Question 1

What is a Business Account?

Accepted Answer

A business account, often referred to as a "corporate bank account," is a type of bank account intended for managing the financial transactions of businesses. This account is not just for large corporations but is also widely used by small and medium-sized enterprises (SMEs), as well as small business owners and entrepreneurs.

In essence, a business account is a comprehensive financial tool for managing day-to-day business operations and facilitating growth.

Question 2

What are the benefits of a Business Account?

Accepted Answer

There are many benefits to having a business account for your business. Here are some of those reasons:

A business account helps keep business finances separate from personal finances, simplifying accounting and tax preparation.
Using a business account to send and receive payments in your company’s name is more professional and trustworthy. Clients may not be comfortable making a large fund transfer to a personal account instead of a business account.
Establishing a credit history through a business account is essential for maintaining eligibility and enhancing the chances of obtaining business loans and credit cards in the future, which is crucial for startups and small businesses.
It helps with tracking and managing business expenses, which is important when it comes to budgeting and financial planning.
Business accounts can provide online banking services that a business needs, such as higher transaction limits, foreign currency, merchant services, access to business loans, and financial services.

Question 3

Which companies can apply for a Business Account?

Accepted Answer

Companies registered in Hong Kong, Singapore, and the BVI can apply for an online business account with Statrys.

Question 4

What documents are required to open a Business Account?

Accepted Answer

The application process is simple and straightforward, and all you need to do is submit the following documents:

A copy of the passport(s) of the director(s) and/or shareholder(s)
A copy of your Business Registration Certificate

Once you have submitted your application, our dedicated onboarding team will review your information and reach out to you within 24-48 hours to discuss the next steps. We are committed to providing efficient and reliable onboarding support to all our clients.

Question 5

What if my company is not registered in Hong Kong, Singapore, or the BVI?

Accepted Answer

We can provide a Business Account to companies not incorporated in Hong Kong, Singapore, or the BVI that engage in specific industries like international logistics and transportation, mobile phone trading, or IT and telecom services and have some business links with Hong Kong.

Alternatively, you may register a Limited Company in Hong Kong using our Company Incorporation Services or check our Company Secretary Review Page if you need assistance.

Question 6

What are my Business Account details?

Accepted Answer

Your Business Bank Account details are as follows:

Account name: [Your company name]

Account Number: [Your unique account number]

Bank Name: DBS Bank (Hong Kong) Limited

SWIFT: DHBKHKHH

Question 7

What kind of payments can I make?

Accepted Answer

With Statrys, you can make local payments in Hong Kong via FPS (Faster Payment System) and CHATS (Clearing House Automated Transfer System) to bank accounts opened in Hong Kong local banks. You can also make international telegraphic transfers (TT) via the SWIFT network to any bank account outside of Hong Kong.

Lastly, you can also make local payouts to supported countries in their domestic currencies.

Question 8

How long does it take for an incoming payment to be credited to my Business Account?

Accepted Answer

All incoming payments are credited to your Business Account as soon as our custodian bank in Hong Kong receives them. Payments are received during business hours: 8 am to 5 pm Hong Kong time, Monday to Friday (except bank holidays)

The day on which your Business Account is credited actually depends on the nature of the payment made by the remitter:
Autopay payment is sent out from another Hong Kong bank account; your Business Account is credited the next working day.
FPS/RTGS/CHATS payment sent out from another Hong Kong bank account = your Business Account is credited the same working day.

International payment (SWIFT) sent out from a bank account outside of Hong Kong = your Business Account is usually credited within a maximum of two working days.

Question 9

Is Statrys a bank?

Accepted Answer

Statrys is not a bank.

Statrys is a financial institution holding a Money Service Operator license in Hong Kong (19-02-02726). We are regulated by the Hong Kong Customs & Excise Department. Our corporate customers' funds are held in bank accounts opened with our custodian bank in Hong Kong.

Question 10

Is there an account opening fee?

Accepted Answer

Account opening is free for most users. However, companies that are not incorporated in Hong Kong or Singapore, have complex structures or are not strongly rooted in Asia may be required to pay an account opening fee. For all other users, opening an account with Statrys is completely free.

Question 11

What are the transaction fees?

Accepted Answer

The transaction fees at Statrys are usually determined by the currency involved, the amount, and the nature of the transaction, i.e., whether it's a local payment within Hong Kong or an international payment originating from outside Hong Kong. Please visit our FAQ page here.

Virtual business account designed for your needs

You don't need a bank to run your business

11 currencies with a single account number

International and local payments alike

Transfer money anywhere

Convenient and fast local payments

Best FX rates

Payment cards

Foreign Exchange

Seamless Xero integration

Automate accounting even for payment cards

Simplified reconciliation

Multi-currency support

Account Management

Assign different roles to different users

Clear and simple payment process

Instruct payments without balance restrictions

SWIFT payment tracking

Better financial planning

Complete transparency

Seamless sharing with your payees

Connect your business to the digital economy

Choose your account manager

Popo

Jonathan

Beatrice

Cher

Aaron

Pear

Axel