Best Business Accounts in Hong Kong & Opening Requirements in 2024

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.

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.

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.

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. 

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.

Best Business Accounts in Hong Kong

Statrys is an award-winning alternative to traditional business banking 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.

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.

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

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

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

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

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

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

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

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.