Are you a budding entrepreneur who needs to open a business bank account? Choosing the right bank is crucial for protecting your finances, but it can also be intimidating.
Hong Kong and Shanghai Banking Corporation Limited (HSBC) is one of the largest banks in the world and a great choice for small and large businesses alike. HSBC is reliable, safe, and offers international support that other banks don't come close to matching.
In this article, we will walk through the process of opening and managing an HSBC business account in Hong Kong from start to finish. We will cover how easy the setup process is, plus key features and benefits, so you can decide whether it's right for your business.
What is an HSBC Business Account?
An HSBC Business Account is a personal checking or savings account that can be used for business purposes. It has many of the same features as a traditional checking or savings account, such as paying bills and direct deposits, but it has added benefits tailored specifically to businesses.
By opening an HSBC Business Account, you will gain access to services and products like online banking, international payments, communication tools for managing payrolls, and many more services tailored specifically to business customers.
HSBC advertises its business account as a "Business Integrated Account".
The Business Integrated account offers a centralized solution, allowing customers to manage HK Dollar, Renminbi, and foreign currency savings, current accounts, and time deposit accounts with a single account number.
The Business Integrated account allows customers to combine their investment accounts, helping them manage their investments.
There are three types of Business Integrated Accounts:
- HSBC Sprint Account: offering basic services for startups
- HSBC Business Direct: offering slightly more services for growing SMEs
- BusinessVantage: offering more advanced services for established SMEs.
You can access business internet banking with various account plans, each of which offers features and costs to suit your business’s requirements.
As a business owner, you need to be able to accept transactions in multiple currencies and have the flexibility to perform foreign exchange hence every business account supports receiving and paying money in 12 different major currencies: AUD, CAD, EUR, JPY, NZD, GBP, RMB, SGD, CHF, THB, USD, and HKD
With HSBC internet banking and their mobile app, you can do financial transactions and investments any time of the day. The mobile features different services such as 24/7 online account access, WeChat banking and notification, foreign exchange, and many more.
Simply search HSBC HK Business Express to download. The business express mobile app is available on Google Play and the App store.
For a detailed look, please refer to the HSBC HK website to help you make an informed decision.
How to apply for an HSBC Business Account?
Applying for a business account with the bank can be daunting and complicated, however, HSBC has different efficient methods of applying which are as follows:
- Complete the application process online
- Download the HK business express mobile app and proceed
- Call the dedicated hotline (852) 2233 3000 for an appointment.
It’s best to visit your local HSBC business center physically so a staff member can explain the different types of accounts available and guide you through the application process.
You can also contact one of the bank advisors if you prefer not to physically go into a branch or have any questions that need clarification before signing up.
Eligibility to open a Business Account
Applying for a business account can be a tricky process, but it is important to understand the eligibility requirements in order to ensure that you qualify.
In order to open a business account with HSBC one must be incorporated in Hong Kong. The three types of business entities eligible to open an account :
- Sole Proprietorship
- Limited Company
- General Partnership
Additionally, companies that are incorporated outside of HK may also apply if they are registered as one of the above. However, extra documentation and information may be required during this process.
Requirements to open a business account
Filling out an application form is the first step in opening a business account with HSBC. The form is 12 pages long, so be prepared to spend some time on it.
Additionally, any documents or information you provide must be true and complete to the best of your knowledge. After your form has been approved, HSBC will invite you to visit a Business Service Center where your status and account opening can officially be verified.
At that point, it's important to bring all required documents regarding the type of business you are opening, as each situation may require different materials. Last but not least, you'll need to make an initial deposit into your new business account. This amount varies depending on which Business Center you choose.
In order to get the business account activated, there will be a minimum deposit of HKD10,000 which will kick start the business account.
There could be changes to terms and conditions, so stay up to date and find products, insights, and other information on the HSBC HK website.
Documents Needed
The documents required for the application of an HSBC business product vary according to the specific business structure. The documents you will need to provide depend on whether you are a sole trader, partnership, LLP, and/or limited company.
For more information, please refer to this page
These quick overviews make it simpler for you to locate the answer.
For a sole proprietorship established in HK
- Business registration certificate
- Government-issued ID
- Proof of residence
- HSBC declaration form or IRS W form
- CRS self-certification form
- Proof of business
- Product or service information
- Latest auditor’s report or bank statement
- Proof of source of funds
- Proof of source of applicant's source of wealth
- Notice of participation issued by MPF trustee
- Relevant employment letter/employee certificate/ license
It is important to note that when applying for an HSBC business account, there are certain documents that you will need to provide. The specific documents required will depend on the type of account you are opening and may include personal identification and background information as well as financial statements.
Relevant documents are required to be provided in English or Chinese however If the applicant does not provide documents in English or Chinese, then they must provide an English translation for all documents.
Overall, it's key to ensure that all applicable documentation is provided in either English or Chinese at the time of application so each step of the process goes smoothly without any delays or misunderstandings.
For help, you can contact HSBC’s support and resources center.
For a limited company or general partnership established in HK
- Business registration certificate
- A signatory list recording the full names, ID type, and number of the account signatories
- Government-issued ID for all partners
- Proof of residence of all partners
- HSBC declaration form or IRS W form
- CRS self-certification form
- Proof of business
- Product or service information
- Latest auditor’s report or bank statement
- Proof of source of funds
- Proof of source of each of the applicant's source of wealth
- Notice of participation issued by MPF trustee
- Relevant employment letter/employee certificate/ license
Again, all documents must be in English or Chinese. Stay up to date with the latest information on the HSBC HK website.
The process for if the application gets rejected
If your application for a business account with HSBC is declined, there are some steps that you can take to increase your chances of having the application approved.
First and foremost, it is important to contact the bank directly and ask them to reconsider your application.
Second, You can always visit them by setting up a face-to-face appointment or directly contact HSBC via email.
You need to provide necessary information such as the name of your company, its business registration certificate number or certificate of incorporation number, the date of application submission at the branch, and other pertinent details.
Another way to strengthen your chances of getting approved in HK is by opening an HSBC business account in another country where HSBC is available if you are operating outside of Hong Kong.
Make sure you operate that account for at least six months before applying for an account in Hong Kong. Make sure to include details about this bank account in the documents that are submitted when you make the application.
Finally, stay informed regarding any updates from HSBC's website which may have implications for your application process.
Alternative approach
Starting an account with HSBC can be a complicated endeavor for small businesses, having to work their way through several requirements.
There are always alternative options when it comes to business and the side of things.
Statrys, a FinTech based in Hong Kong, offers a multi-currency business account that is designed to support businesses that need to send, receive and store funds in multiple currencies.
This can be the perfect solution for companies with customers or suppliers overseas as it eliminates the expensive fees involved in exchanging currencies.
The account also provides access to an online platform, allowing users to manage their transactions on the go.
For our latest service information, conditions, and other important details, visit our Products page.
For recent and important updates, please visit the HSBC HK website.
