How to Open a ZA Bank Account Online in 2024

ZA Bank is the pioneer of virtual banking in Hong Kong. The bank is backed by industry giants, including Jack Ma of Alibaba, Pony Ma of Tencent, and Mingzhe Ma of Ping An Insurance.

While ZA Bank entirely operates online, they are licensed by the Hong Kong Monetary Authority (HKMA) and is a member of the Hong Kong Deposit Protection Scheme (DPS). Therefore, eligible deposits are safeguarded up to HKD 500,000, similar to traditional banks.

ZA Bank products include savings accounts for individuals and businesses, local and overseas remittances, virtual and physical debit cards, and instalment loans. Serving banking services to over 700,000 users, ZA Bank has been recognised as the Virtual Bank of the Year – Consumer (Hong Kong) by The Asset Triple A Digital Awards 2023.

💡Tip: Read our articles to uncover ZA Bank’s features, fees, and alternatives.

Types of Accounts Available

ZA Bank offers both virtual personal and business bank accounts.

Personal accounts: ZA bank personal account offers multi-currency time deposits in HKD, RMB, and USD. The account also enables you to make an instant local transfer in HKD and RMB and make cross-border transactions via the SWIFT system. In addition, a Visa debit card is applicable for every account holder to make purchases and withdraw cash at ATMs

Business accounts: Business accounts allow clients to send and receive money locally and internationally via the SWIFT network, similar to personal accounts. In addition, exchange rate services are available 24/7 with no extra charges or handling fees. Finally, businesses can streamline financial operations with batch payments and payroll services.

💡Helpful Resource: Learn the key differences between physical and virtual cards with our article.

Eligibility

In this section, we will outline the eligibility requirements to help you determine if you can open a business account with ZA Bank.

Eligible Countries

Only businesses registered and operated in Hong Kong can apply for a ZA Bank business account.

💡Tip: Plan to set up your company in Hong Kong? Learn the best way to register your Hong Kong business. 

Company Types Eligible

Sole Proprietorship, Partnership, and Limited Company are legal entities eligible to open an account with ZA Bank. Here are detailed criteria for each type of legal entity.

Sole Proprietorship

1. The sole proprietorship must be registered and operating in Hong Kong;
2. A sole proprietor must hold a valid Hong Kong ID card;
3. Tax resident of Hong Kong only;
4. A sole proprietor must be aged 18 or above.

Partnership

1. The partnership must be registered and operating in Hong Kong;
2. All partners must hold a valid Hong Kong ID card;
3. All partners must be natural persons and not a company or other type of legal persons;
4. All partners must be general partners and not limited partners;
5. There shall not be more than 3 partners in the partnership;
6. Tax resident of Hong Kong only;
7. All partners must be aged 18 or above.

Limited Company

1. The limited company must be incorporated and operating in Hong Kong;
2. All shareholders and directors must hold a valid Hong Kong ID card;
3. All shareholders and directors must be natural persons and not a company or other type of legal persons;
4. There shall not be more than 4 shareholders and directors in the company;
5. Tax resident of Hong Kong only;
6. All shareholders and directors must be aged 18 or above.

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

Required Documents for Sole Proprietorship

Required Documents for Partnership

Required Documents for Limited Company

For detailed information, you can refer to the full document checklist for business account opening.

How To Open a ZA Bank Business Account Online

To open an account remotely, a sole proprietor, all partners, or all shareholders and directors of your company must hold the HKID card. This is necessary to complete digital verification and e-signature via the ZA Bank mobile application.

Otherwise, the ZA Bank team will contact you or the contact person after reviewing your business account application.

Step 1: Start The Business Account Application Process

Visit the business account registration page, which can be accessed from the ZA Bank website.

Step 2: Read The Instructions

Read through the detailed instructions that ZA Bank has provided and click continue to the next page.

Step 3: Provide Your Basic Information

Select your company type and provide the contact person's full name, business email address, Hong Kong ID number, and mobile number.

Please note that for ZA Bank, the contact person must be the sole proprietor or one of the shareholders with a 25% or greater stake or one of the directors or partners of the company.

Step 4: Enter Your Company Information

Provide the basic information about your company.

Step 5: Enter All Connected Parties and Tax Information

Provide detailed information and tax documentation for all related parties, including partners, shareholders, and directors.

Step 6: Confirm And Submit

Ensure all your information is correct before submitting the business account application.

Step 7: Digital ID Verification

Download the ZA Bank mobile application to take a selfie with your HKID card and e-sign the application. Remember, a sole proprietor, all partners, or all shareholders/directors of your company must complete this step to proceed.

It is possible to complete the digital verification process outside Hong Kong if you have a Hong Kong ID card.

Step 8: Complete the Know Your Customer (KYC) Call(s)

The KYC team will get in touch with the contact person to verify your company's basic information or request the submission of the necessary documentation.

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

Based on information from ZA Bank, the process of opening a business account typically takes 1 business day. Nonetheless, the duration may vary depending on the specifics of each application and is not guaranteed.

If your business is unable to complete the digital verification process through the mobile app, the ZA Bank team will reach out to arrange an in-person meeting. In such instances, the account opening procedure may be prolonged to several weeks.

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

*Special types of companies include

• Companies with over 3 layers of ownership,
• Companies with the non-HK resident ultimate beneficial owner(s) who hold over 50% of ownership,
• Companies with overseas/offshore company shareholders,
• Companies with less than 1 year of operating history or incorporated less than 1 year,
• Companies with a special account needs, e.g., client account,
• Companies in a special or high-risk industry (e.g., gold and jewellery, oil mining, petroleum trading).

How to Contact ZA Bank Customer Support?

ZA Bank provides multiple channels to contact the customer service team, which are:

• Email: bank.opinion@za.group,
• 24/7 Hotline: +852 3665 3665,
• 24/7 Online Live Chat,
• Help Centre,
• Query form,
• and ZA Bank office: Unit 1301, Level 13, IT Street, Cyberport 3, 100 Cyberport Road, Hong Kong (appointment is required).

Alternative Solution: Statrys

The global landscape is witnessing a surge in virtual banks, also known as neobanks, with Hong Kong leading the trend. Before making a choice, it's wise to review what the market offers. In this section, we will introduce you to Statrys, one of the viable alternative financial providers.

Founded in 2019 by Bertrand Theaud, Statrys is a Hong Kong-based fintech company dedicated to enhancing financial services for SMEs throughout Asia. While not a traditional bank, Statrys operates as a licensed Money Service Operator, offering multi-currency business accounts that support 11 major currencies for companies registered in Hong Kong, Singapore, and the British Virgin Islands (BVI).

Statrys enables SMEs to streamline and manage cross-border transactions efficiently. Moreover, they provide the convenience of remote account opening to all applicants, with 85% of clients successfully opening their business accounts in less than 3 business days.

Statrys' Key Services