How to Open a Standard Chartered Business Account in Hong Kong

Since 1859, Standard Chartered Bank has been operating in Hong Kong and they are one of the three commercial banks authorized by the Hong Kong Monetary Authority to issue banknotes in Hong Kong.

They provide services in trade finance, cash management, lending, securities services, foreign exchange, debt capital markets, and corporate finance.

But how does your company fair in opening a business account with Standard Chartered Bank?

In this guide, we will take a closer look at the Standard Chartered Business Account opening process.

For more in-depth information about the Standard Chartered Business Account, visit our comprehensive review.

Eligibility to Open a Business Account?

You should have your company incorporated in Hong Kong to apply for a business account with Standard Chartered Bank.

The business should be registered in one of the following forms:

• Sole-Proprietorship
• Partnership
• Limited Companies
• Society / Association
• Owners Incorporation

Companies incorporated outside of Hong Kong may also apply if they are registered as one of the above, however additional fees, documents, and information will be required.

Documents Needed

As mentioned, the documents that you need when applying for one of Standard Chartered’s business products vary according to the structure of your business, but some documents needed will be:

• A resolution by the board of directors. This is a way of documenting a decision made by a corporation's board of directors or shareholders.
• All documents proving your company was correctly incorporated and registered. (Copy of Certificate of Incorporation/Registration)
• An organizational chart showing the shareholding and management structure of the company.
• Copies of IDs and passports of the directors, shareholders, and ultimate beneficial owners.
• Proof of residence.
• The company's business plan, as well as projections for the upcoming year.
• A Certificate of Incumbency and Certificate of Good Standing. A Certificate of Incumbency is an official document with a list of names of its current directors, officers, and key shareholders. A Certificate of Good Standing is a document that states your company is officially registered in your state.

For a detailed breakdown, we have prepared an overview of the required documents per entity type. You can also refer to the checklist provided by Standard Chartered Bank.

Sole-Proprietorships

• Copy of individuals’ identity documents
• Copy of Business Registration Certificate
• Account Opening Form, Mandate, and Schedule (Signatories) 
• Account Opening Supplement 

Partnerships

• Copy of individuals’ identity documents 
• Company with multiple layers of ownership
• Copy of Business Registration Certificate
• Partnership deed (if applicable)
• Account Opening Form, Mandate and Schedule (Signatories)
• FATCA Form
• CRS Self Certification Form – Entity

Limited Companies

• Copy of individuals’ identity documents 
• Articles of Association 
• Corporate Directors  
• Copies of Particulars of directorship and company secretary  
• Company with multiple layers of ownership  
• Copy of Business Registration Certificate   
• Copy of Certificate of Incorporation/Registration  
• Account Opening Form, Mandate and Schedule (Signatories)  
• FATCA Form 
• CRS Self Certification Form - Entity

Society/Association

• Copy of individuals’ identity documents  
• Copy of Certificate of Registration 
• Copy of Application for Charges of Particulars of Registered and Exempted Societies 
• Copy of Constitution / By-laws 
• Account Opening Form, Mandate and Schedule (Signatories)  
• FATCA Form
• CRS Self Certification Form – Entity

Owners Incorporation

• Copy of individuals’ identity documents 
• Copy of Certificate of Registration 
• Copy of subsequent notice of change of particulars of office-bearers of its management committee 
• Account Opening Form, Mandate and Schedule (Signatories)  
• FATCA Form
• CRS Self Certification Form – Entity

Some additional documents may be required depending on the type of business account you choose. And you will only need to provide the documents that are applicable to your company.

⚡Important: It is worth highlighting that all documents must be in English or Chinese. If there is any inconsistency or conflict between the English and Chinese versions, the English version shall prevail.

How to Open a Standard Chartered Business Account

Similar to other traditional banks, the process of opening a business account with Standard Chartered HK necessitates an in-person visit.

Here are the primary steps to follow:

1. Download and complete the Account Opening form, available on their website
2. Gather all required documents
3. Present your application form and supporting documents at Standard Chartered Hong Kong's business banking branch to initiate your application.

You can also submit an online form to book an appointment. In that case, Standard Chartered says they will reach you within 7 working days to continue the process.

After the submission and verification of all the supplied documents, your application will be assessed. It's worth noting that the approval process can span from several weeks to months.

Once your account is approved, the bank will notify you, and you can start using your business account.

On top of an account opening fee and initial deposit, there are monthly maintenance fees, and there must be a minimum balance in the account required by the bank.

You can read about the bank’s service charges on Standard Chartered's website.

You may consider hiring a professional such as a certified public accountant to help interpret the bank jargon throughout the application process.

Benefits of a Standard Chartered Business Account

With a Standard Chartered business account, businesses of all sizes, from freelancers and small companies to large corporations, can access a multitude of services, including: 

• Online remittance service: 11 major currencies to choose from: AUD, CAD, CHF, EUR, GBP, HKD, JPY, NZD, SGD, USD, and RMB.
• Business loans and financing: Tailored business financing solutions, including trade financing, working capital financing, and term loans.
• Cash management: Solutions to manage your daily business operations more effectively, including payments, collections, liquidity management, and account services.
• Investment solutions: Investment Fund Services with hundreds of investment funds, Debt Securities Services, and Premium Deposits in 11 currencies.
• Foreign Exchange Services: The bank offers various FX services, enabling businesses to manage currency risk and execute foreign exchange transactions.
• Internet and Mobile Banking: With Online Banking and Straight2Bank apps, you can manage your business accounts, conduct transactions, and access a host of banking services anytime, anywhere.

Standard Chartered provides different tiered services depending on the stage of where the business is at.

• Business banking: most basic services for Startups/SMEs
• Commercial banking: businesses experiencing more growth and willing to expand internationally
• Corporate banking: More advanced services for established businesses

Each type of business banking service comes with different features and pricing to support your business needs, but they all provide the basics for any business.

You will also be assigned a relationship manager in case you need some expert advice.

You may need to contact Standard Chartered to help decide which services would be best for you.

What to do if Your Application is Declined?

Once all the documents necessary are submitted at a bank branch, your application will be reviewed, which can take anywhere from weeks to months, according to Standard Chartered.

If your application is approved, you can pay the necessary fees and start using the business account.

On the other hand, there is also the possibility of Standard Chartered rejecting your application.

There can be multiple reasons for this, including the submitted documents or the nature of your business.

Usually, however, banks will not give a reason as to why your application has been rejected.

You can call their client feedback hotline (+852 28866988) to ask for a review of your unsuccessful application.

The office working hours are:

• Monday to Friday from 9:00 a.m. to 5:30 p.m.
• Saturday from 9:00 a.m. to 12:30 p.m.
• Not available on Sundays and public holidays.

Or visit them in person at one of their business banking centres in Causeway Bay and Tsim Sha Tsui.

Need Another Business Account Alternative?

Many businesses experience the trouble of opening a business bank account in Hong Kong because of the many requirements and documents requested. Especially for businesses just starting up, it’s difficult to provide all these.

Have you considered an alternative payment solution that is not a bank?

Statrys, for example, offers the possibility of making international payments with a multi-currency account. They also have a faster and simpler application process.

Open a business account with Statrys today, and get access to 11 currencies instantly,  payment cards, and competitive foreign exchange rates.

Additionally, Statrys ensures that each account holder receives personalized 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 Standard Chartered Business Bank Account.

If anything is missing, please feel free to contact us on the website or email us at support@statrys.com.