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How to Open a Hang Seng Business Account

Statrys Team
Published: 21 Jul 2021

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    If you plan to open a Hong Kong business, you must partner with a bank and make a business account.

    The last thing you want is to commingle business phones with your personal checking or savings account. 

    While there are many different options for great banks in Hong Kong, today we're going to focus on opening a Hang Seng business account.

    Whether you've just employed a domestic helper or you're just making preparations for your new company, this guide will show you how to easily open a business bank account without all the hassle. 

    Benefits of Hang Seng Bank 

    As you know, there are a variety of different bank choices in Hong Kong, but Hang Seng is easily the most convenient option out there.

    One of the reasons it's great for businesses is that it doesn't require a monthly balance in your account. 

    Here are some of the other advantages to opening up a business account at a Hang Seng Bank in Hong Kong. 

    Investment and Treasury Services 

    One benefit you may want to take advantage of is the investment and treasury service that this bank provides.

    These services can prevent you from paying too high of interest or exchange rates. 

    Some of these services include:

    • Bond investments 
    • Hedging products on foreign interest and exchange rates 
    • Deposit certificates
    • Capital protected investment deposits 
    • Better structured products
    • Secure accounts
    • Investment funds 

    Hang Seng Commercial Card

    When you open up a Hang Seng business account for your Hong Kong company, you'll receive a Hang Seng commercial card.

    One of the biggest perks of this card is that you're able to use it all over the world safely thanks to the comprehensive Protection Plus privileges. 

    If you travel a lot for business or have someone on your team who does, this card will be great to have.

    Hang Seng is also a part of the local Hong Kong ATM system,

    Save Time & Money 

    Another great thing you'll receive when opening up a business account Hang Seng within Hong Kong is multiple channel access.

    This gives you the following: 

    • Access to hundreds of ATMs
    • Deposit card
    • The ability to chat with a virtual assistant 
    • Banking over the phone
    • Online e-banking
    • Easy and quick check deposits

    Documents Needed to Open a Hang Seng Business Bank Account 

    It's crucial to have the personal and company documents needed to open up your Hang Seng bank account.

    This Hong Kong bank does require an initial deposit of HK$500, or around USD 65 to open the account. 

    You will also need the following documents:

    • Passport
    • Documents to show experienced directors are on board, such as licenses
    • Valid business registration certificate 
    • Proof of your business's address 
    • Your initial deposit 
    • Information in the form of a leaflet or brochure of the product or service your company offers. 
    • OEC number (If you have a Filipino domestic helper)
    • The original employment contract
    • Company chop (if applicable)
    • Acceptable business proofs including confirmed order, invoices, the lease of the office space, and more. 
    • Hong Kong ID card
    • All of your most recent financial information including audit reports and previous bank statements 

    Once you have the documents in order, you can visit a Hang Seng location if you’re in Hong Kong or apply online. 

    Make an Appointment 

    When you're ready to open your business bank account you can schedule an appointment with Hang Seng bank.

    Their friendly staff will help you and navigate 3 easy steps to have your account up and running in no time.

    One of the downfalls of opening an account with this bank is that it takes a minimum of 5 days before your account is open and ready to use.

    This is because they make a thorough effort to ensure all of your documents are legal and aren't missing any important information. 

    Steps to Open a Hang Seng business Account

    What are these steps? Let’s take a look at an easy step-by-step guide.

    Apply

    Well, the first one starts with you applying by providing all of your company's important details.

    You can do this by downloading the application form and filling it out to the best of your knowledge.

    This application is nine pages long and it covers everything to which business categories can apply to ordinances that need to be followed.

    You’ll get the option to apply as a single user or have a second primary user and make the account jointly. 

    Make sure all of the information on your application is correct and current.

    Another thing that makes the application simple is that all of the instructions can be translated into English.

    In addition to the essential documents listed above, you will also need a valid mobile number and email address that you can provide on your application to receive text messages when you first register. 

    Mail the Application

    After filling out the application alone or with your business partner, and sure that it's filled out correctly.

    Once you've done so, mail it to the address listed on the application or bring the application to any Hang Seng Business Banking Center in Hong Kong.

    Within five to seven days of receiving your application you will then get the following: 

    • Authentication code
    • Security device 
    • Activation PIN via SMS 

    Registration

    After everything is all set up, you can move onto the next step that involves registering on the Hang Seng website.

    Once you’re there, log on to Hang Seng Business e-banking. 

    You’ll be able to start using your business account instantly all around Hong Kong and worldwide! 

    Bottom Line 

    Opening a business account in Hong Kong with Hang Seng bank is straightforward.

    While it may not be the fastest option out there, it’s the most trusted and commonly used. 

    Filling out the application is the most time-consuming step.

    After it’s sent in and you register the account online, you can freely use your business bank account wherever your company takes you! 

    If you have any questions, please feel free to reach out. Good luck with all of your business endeavors.

    Interested in opening a business account but not really into all the waiting, paperwork, and hidden fees that a traditional bank gives you?

    Open a business account with Statrys today, and you'll get a multi-currency business account in less than 48 hours, completely online.

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    Statrys Limited is licensed as a Money Service Operator (No. 19-02-02726) in Hong Kong. Statrys UK Limited is a Small Payment Institution (FRM: 911226) registered with the Financial Conduct Authority in the United Kingdom. Statrys UK Limited (FRM: 902805) is a registered agent of PayrNet Limited (FRM:900594), an Electronic Money Institution authorised by the Financial Conduct Authority in the United Kingdom under the Electronic Money Regulations 2011 for the issuing of electronic money. Trade financing services are offered by our partner, Velotrade Management Limited, regulated by the Securities and Futures Commission of Hong Kong (CE Ref #BJL007)