How to Open an HSBC Business Account 100% Online

Contents

    HSBC is one of the oldest banks in Asia, originating from British Hong Kong over 156 years ago.

    Having become the bedroom of financial institutionalism in Hong Kong, nearly all businesses operating with accounts in Asia, choose HSBC as their business account.

    Running a business bank account in Hong Kong has many advantages, but mainly it's the fact that interest earned on your money will not be taxed.

    Also, you can easily make bank transfers globally, including China, making the need for offshore accounts less of a consideration.

    How to Open an HSBC Business Account

    To open a business bank account with HSBC in Hong Kong, you will need to visit the bank with all the required documents.

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    While visiting the retail locations is still an option, the HSBC mobile app can accept and scan documents from your device or local files directly to the bank where they can begin processing the application.

    Though through the grapevine we have heard that even though they accept the documents through their mobile app, HSBC may ask you to come in physically for more documents or to verify your identity.

    This is however just through word of mouth.

    You may also have to go with other stakeholders of your business and the signatory to the business account.

    After the "visit", you will be notified when your account is approved.

    Here's how it works step-by-step:

    1. Call to chedule an appointment at the nearest branch or apply online.
    2. If you apply online, you must submit some documents prior to getting an appointment including a scan of your government ID and a photo of your face.
    3. After getting a response, you must visit the bank’s branch at the scheduled date and time with all the required documents.
    4. Wait for approval.
    5. Be prepared to make an initial deposit of HKD10,000 as an initial deposit to activate the account after approval

    Documents Needed

    The documents that you will need to submit when applying for an HSBC business account in Hong Kong include the following:

    For Sole Proprietorship

    • 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 business audited 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

    For Limited Company or Partnership

    • 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 business audited 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

    Note: all documents must be in English or Chinese. Otherwise, the applicant must provide an English translation.

    If Your Application is Declined

    It is possible for your application for a business account with HSBC to be declined.

    This may be due to a problem with the documents you submitted or with the nature of your business.

    In such a case, you can e-mail the bank to reconsider your application.

    When you send an e-mail, it is essential that you provide the following information:

    • The name of your company
    • Your company’s business registration certificate number or the certificate of incorporation number
    • The date you first met the bank’s officials to submit your application at the branch
    • The name of the branch you met with the bank
    • Any other information you think may be useful

    If you are operating in another country that has HSBC business accounts, one way of increasing your chances of getting your business account approved by HSBC Hong Kong is to first open an HSBC business account in the UK or another country where it's easier.

    Then, run the account in the country for about six months before applying for an HSBC account in Hong Kong. 

    During your application in Hong Kong include your HSBC UK bank account details in the documents you will submit.

    It'll be more likely now that your business has been verified by other HSBCs globally, that it may make HSBC Hong Kong approve the account

    It's no lie that as a small business, opening an HSBC account is actually quite a task with many hoops to jump through.

    It's time to switch to un-banked business accounts.

    Open an account with Statrys today, and you'll get access to 11 major currencies in less than 48 hours.

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