage day-to-day business operations, such as paying suppliers, receiving invoice payments, marketing, payroll for employees, and paying rent or utility payments. Most importantly, allows you to separate your personal finances from your business finances.
There are some key features and services that differentiate a business account from a personal account, such as:
- Enhanced Transaction Management: Business accounts are designed to handle a high volume of transactions, making it easy to pay suppliers, receive customer payments, manage payroll, and conduct other essential business activities efficiently.
- Multi-Currency Capabilities: Many business accounts offer multi-currency capabilities, allowing businesses to handle cross-border transactions and manage foreign currency exchange.
- Accounting Software Integration: Integrating with accounting software is important for businesses because it allows them to synchronise the payments coming in and out of business automatically. This saves time and improves accuracy when it comes to taxes and managing cash flow.
- Dedicated Business Support: Business account providers will typically provide specialised support teams that can assist promptly when businesses face issues that require immediate attention.
Tip: Learn why you should keep your personal and business finances separate and why every business should have multiple business accounts.
Opening a Business Account
Opening a business account in Hong Kong is important for any business that wants to start a company here. However, the process can be complex if you don’t understand the various requirements and provide the right documentation.
This section will show you the standard eligibility requirements for most banks and financial institutions in Hong Kong, and the standard documents you will have to prepare.
Who Is Eligible?
Traditional banks and financial institutions in Hong Kong typically offer business accounts to the following entities:
- Hong Kong-Registered Companies: Limited companies registered and operating in Hong Kong are generally eligible to open a business account.
- Sole Proprietorships: Some banks and account providers allow registered sole proprietors to open a business account in their own name.
- Partnerships: General and limited partnerships are also eligible to open a business account at most banks.
- Overseas Companies: Companies incorporated outside Hong Kong or with foreign owners can open Hong Kong business accounts, but the requirements and application process may be more complex depending on each bank.
What Documents Do I Need?
Typically, you will be required to prepare the following documents when applying for a Hong Kong business account:
- Company Incorporation Documents: Including a Certificate of Incorporation and a Business Registration Certificate.
- Article of Association: A document outlining the rules and regulations governing your company's internal management and operations.
- Identification Documents: Such as HKIDs or passports of the directors, shareholders, or ultimate beneficial owners.
- Proof of Address: This could be a recent utility bill, bank statement, or official correspondence showing the business or residential addresses.
- Board Resolution: You may have to provide this document that authorises the business account opening and designates the individuals who will operate the account.
In addition to the listed documents, you should also be prepared to provide information like your company’s business plan, including your primary activities and target market, your recent financial statement if you’re already operating, and a company structure chart.
It is essential to note that each bank and provider requires a specific set of documents to follow its own "Know Your Customer" (KYC) process to prevent fraudulent and illegal activities, such as money laundering.
Useful Resource: This guide will explain the business bank account opening process in Hong Kong in more detail.
Best Business Accounts in Hong Kong
| Key Features | Opening Requirements |
• Multi-currency account supporting 11 major currencies • Dedicated account manager • Virtual and physical debit cards • 100% online application & fast opening • Best FX rate in Hong Kong • Real-time payment tracking | • Any business type incorporated in Hong Kong, Singapore, or the BVI • Initial deposit: HKD 0 | |
• Business account supporting up to 14 currencies • Fast account opening process | • Primarily for companies registered in Hong Kong, overseas companies are subject to review. • Initial deposit: HKD 20,000 - HKD 100,000 | |
• Multi-currency business account with local bank details in 12 locations • Integration with accounting software, marketplaces, and APIs • Online application • Free account plan | • Any business type in 52 eligible countries • Initial deposit: HKD 0 | |
• Integrated business account supporting 12 currencies under one account number • Remote and online application process for Hong Kong companies • Extensive business banking services, including loans, corporate cards, and HR management tools | • Limited company, partnership, or sole proprietorship in Hong Kong • Initial deposit: HKD 10,000 or the equivalent of USD 1,000 | |
• SME Business Accounts with multi-currency access • Complimentary corporate debit card • Unlimited FPS transfer • Competitive FX rates | • Companies registered in Hong Kong or owners with a Hong Kong permanent resident ID • Initial deposit: HKD 0 | |
• Integrated Business Accounts with options for account tiers • Support mobile and phone banking | • Sole proprietorships, limited companies, or partnerships from eligible regions, including Hong Kong and overseas • Initial deposit: Not specified | |
• All-in-one HKD business account that allows you to manage current, savings, and time deposit accounts • Cashback reward on eligible corporate card spending | • Sole proprietorships, partnerships, or limited companies in Hong Kong • Initial deposit: Not specified | |
• Business accounts with remittance services in 11 currencies • Automated payroll and HR management services • SME overdraft | • Hong Kong-registered businesses • Overseas companies are subject to review. • Initial deposit: Not specified | |
• Integrated business accounts with plans for startups and well-established companies • Remote account opening application available | • Sole proprietorships, limited companies, or partnerships registered in Hong Kong, China, or overseas • Initial deposit: HKD 20,000 |
1
Statrys Business Account
Statrys is an award-winning payment service provider in Hong Kong. Launched in 2019, Statrys has been providing over 3,500 companies across over 70 countries with cross-border payment solutions for global business growth, including multi-currency accounts and company incorporation services.
Specialising in foreign transactions and dedicated customer support, Statrys was recognised as the SME Payment Solutions of the Year - Hong Kong at the ABP Retail Banking Awards 2023.
Statrys Business Account Key Features
Features | Description |
Multi-Currency Business Account | Hold, receive, and send money in 11 currencies: USD, HKD, CNY, AUD, EUR, GBP, SGD, JPY, CHF, NZD, and CAD. |
Local Payments | Send local payments at lower fees in 12 currencies: AUD, EUR, GBP, IDR, INR, KRW, PHP, SGD, THB, TRY, USD, and VND |
Real-time SWIFT Payment Tracking | Track your incoming and outgoing payments, as well as send sharable tracking links to your payees |
Virtual and Physical Payment Cards | Get virtual and physical prepaid Mastercard® to make online and in-store purchases, as well as cash withdrawals from ATMs in Hong Kong and internationally. |
Xero Integration | Streamline your accounting and cash flow management with Xero accounting software integration |
Statrys Pros & Cons
Pros of Statrys
- 100% online account application process
- Personalised customer support with a dedicated account manager
- Affordable monthly fees compared to traditional banks
- Can assist with company incorporation in Hong Kong and Singapore
Cons of Statrys
- Products and services are only available for businesses registered in Hong Kong, Singapore, and the BVI.
- Less exotic currencies are available compared to some other providers.
DBS Bank (Hong Kong) Business Account
DBS is a multinational banking and financial services group headquartered in Singapore. It has been operating in Hong Kong since 1999 and provides a selection of business bank account plans under its SME banking and Corporate Banking service, including multi-currency savings accounts, RMB corporate accounts, and Social Enterprise Package.
DBS has been recognised as the “Safest Bank in Asia” by Global Finance for 15 consecutive years, from 2009 to 2023, and also awarded as the “World’s Best Bank” from 2018 to 2022.
DBS Bank (Hong Kong) Business Account Key Features
Features | Description |
Multi-Currency Savings Account | Manage default currencies HKD, USD, and RMB, plus 11 others including AUD, CAD, CHF, DKK, EUR, GBP, JPY, NOK, NZD, SEK, and SGD, each with its own wallet in one account. |
RMB Corporate Account | Manage and save on FX conversion charges from RMB to other currencies, including from RMB to HKD and from RMB to USD |
Social Enterprise Package | Low-cost multicurrency account designed for social enterprises with waivers on some fees, including account set-up and monthly fees |
Real-time Payment Tracking | Receive real-time updates on your money in translation with SWIFT gpi |
Instant Fund Transfers | Transfer up to HKD 5 million per transaction instantly via FPS |
Tip: Explore more features and fees in our DBS Hong Kong Business Account Review.
DBS Bank Pros & Cons
Pros of DBS Bank
- 3 plans of business account for different business needs
- Well-established banking institution with a strong payment network
- Online application process
Cons of DBS Bank
- High monthly maintenance fees if the account balance falls below the threshold
- High initial deposit requirement
- Online account opening may not be fully available for non-residents due to bank conditions.
Tip: Interested in DBS Hong Kong? Learn how to open a DBS Hong Kong Business Account online.
3
Airwallex Business Account
Airwallex is a financial services company providing global businesses access to virtual local currency accounts in 12 locations. Founded in Australia in 2015, Airwallex has expanded to 19 locations worldwide, including Hong Kong, Shanghai, and San Francisco.
Although Airwallex is not a bank, it has an extensive payment network that allows its businesses to send money to over 150 countries in more than 40 currencies.
Airwallex Business Account Key Features
Features | Description |
Local Currency Accounts | Get local bank details in 12 locations: Australia, Canada, Denmark, the EU (SEPA area), Hong Kong, Indonesia, Japan, New Zealand, Poland, Singapore, the UK, and the US |
Multi-Currency Support | Manage, collect, and make payments in 21 currencies: HKD, AUD, CAD, CHF, EUR, GBP, JPY, NZD, SGD, USD, DKK, CZK, HUF, MXN, NOK, PLN, RON, SEK, ZAR, CNY, IDR |
Applicable cards | Physical and virtual corporate cards connected to your account |
Account Integration | Connect your account to software and platforms like Xero, QuickBooks, Shopify, Lazada, and Amazon to streamline your business operation. |
FX International Payment API | Trade more than 1,000 currency pairs across over 60 currencies with advanced API integration. |
Airwallex Pros & Cons
Pros of Airwallex
- Conveniently transfer money internationally in over 40 currencies at competitive exchange fees and rates.
- Free account opening and monthly fees in most locations
Cons of Airwallex
- Live customer support is not available in most locations.
- Features, fees, and terms and conditions vary by country and region.
Tip: Read our articles to learn more about Airwallex’s features, fee, and customer support ratings, as well as how to open an Airwallex account.
4
HSBC Business Integrated Account
Founded in 1865, HSBC is one of the largest banks in Hong Kong and the world. Headquartered in London, HSBC serves over 40 million customers worldwide and provides comprehensive business banking services, including Business Integrated Accounts, HSBC Sprint Accounts, HSBC Business Direct Accounts, instalment loans, and credit cards, with a remote bank account opening option.
HSBC was recently awarded the world's best bank for public-sector clients 2023 by Euromoney. HSBC Hong Kong is one of the three commercial banks authorised by the Hong Kong Monetary Authority to issue HKD banknotes.
HSBC Business Integrated Account Key Features
Features | Description |
Business Integrated Account | An account merging savings, current, time deposit, and investment features, tailored in three tiers for startups, growing SMEs, and established SMEs. |
Multi-Currency Support | Manage your funds in 12 currencies under one account number: HKD, CNY, EUR, USD, AUD, CAD, CHF, GBP, JPY, NZD, SGD, THB |
Same-day Remittance to Mainland China | The higher business account tiers offer same-day remittance to Mainland China. |
Payroll Service | Set up and automate payroll payments with no annual or registration fees |
Xero Integration | Connect your business bank account to Xero accounting software for seamless financial management |
Real-Time Notifications | Get real-time WeChat notifications on account balance and transactions. |
Tip: Check out our comprehensive review of HSBC's business account in Hong Kong to learn more about its features and fees.
HSBC Pros & Cons
Pros of HSBC
- Online and remote account opening
- Full business banking product range covering business lending and trade solutions
- Optional integration with HR management tools
Cons of HSBC
- Complex pricing structure
- Remote account opening is not available for businesses incorporated outside Hong Kong and for individuals without a HKID.
Tip: Learn how to open an HSBC business account online in our step-by-step guide.
5
OCBC Bank (Hong Kong) SME Business Account
Formerly known as Wing Hang Bank and OCBC Wing Hang Bank, OCBC Bank (Hong Kong) has been a subsidiary of the Overseas-Chinese Banking Corporation of Singapore (OCBC) since its acquisition in 2014.
OCBC Bank (Hong Kong) provides a range of banking products for business clients, including SME Business Accounts, business loans, commercial insurance, and MPF services.
OCBC Bank (Hong Kong) SME Business Account Key Features
Features | Description |
Multi-Currency SME Business Account | Hold and pay in 15 currencies, including USD, HKD, RMB, SGD, AUD, and GBP |
Business Debit Card | Spend like a local worldwide with a complimentary Visa debit card that allows you to pay and track online and in-store payments |
Convenient Local Payments | Benefit from FPS local transfer and receive payments instantly |
Internet and Mobile Banking Platform | Get 24/7 access to your account through the OCBC Business app online banking platform |
Real-Time Notifications | Effortless reconciliation facilitated by real-time notifications and end-of-day transaction reports. |
OCBC Bank (Hong Kong) Pros & Cons
Pros of OCBC Bank
- Combined current, savings, and time deposit account features into one integrated business solutions account
- Strong presence in Southeast Asia and Greater China
- Competitive real-time FX rates
- No account opening, company search, or monthly fee
Cons of OCBC Bank
- Only Hong Kong-registered businesses can apply.
6
Bank of China (Hong Kong) Business Account
Bank of China (Hong Kong) was locally incorporated as a licensed bank in 2001. It is an independently operated subsidiary of the Bank of China, providing personal and business banking services with more than 190 branches across Hong Kong.
Bank of China (Hong Kong) was named “Bank of the Year in Hong Kong” by the Banker and “The Strongest Bank in Hong Kong and Asia Pacific” by The Asian Banker in 2023. BoCHK is also one of the three note-issuing banks in Hong Kong.
They provide two primary types of business accounts: the Business Integrated Account and the Foreign Currency Savings Account.
Bank of China (Hong Kong) Business Account Key Features
Features | Description |
Business Integrated Account | Conveniently manage your deposits and access loans, trade, and investment services in one account. This account only supports HKD but has three tiers: Business Integrated Account, Business Integrated Account Plus, and Business Integrated Account Elite. |
Foreign Currency Savings Account | Hold your funds in 16 currencies: RMB, USD, GBP, JPY, SGD, AUD, NZD, CAD, EUR, CHF, DKK, NOK, SEK, THB, BND and ZAR |
Auto-Sweeping Service | Automatically transfer funds from your other designated account to avoid bounced cheques and unnecessary overdraft interest in cases of insufficient funds. |
Phone Banking | Manage your banking accounts, credit card accounts, and investment transactions via CBS Phone Banking. |
Bank of China (Hong Kong) Pros & Cons
Pros of Bank of China (Hong Kong)
- Extensive banking network in Mainland China and the world
- 3 account tiers to cater to businesses of all sizes
- Comprehensive banking products for business growth, including loans, insurance, credit cards, and MPF.
Cons of Bank of China (Hong Kong)
- High account opening and monthly maintenance fee
- Only Hong Kong businesses can apply remotely
Discover: Learn more about how to open a business account with the Bank of China (Hong Kong) in our article.
7
Bank of East Asia CorporatePlus Account
Bank of East Asia (BEA) Limited is currently the largest independent local Hong Kong bank. Founded in 1918, it is the oldest family-run bank in Hong Kong.
Bank of East Asia offers various SME, corporate, and commercial financial products, including business bank accounts, commercial mortgages, and SME Financing Guarantee Scheme. It also has branches and representative offices in Singapore, Malaysia, the UK, and the US.
BEA's primary business account offering is the CorporatePlus Account, which provides a wide range of banking products for various business entities, from sole proprietorships to companies. Another product is the CorporatePlus—Business Start Account, designed for early-stage companies. It offers similar functions but has simplified requirements and some limitations, such as a lower transaction cap.
Bank of East Asia CorporatePlus Account Key Features
Features | Description |
CorporatePlus Account | A business integrated account that allows you to access HKD current account, statement savings account, and time deposit account under one account number |
Optional Sub-Accounts | You have the option to apply for a USD current account, a securities account, and a linked deposit account. |
BEA Corporate Card | Physical Mastercard® corporate card with 1% cash rebate for eligible transaction |
MPF, Auto-pay, and Payroll Services | Pay salaries in HKD or RMB to multiple employee accounts in different local banks on a pre-set date and generate HR, MPF contribution, and tax reports |
Bank of East Asia Pros & Cons
Pros of Bank of East Asia
- An all-in-one account for Hong Kong-based businesses
- Flexible Business Start account plan for start-ups and companies at the earlier stage of growth
Cons of Bank of East Asia
- Only supports HKD
- The application process may require a visit to a physical branch.
8
Standard Chartered (Hong Kong) Business Account
Standard Chartered (Hong Kong) is a wholly owned subsidiary of Standard Chartered, a British multinational banking group headquartered in London. It is also one of the three banks authorised to issue banknotes in Hong Kong.
Locally incorporated in 2004, Standard Chartered Hong Kong offers financial services tailored to individual and business banking needs, including corporate accounts and insurance products.
Standard Chartered (Hong Kong) Business Account Key Features
Features | Description |
Business Account | Receive and make payments in 11 currencies, including AUD, CAD, CHF, EUR, GBP, HKD, JPY, NZD, SGD, USD, and RMB |
Local and International Payments | Make cross-border payments in multiple currencies via SWIFT and local payments in HKD and CNY via Faster Payment System (FPS) |
Straight2Bank | A fully integrated online banking service with global access for cross-border trade, payroll, and foreign exchange functions. Moreover, set access levels and personalise account alerts. |
Payroll and Employee Services | Manage payroll, tax, MPF contributions, and HR management reports |
FX Services | Spot and forward foreign currency exchange services |
Tip: Explore our Standard Chartered Hong Kong Business Account Review to learn more about its features and fees.
Standard Chartered (Hong Kong) Pros & Cons
Pros of Standard Chartered
- Well-known brand with an extensive global network
- Online remittance service in 11 major currencies
Cons of Standard Chartered
- The account application process could take a long time
- Online application is not available
Tip: Read our detailed guides on how to open a Standard Chartered (Hong Kong) business account.
9
Hang Seng Bank Business Integrated Account
Hang Seng Bank is a Hong Kong-based bank established in 1933. It is a part of the HSBC Group and has a wholly-owned subsidiary in mainland China, Hang Seng Bank (China).
Hang Seng Bank offers personal and corporate financial services, including online banking and savings accounts. Hang Seng Bank’s Integrated Business Solutions Account is an all-in-one account that integrates HKD current, savings (in HKD, RMB, foreign currencies), time deposit, investment, and statement gold accounts suitable for a bank for an ecommerce business.
Hang Seng offers two business accounts under its Business Integrated Account product, designed to cater to businesses at different stages of growth: the Biz Virtual+ Account for startups and local SMEs and the Integrated Business Solution Account for well-established SMEs and corporates.
Hang Seng Bank Business Integrated Account Key Features
Features | Description |
Integrated Business Solutions Account | An all-in-one business account that integrates HKD current, savings (in HKD, RMB, foreign currencies), time deposit, investment, and statement gold accounts under one account number |
Biz Virtual+ Account | An integrated business account designed for startups and local SMEs with digital conveniences and simplified application process |
AutoSweeping Service | Automatically moves funds from your savings account to cover any overdrafts or surpassing your credit limit. |
Investment & Treasury Services | Open an investment sub-account within your business account to benefit from investment options. |
Local Payment Services | Preferential pricing on Faster Payment System (FPS) payment |
Hang Seng Bank Pros & Cons
Pros of Hang Seng Bank
- Integrated account for convenient business financial operations
- Remote application is available for eligible companies
Cons of Hang Seng Bank
- High account opening fees, especially for overseas companies
- High initial deposits
Tip: Discover how to open a Hang Seng business account with our detailed guide.
Final Note
Deciding which business account is best for your business will depend on your needs and the features you might be looking for.
To help with this, we've researched and published in-depth reviews of business accounts, including some mentioned in this article, to give you all the information you need to make an informed decision.
To read our reviews, you can visit business account reviews and find the best business account for your business today.
FAQs
What should I consider when choosing a business bank account in Hong Kong?
When choosing a business account, you need to consider the account's features, such as multi-currency support, transaction fees, ease of international payments, integration with accounting software, and customer service quality.
How do I open a business account in Hong Kong?
What's the difference between a business account and a personal account?
What is the best business account in Hong Kong?