Key Takeaways
Hang Seng Bank is a commercial bank based in Hong Kong and is part of the HSBC Group.
Its major business activities include retail banking, wealth management, commercial banking, treasury services, and private banking.
It offers financial services such as online banking, savings, investment, credit cards, loans, mortgages, insurance, and MPF.
Hang Seng Bank is one of Hong Kong's leading public companies in terms of market capitalisation.
If you plan to open a Hong Kong business, then it is difficult to avoid partnering with a bank and getting a business account.
While there are many different options for banks in Hong Kong, today we're going to focus on opening a Hang Seng business account.
Hang Seng Bank was founded in 1933. In 1960, the bank became a member of the HSBC Group, which helped it grow into one of the largest banks in Hong Kong.
Today, Hang Seng Bank is an important financial institution in Hong Kong and is known for its innovative financial products and services. It is a major player in the local banking industry and has a strong reputation for stability and reliability.
It is also a constituent stock of the Hang Seng Index, which is one of the most widely used benchmarks for the Hong Kong stock market.
Eligibility Requirements
It's crucial to have the personal and company documents needed to open up your Hang Seng business bank account.
This also bank requires an initial deposit of HKD500, or around USD65, 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 orders, 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. See the full list of documents needed on the Hang Seng website.
Overseas companies wanting to open a Hang Seng account have different requirements
How to Open Hang Seng Business Bank Account
Hang Seng claims you can open a business account with them online in 3 easy steps in 3-5 days.
Here are the steps to open an account:
Step 1 - Register as a user at the Online Application Platform
Step 2 - Fill in the business account application
Step 3 - Fill in your personal details and that of any shareholders and directors
Step 4 - Upload the documents needed
Step 5 - Install the Hang Seng Business app
Step 6 - Enter your digital verification ID they send you via text
Step 7 - Verify your identity by taking photos of your HKID
Step 8 - Take a selfie
Step 9 - Create a password
Please note that other shareholders, authorised signers and key controllers need to do Digital ID Verification too.
After a few days, the bank will contact you to ask additional questions about your business if needed.
You can then e-Sign to approve your application. First, sign on a piece of white paper. Then take a photo and upload it to the e-Sign platform. Make sure the uploaded signature and company chop are clear and visible before you click “Confirm”.
Other shareholders and authorised signers who have received the SMS should do the same. A few days later, the account will be opened.
Benefits of a Hang Seng Bank Business Account
Hang Seng Bank offers a range of business accounts to suit the needs of different types of businesses.
These include:
- HKD, USD, and Renminbi Current Accounts
- HKD and Foreign Currency Savings Accounts
- Time Deposit Accounts in 12 currencies
- Integrated Business Solutions Accounts
- Biz Virtual+ Accounts
The bank provides various services to help businesses manage their finances, including cash management, trade finance, and e-banking.
It also offers credit facilities such as business loans and commercial mortgages.
Hang Seng business accounts are designed to provide flexibility, convenience, and competitive interest rates to help businesses achieve their financial goals.
Here are some of the other advantages of opening up a business account at 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 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.
Multiple Channel Access
When you open a business account with Hang Seng, you'll have access to multiple channels.
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
Final Words
Filling out the Hang Seng bank account 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!
Need Another Business Account Alternative?
If you mainly deal in Hong Kong and run local operations, Hang Seng can satisfy your essential business banking needs.
However, if you have operations in multiple countries and need access to many currencies, then Statrys may be the better pick for you. Open a business account with Statrys today, and get a multi-currency business account within 3 days, completely online.
Additionally, Statrys ensures that each account holder receives personalised service by assigning them a dedicated account manager who can be easily reached through various channels such as phone, email, live chat, WhatsApp, and WeChat.
We hope this article has provided clear instructions on how to open a Hang Seng business account. If anything is missing, please feel free to contact us on the website or email us at support@statrys.com.
FAQs
What are the benefits of Hang Seng Bank?
One of the reasons it's great for businesses is that it doesn't require a monthly balance in your account. The investment and treasury service that Hang Seng Bank provides can prevent you from paying too high of interest or exchange rates.
What are some of the Investment and Treasury Services that Hang Seng Bank provides?
What kind of documents do I need to open a Hang Seng bank account?
