How to Open a Hang Seng Bank Business Account Online in 2024

Hang Seng Bank Overview

Established in 1933, Hang Seng Bank has grown into one of the largest listed companies in Hong Kong, catering to over 3.9 million customers—more than half of the adult population—through a wide network of over 260 service outlets.

As a key member of the HSBC Group, Hang Seng extends its operations to nearly 20 major cities across mainland China, as well as in Macau, Singapore, and Taipei, employing over 8,600 staff.

The bank offers diverse services, including wealth and personal banking, business banking, and Hang Seng trade services, with a particular emphasis on providing a full range of renminbi (RMB) services.

Types of Accounts Available

Hang Seng Bank offers two different types of business accounts that cater to different requirements. The Biz Virtual+ Account is designed for local small and medium-sized businesses (SMEs) and startups, while the Integrated Business Solution Account is ideal for SMEs and well-established companies. Both accounts provide a comprehensive solution by combining the features of savings, checking, foreign currency accounts, and investment into a single package.

Here are the key account features:

• An all-in-one account that simplifies financial management.
• Faster Payment System (FPS) services to facilitate quicker transactions.
• Complimentary online payroll services to streamline employee payments.
• Offer good exchange rates for cost-effective international transactions
• Applicable business debit card.

Eligibility

Before diving into the account opening process, we will help you check eligibility requirements to help streamline your process.

Countries Eligible

Businesses registered in Hong Kong and Mainland China can apply for a business account with Hang Seng Bank.

However, we couldn't find the full list of eligible countries and territories on the Hang Seng Bank website. Therefore, if you require further information, please contact the Hang Seng Bank team directly.

💡 Helpful Resource: Learn how to set up a company in Hong Kong with our detailed guide. 

Company Types Eligible

Hang Seng Bank allows 3 business entities to apply for a business account, which includes:

• Sole Proprietorship
• Limited Company
• Partnership.
• School, Club & Society, and Charity

What Documents Do I Need to Open a Hang Seng Bank Business Account?

Hang Seng Bank has provided a list of required documents to apply for a business account. Some of the necessary documents include

Required Documents for Hong Kong Companies

• Valid Business Registration Certificate
• Identification documents of sole proprietor, all partners, all authorised signers, and all key controllers.
• Certificate of Incorporation
• Memorandum and Articles of Association (M&A)/ Articles of Association
• Proof of residential address of sole proprietor, all partners, and all key controllers*.
• Latest source of wealth of Beneficial Owners. (for newly established companies)

For more information, please refer to the full document checklist of local companies.

Required Documents for Mainland China Companies

• Valid Business Registration Certificate
• Memorandum & Articles of Association / Articles of Association
• Registered Address Proof
• Identity documents for all authorised signers, all UBOs, all key controllers, and all direct appointees
• Certificate of Incumbency

For more information, please refer to the full document checklist of PRC companies.

Required Documents for Overseas Companies

• Certificate of Incorporation
• Product or service information (e.g., applicant’s website, leaflets/brochures).
• Financial Information, such as audited reports and bank statements.
• Company search report or certificate of incumbency
• Valid Business Registration Certificate
• Proof of residence
• Identity documents for all authorised signers, all UBOs, all key controllers, and all direct appointees

For more information, please refer to the full document checklist of overseas companies.

*Key controllers include CEO, COO, Chairman, Authorised Signatory with sole signing authority, CFO, Managing Partner, Chairman of Audit / Committee, and Nominee.

Application Forms and Useful Resources

If you choose to apply in person at a Hang Seng branch, you have the option to complete the business account opening form beforehand to ensure a smoother and more efficient application experience.

How To Open a Hang Seng Bank Business Account Online

Hang Seng Bank offers an online application platform for opening a business account. However, the remote account opening is only available for businesses that fulfil all the following criteria.

• Your business is a Sole proprietorship/ Partnership/ Limited company with single-layer ownership registered in Hong Kong.
• Up to 10 connected parties holding Mainland China or Hong Kong identity cards (including partners, ultimate beneficial owners, directors, and authorised signatories)
• Annual business turnover within HKD 50,000,000
• The connected party(ies) have to be physically present in Mainland China or Hong Kong when they submit the remote account opening application and perform e-sign for the application.
• The connected party is also required to provide a valid Mainland China mobile phone number (+86) or HK mobile phone number (+852) to receive SMS OTP during the application.

Otherwise, you need to visit the branch to complete the application process.

Step 1: Create an Account

First of all, you need a Hang Seng Bank account. Visit the online application platform to create a username and password and sign up.

Step 2: Provide Company Information

Then, you have to provide your company details, such as your company name, type of business, and details of your relevant parties.

Step 3: Upload Relevant Documents

Hang Seng Bank will require you to submit the necessary documents to complete the application.

If your company is eligible to complete a remote account opening, you can proceed. Otherwise, the Hang Seng team will contact you to make an appointment after submitting the documents.

Step 4: Digital ID Verification

For remote account opening applicants, you have to download the Hang Seng Business Mobile App and enter your SMS verification code. Next, follow the provided instructions to scan your ID card and take a selfie successfully.

Please note that all connected parties have to complete this step.

Step 5: Create a Password for e-Confirmation

You will need to create a password, which is required to e-sign your account application.

Step 6: E-sign Your Application

After that, you will receive an SMS notification. Then, you and all your connected parties can complete your application by following the instructions to e-sign your business account opening successfully. 

How Long Does it Take to Open a Hang Seng Bank Business Account?

If your business is eligible to complete a remote account opening, your account can be opened within 3 business days for the Biz Virtual+ Account and up to 5 business days for the Integrated Business Solutions Account.

For applicants who require an in-person visit, the timeframe for opening a business account can be extended to a few weeks.

How Much Does It Cost to Open a Hang Seng Bank Business Account?

How to Contact Hang Seng Bank Customer Support?

If you have further questions, Hang Seng Bank offers multiple channels to contact customer service representatives, including

• Business Banking Hotline,
• Business Banking Centres,
• Chatbot,
• Live chat,
• and Query form.

Alternative Solution: Statrys

In this section, we will introduce you to a viable alternative to Hang Seng Bank - Statrys.

Established in 2019 by Bertrand Theaud, Statrys is a fintech firm based in Hong Kong dedicated to enhancing financial solutions for SME businesses operating across Asia. Statrys is not a bank but rather a licensed Money Service Operator, offering multi-currency business accounts supporting 11 major currencies for companies incorporated in Hong Kong, Singapore, and the BVI.

Additionally, we offer all applicants the convenience of remote account opening. Moreover, 85% of our applicants successfully open their business accounts as fast as 3 business days.

Statrys Key Services