Opening a Business Account in Hong Kong - A Quick Guide [2025]

If you plan to do business in Hong Kong, opening a business account is a crucial step. However, opening an account with a traditional bank won't be easy, as banks in Hong Kong apply strict eligibility standards and processes that can be difficult to meet.

Whether you're based in Hong Kong or operating from overseas, banks and financial institutions expect more than just your company documents. They want to understand your business model, verify your stakeholders, and ensure you're not a compliance risk. 

And if you're not prepared, that means delays or even rejection.

At Statrys, we’ve seen thousands of businesses face this exact challenge. The good news? You don’t need to go in blind. In this guide, we’ll walk you through everything you need to open a business account in Hong Kong.

In Hong Kong, most locally registered companies can apply for a business account, and many foreign-owned companies can do the same. Whether they succeed depends on the provider’s appetite for risk, the form of the enterprise, the nature of its trade, and who stands behind it.

Banks prefer what they can examine. Limited companies and partnerships fit this preference because their structures are visible. Sole proprietors sometimes qualify, sometimes not. Where they do, the offered product is often narrower. If the shareholders live abroad, the provider looks more closely at ownership, residence, and the clarity of the business model. These are the ordinary caution of institutions that must account for other people’s money.

Industry matters because risk differs across trades. Consulting, straightforward trading, retail, and professional services usually pose fewer unknowns. Activities tied to virtual assets, luxury goods, or certain financial services tend to invite more questions. More questions lead to more documents and, at times, to refusal. 

Verification also varies. Many banks still ask directors or major shareholders to appear at a branch. Some fintech providers verify identity online by secure video. 

Yes, non-residents can open a business account in Hong Kong. They will, however, often be asked to do extra steps. Several institutions allow an application to begin online, but directors or other company controllers may still need to appear at the branch to verify their identity.

Timelines and document lists change with the provider and with the shape of the company.  Applicants who can clearly explain their customers, suppliers, payment flows, and reasons for choosing Hong Kong generally have a smoother approval process.

There are two common paths. One is to apply through an international bank that also operates in your country. This can simplify coordination across borders. It usually costs more, requires more paper, and moves more slowly. It suits those who need the full range of traditional banking services and can meet higher thresholds.

The other path is to use a fintech business account provider when the main need is to send and receive payments in several currencies. Providers such as Statrys offer multi-currency business account services to companies registered in Hong Kong, Singapore, and the British Virgin Islands. Onboarding and verification are completed online so you don’t need to travel to Hong Kong personally. 

Document requirements vary by bank, but typically you need:

Most banks in Hong Kong provide an application form and a document checklist on their website.

Since we've already covered the document requirements earlier, let’s go through the steps you’ll need to follow.

Hong Kong offers a variety of business account providers, including:

The next step is to choose a business account that best fits your business needs. Below are some options to consider:

Most banks list the required documents on their website. What you need can depend on your company’s structure.

If you want to open a business account with Statrys, here are the main documents you need to provide:

• Copies of the passport(s) of the directors and shareholders
• A copy of your business registration certificate

With all required documents in hand, you're ready to start the application. Visit your chosen provider’s website or app to begin. 

Many banks let you submit the entire application online, including filling out your details and uploading the required documents. However, traditional banks with stricter compliance requirements may still require you to schedule an in-person appointment to submit your application and supporting materials. In such cases, you will need to bring printed copies.

Once your application is in, the next step is the Know Your Customer (KYC) process. This is where the provider verifies your identity, learns about your business activities, and confirms the source of your funds.

Traditional banks usually require you to visit a branch for this step, while digital banks may let you complete KYC online,  though that option is often limited to Hong Kong residents. Fintechs tend to be more flexible, allowing fully digital KYC even for non-residents.

If your business operates across multiple countries or in industries like crypto, precious metals, or luxury goods, expect this step to take a bit longer.

After your application is approved, you may have to take additional steps to activate your account. These can include:

• Setting up a mobile banking app or online banking platform.
• Linking your account to funding sources or transferring funds into the account.

Opening a business account in Hong Kong is not one price. For local companies, the upfront cash is often around HKD 10,000, once you account for deposits and any associated fees. 

For overseas companies, the starting point can be higher, but the exact figures depend on the provider and your company’s profile. Some virtual banks and fintech providers advertise free account opening for eligible firms. Free does not mean costless. You still need to watch deposits, minimum balances, and the price of payments and FX over time. 

Let’s compare the costs between a traditional bank and a fintech company like Statrys: 

Financial service providers, including traditional banks, often offer incentives such as welcome bonuses, cash rebates, and fee waivers for new account openings and fund transfers completed within a specific period.

Both traditional bank and non-bank options come with other costs, such as transaction fees, exchange rates and fees, ATM withdrawal fees, inactivity fees, and an account closure fee.

The time it takes to open a business account depends on the financial institution you apply with and the type of company structure you have. 

For traditional banks, onboarding usually takes one to four weeks. However, if you have directors or shareholders living abroad, or the company’s ownership is layered, or the business sits in a higher-risk sector, it will take longer to open an account. That’s because each layer adds questions, and each question adds time.

Alternatively, virtual banks can complete onboarding in a few days for local residents with straightforward companies. Fintech providers often complete verification in a few days to a week for eligible jurisdictions.

Yes, you can open a Hong Kong business account online, but it can be challenging with traditional banks. You have a better chance with non-bank alternatives.

Here’s a summary of how online account opening works with different providers:

• Traditional banks: Usually require in-person verification, especially if you are a non-resident. Some banks allow local residents to apply online only if they already have an account or other services with them. 
• Hong Kong Digital Banks: May allow full online onboarding for local residents.
• Fintech companies: Often provide a 100% online application process for eligible countries

If you're looking for a reliable and fully online way to manage your business finances in Hong Kong, Statrys is built for you.

Statrys is not a bank, but a licensed payment service provider offering online multi-currency business accounts for companies registered in Hong Kong, Singapore, or the BVI. You’ll have access to 11 major currencies (HKD, RMB, USD, EUR, and more) to send and receive funds across more than 140 countries, with real-time payment tracking. Convert the currencies whenever the rate is favourable, with foreign exchange (FX) fees starting from 0.1%. 

The onboarding process is entirely online, with no initial deposit and no minimum balance required. Most of our customers are approved within 3 business days on average, unless your company has a more complex structure. 

Our support team is available to assist you via email, phone, WhatsApp, or WeChat.

Open your business account today. No need to step into a branch.