From Hong Kong to Singapore: Incorporation Services with Easter Discounts!Explore Today!

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To open a bank account, individuals need identification (like a passport or Hong Kong ID) and proof of address. Corporate accounts require more extensive documentation, including incorporation documents, business registration certificates, and details of company structure.

Hong Kong offers a personal bank account and a corporate bank account for both locals and non-residents. However, non-residents may face additional verification requirements.

You can open a Hong Kong bank account remotely by using the 'branch application' option or using the virtual bank option to complete your application entirely online.

With traditional banks, opening an account can take up to 15 working days, depending on the bank's approval process. Virtual banks may offer a quicker setup, with some claiming to open accounts in as fast as 3-5 days.

Ranked as the fourth-largest financial centre globally and coupled with a favourable tax system and its status as a renminbi hub, Hong Kong is an attractive destination to open a bank account.

A report in 2023 also shows a 1.7% increase in deposits with authorised institutions, indicating how the country maintains its strength in the financial and banking world.

There are two primary types of bank accounts in Hong Kong: personal bank accounts and corporate bank accounts. Typically, any individual can open a personal bank account. 

However, opening a corporate bank account applies to entities such as limited companies, sole proprietorships, partnerships, or offshore companies in Hong Kong.

Whether you plan to visit the city or wish to do business in Hong Kong, the country offers diverse local and international banks to cater to your banking needs, regardless of your residency status. 

This article explains the process of opening a bank account in Hong Kong, detailing account types, requirements, the online procedure, and common questions such as duration, residency status requirements, and fees. We also conclude with an alternative solution for your business in Hong Kong.

💡 Tip: Are you currently using personal accounts for business purposes? Here are 6 reasons why you shouldn’t use personal accounts for business. 

What Documents Do You Need To Open A Bank Account?

Personal Bank Account

  1. Hong Kong ID or Valid Passport
  2. Travel Documents
  3. Proof of Address

Company Business Account

  1. Business Registration Certificate
  2. Certificate of Incorporation
  3. Articles of Association
  4. Record of Registration
  5. Beneficial Owner ID
  6. Certificate of Incumbency
  7. Proof of Address
  8. Partnership Agreement
  9. Miscellaneous, such as details of directors and shareholders, business plans, an organisational chart, bank statements from the past 6 months, bank reference letter, dated in 3 months, etc.

Understanding the Documents Banks Need

A Proof of Address is a document confirming an entity’s address. Common examples include utility bills, rental agreements, and bank statements that show the relevant name and address.

A Business Registration Certificate is issued by the government that certifies the registration of a business entity. It contains information such as the business name, registration number, and registered address.

A Certificate of Incorporation is a legal document issued by the government when a company is incorporated. It confirms that the company is a legal entity and includes details such as the company name, registration number, date of incorporation, and registered address.

An Article of Association is a document outlining the rules and regulations of the company as well as the rights and responsibilities of the company's shareholders, directors, and officers.

A Record of Registration is a document that records the registration of the company or business entity with the appropriate government authorities.

A Beneficial Owner Identification refers to an official identification document that proves the identity of the ultimate beneficial owner(s) of a company or business entity. 

A Certificate of Incumbency is a legal document issued by a company's registered agent or corporate secretary. It confirms the current officers and directors of the company and may also include other relevant information, such as the company's registered address and corporate structure.

A Partnership Agreement is a legal agreement between two or more individuals or entities who agree to jointly operate a business as partners. It outlines the terms and conditions of the partnership, including the rights, responsibilities, and profit-sharing arrangements of the partners.

Opening a Personal Account 

You should be able to find an application form corresponding to the selected account type on the bank's website or at a bank branch, where you can see the specific required details. You will also find information about what services and offerings are available, such as interest rates, ATM access, and any associated fees.

Additionally, there should be information detailing documents and proofs you need to provide to complete the verification process. 

Depending on your circumstances and the banking services needed, banks may require additional information apart from the primary requirements mentioned above. For example, you may want an ATM card, which will have specific requirements. Specifically, this may include employment proof or income proof for non-residents or the newly arrived. However, you should be informed regarding its usage and further evaluation by the bank.

🏭 Considering an offshore bank account but not sure which country is best for your business? Explore the top 11 countries to open an offshore bank account.

Opening a Business Account

You will also need to state your purpose for opening a corporate Hong Kong bank account and the nature of your business activities and business operations.

Once all the documents and information are prepared, submit your documents to the bank with the representative you are in contact with or see if your bank accepts online document submissions.

⚠️ Important: If your aim is to do cross-border business, a multi-currency account will be key, and most business accounts in Hong Kong should be multi-currency accounts, also called foreign currency accounts.

Now, let’s go through the step-by-step process to open a bank account. 

Step 1: Decide Which Bank To Use in Hong Kong

Choose a reputable bank that aligns with your specific needs. Each bank offers different packages for both personal and corporate accounts. Prioritise researching their offerings, fees, terms, conditions, and eligibility requirements.

⚠️ Important: Given that each bank may have its own policies on the types of entities accepted, it's advisable to review the information on your chosen bank's website or reach out to them in advance. 

Here are some popular banks in Hong Kong to consider:

  • DBS Bank (Hong Kong) - DBS is a leading financial services group in Asia, offering a comprehensive range of services such as consumer, SME, and corporate banking solutions. They provide quick account activation, third-party integrations, and various account types. However, note that their eligibility criteria can be complex.
  • HSBC Hong Kong - Ranked second on The Asian Banker's list of robust Asia Pacific banks and is one of the largest banks in Hong Kong, HSBC offers a global presence, a user-friendly mobile banking experience through the HSBC HK mobile App, and a comprehensive range of financial services, including personal, commercial, and corporate banking solutions. However, a drawback is the potential for higher fees. 
  • Hang Seng Bank - A prominent domestic bank in Hong Kong with customer-focused banking, investment accounts, and wealth management services catering to individuals and businesses. However, despite offering both local and global services, the bank has a somewhat limited global presence, and there may be restrictions on accessing certain services from other countries.
  • Bank of China (Hong Kong) - The Bank of China (Hong Kong), or BOCHK, is authorised by the Hong Kong Monetary Authority to issue Hong Kong dollar banknotes and boasts a robust network connecting Hong Kong and Mainland China. However, a potential drawback is a language barrier for English-speaking customers.

🔍 Tip: Explore the best savings accounts in Hong Kong and the best business accounts in Hong Kong in 2024.

Statrys mobile application dashboard showing a total balance in a business account.

Step 2: Gather and Submit Required Documents

With the descriptions of the documents above, you should be able to find the relevant documents required by your chosen bank. 

Step 3: Enter the Onboarding (Pre-approval) Process

After document submission, your chosen bank should notify you of the application's progress. This means you are in the onboarding process.

Step 4: Interview or Meeting

Depending on the protocols of the bank, you might be required to undergo an interview or have a meeting with a representative from the bank for additional verification, such as for KYC obligations, proof of business activities, etc.

Step 5: Wait for Approval

Your bank may request additional documentation during this process.

Step 6: Activate Account

After ensuring everything is in order, the last step involves activating your Hong Kong bank account, including any associated internet banking and mobile banking services. Your bank will provide instructions on how to complete this process, which typically involves making a deposit.

📌 Note: While the specific steps may vary depending on your chosen bank, the general process is as outlined above.

Ways to Open a Hong Kong Bank Account Online

While it is commonly required to have an in-person component to opening a bank account, there are workarounds and ways to ease the process. 

The first option allows you to mostly open your bank account remotely. This is the traditional branch application route. A visit to a physical branch for identity verification is usually required with this option.

The second option is to open an account entirely online through digital banking, such as virtual banks. 

Let's explore both methods in more detail.

Branch Application

This method is not entirely online, but it can be useful if you run into any difficulties or decide that you prefer this method over the completely online option.

Using the branch application method, you can begin the application remotely before visiting the bank of your choice that is established and has a branch in Hong Kong.

For instance, if you're a non-resident who chooses to set up your bank account with HSBC, you can prepare the required documents and complete an application in your home country.

Finally, when you arrive in Hong Kong, all you need to do is visit one of the branches of HSBC and verify your identity. Oftentimes, this process simplifies the complexity of setting up an account as a foreigner; however, before your account is set up, it may take up to 30 days.

Virtual Banks

Virtual banks, also known as neobanks, offer a more flexible approach to setting up a bank account.

Virtual banks are not banks, but financial technology companies that offer a safe option for online banking with robust securities.

With virtual banks, you can open accounts entirely online via instructions within an application or a web app. There are verification procedures similar to the traditional way of setting up a bank account, such as the KYC (Know-Your-Client) process.

📖 Tip: Explore the difference between virtual banks and traditional banks and the best virtual banks in Hong Kong 

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Opening a bank account in Hong Kong for business purposes requires thorough preparation, understanding of the banking landscape, and compliance with stringent regulatory requirements.

Axel Firer, Business Expansion Manager at Statrys
Axel Firer
Business Expansion Manager, Statrys
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Q&A

Could you give us an overview of how to open a bank account in Hong Kong, especially from a business perspective?

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Certainly! Opening a bank account in Hong Kong, especially for business purposes, involves a more nuanced and detailed process compared to personal accounts. It's not just about submitting documents; it's about understanding the specific requirements of banks in a highly regulated financial environment. 

The process may be the same as a personal account from a high-level perspective – proving your identity, providing records, addresses, and so on – but the detailed steps and the specific documents required increase the complexity of opening an account when it’s a business. Additionally, you’ll need to state your business purpose, which is not required or at least not strictly regulated for a personal account. The key is preparation and knowing what to expect. 

What are the initial steps for a business looking to open an account in Hong Kong?

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What challenges might businesses face during this process?

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Are there any specific documents that are crucial for this process?

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How can businesses expedite this process?

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Any final tips for businesses aiming to navigate this process efficiently?

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How Does the Banking System in Hong Kong Work?

According to the Hong Kong Monetary Authority (HKMA), a corporation must be granted a license to be considered a bank.

The Hong Kong banking system maintains a three-tier system for any licensed corporations that are granted status as deposit-taking institutions.

The three-tier system consists of:

  1. Licensed Banks: This type of bank has no restriction on using the word "bank" and can provide current and savings accounts while maintaining any size of deposits and collecting checks drawn and paid in by customers.
  2. Restricted License Banks: This is an institution that can take any maturity deposits of HKD 500,000 and above while being able to engage in merchant banking and capital market activities.
  3. Deposit-taking Companies: These companies are often owned by or associated with banks. They engage in consumer finance, commercial lending, and securities while being able to take any maturity deposits of HKD 100,000 and above within at least three months of the original term of maturity.

The HKMA sets out strict anti-money laundering regulations for all of its banking corporations. Thus, Hong Kong banks need to verify all information and check due diligence before granting any customer's approval. Therefore, opening a business bank account in Hong Kong could be challenging.

Bank Fee & Charges

Opening a bank account in Hong Kong comes with fees, and for some banks, you will be required to make initial deposits.

Each bank offers different fee structures, and some may or may not have additional charges for a certain service. Be sure to check with the bank of your choice for these components before setting up an account.

Some of the bank's fees may include:

  • Initial deposit: HKD 10,000 – 50,000
  • Minimum balance: HKD 50,000 – 500,000. Most banks charge a monthly maintenance fee of around HKD 200 if you cannot meet their minimum requirement.
  • Processing fee: from as low as HKD 200 up to HKD 10,000
  • Credit card: administration fee of HKD 300 or more. For international credit card orders, prices can range from HKD 30,000 to HKD 50,000 (this may vary depending on your bank of choice).
  • Foreign transfer fee: HKD 15 – 120
  • ATM withdrawal fee: HKD 0 – 25
  • Closure fee: HKD 200 (when closed within 3 months of opening). Early fee closures may vary.

Note that the above is a reference to the types of deposits and amounts most banks in Hong Kong offer. This may vary depending on your bank choice.

Alternative Solution: Statrys

A screenshot of Statrys' homepage

Statrys is a fintech firm based in Hong Kong, focused on improving the banking experience for SMEs and entrepreneurs across Asia. Currently, Statrys has over 3,500 SMEs using their services.

Although Statrys is not a traditional bank, it holds a Money Service Operator licence in Hong Kong, and it offers business accounts for businesses incorporated in Hong Kong, Singapore, and the BVI. 

Notably, Statrys received the "SME Payment Solutions of the Year - Hong Kong" award at the 2023 ABF Retail Banking Awards. Lastly, Statrys also provides additional services such as company incorporation in Hong Kong and Singapore and free invoicing software.

Statrys Key Services

Key Features Description
Multi-Currency Business Account Hold, receive, and send money in 11 currencies: USD, HKD, CNY, AUD, EUR, GBP, SGF, JPY, CHF, NZD, and CAD.
Business Account Opening Requirements Must be incorporated in Hong Kong, Singapore, or the BVI.
Monthly Fee HKD 88 (with a dedicated account manager)
Customer Support Channels Website, Live Chat, Email, Phone, WhatsApp, and WeChat
SWIFT Payments & Tracking yes
Local Payments Send local payments in 14 currencies: HKD, AUD, EUR, GBP, IDR, INR, KRW, PHP, SGD, THB, TRY, USD, and VND
Payment Cards Physical and virtual cards
FX Rate and Fee Competitive exchange rates with fees as low as 0.1%
Xero Integration yes
Free Invoicing Software Create, manage, and send invoices efficiently
Trustpilot Score 4.6/5 – based on 260 reviews 
Statrys mobile application dashboard showing a total balance in a business account.

FAQs

How Long Does It Take to Open a Bank Account in Hong Kong?

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With traditional banks, the process duration can vary and is ultimately dependent on the bank's approval process.

Residents can quickly open personal accounts on the same day. For non-residents, it might take a few days up to 15 working days. For business accounts, the processing time may extend up to 2 to 3 weeks.

Can I Open a Bank Account in Hong Kong as a Non-Resident?

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What if My Bank Account Opening Application Is Rejected?

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Looking for a business account?

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