Opening a Business Bank Account in Hong Kong [2025]

content image

Opening a business bank account in Hong Kong can be challenging if you are applying with a traditional bank, often requiring physical presence. However, there are alternatives like neobanks and payment service providers.

Statrys is not a bank but provides financial solutions tailored to modern business needs, including multi-currency accounts with 11 major currencies, physical and virtual payment cards, FX services, accounting software integration, and more. The application process is 100% online, with no minimum deposits or balance requirements.

Are you thinking of opening a business banking account in Hong Kong? That is a great move. Whether you’re starting a new business in Hong Kong, moving your company, or expanding to the region, a Hong Kong business account is key for simplifying local transactions.

However, the process of opening a business account can be challenging and time-consuming, especially for those unfamiliar with the local system. Hence, this guide will walk you through everything you need to know to get a business account in the region. 

What you'll learn:

  • Account options to meet your business needs
  • Required documentation and key steps
  • What to do if you're a non-resident
  • Common questions about opening a business account, including timelines and costs
  • Alternative solutions if traditional banking isn’t an option
Statrys mobile application dashboard showing a total balance in a business account.

Who Can Open a Business Account in Hong Kong?

In Hong Kong, both local and foreign businesses are eligible to open business accounts, provided they are legally registered and the chosen financial institution permits it. 

However, eligibility criteria can differ between banks. Some banks may only work with companies based in Hong Kong, while others also serve foreign entities. For foreign-registered companies, Hong Kong's stringent regulations may cause some banks to be cautious about approving accounts. In most cases, a face-to-face interview may be required as part of the bank's due diligence to discuss the nature of the business. Digital banks or non-bank alternatives may provide more flexibility with digital processes.

Banks generally accept common business structures such as limited liability companies (LLCs) and partnerships. Acceptance of sole proprietorships varies. Additionally, banks will assess your business's risk profile.

Can Non-Residents Open a Hong Kong Business Account?

Yes, non-residents can open a business account in Hong Kong, but the requirements and available options depend on your providers and your circumstances. 

Local banks adhere to stringent procedures when opening accounts and typically require all relevant parties to visit the bank in person before approving any new business accounts. 

While some banks allow you to start the application process online and access documents through their website, in most cases, you’ll still need to present your paperwork at a branch.

What You Can Do if You’re a Non-resident

For non-Hong Kong residents, consider banks with an international presence and check if they offer branch visits in your location to complete the process. You can also explore international banking, such as HSBC international banking, to see if there are services that fit your needs.* However, these options from traditional banks often come with substantial fees. 

Alternatively, online-only banks and virtual banks may allow for fully remote account openings with digital KYC processes. It’s best to contact them directly to ask for confirmation.

If you need a solution primarily for payments rather than traditional banking services, fintech providers can be a suitable alternative. However, non-bank options provide limited services, excluding features such as business loans, traditional debit or credit cards and interests. 

What Are the Required Documents to Open a Hong Kong Business Account?

The documents required to open a business account in Hong Kong vary by bank or financial service provider, with non-bank alternatives often requiring less paperwork.

Here are the commonly required documents you should prepare when applying for a business account in Hong Kong: 

  1. Establishment Documents: Official documents verifying your company's lawful incorporation and registration. In Hong Kong, you’ll need a Certificate of Incorporation and a valid Business Registration Certificate.  
  2. Articles of Association: A mandatory document that sets out a company's internal regulations and governance framework. It defines how the company will be managed, as well as the rights and responsibilities of shareholders.
  3. Personal Identification: Copies of photo identification documents, such as passports, Hong Kong identity cards, or driver’s licences, of the directors, shareholders, and ultimate beneficial owners (UBOs)
  4. Proof of Address: Copies of recent proof of residential address in Hong Kong for directors, shareholders, and UBOs. This document should be dated at most three months.
  5. Organisational Chart: A concise chart outlining the company’s shareholding and managerial structure, indicating the directors, shareholders, and UBOs, along with their respective equity stakes.
  6. Business Plan: A brief business plan explaining the company’s operations, with projected expenses and revenues for the next 12 months. 
  7. Board of Directors Resolution: An official written document that authorises opening a corporate account in the business’s name and designates an individual to manage the account opening process. Some banks may also require the resolution to specify the individuals authorised to make transactions and decisions regarding the account.
  8. Certificate of Incumbency (Certificate of Good Standing): This document outlines the management and ownership structures. It is essential for offshore companies incorporated outside of Hong Kong. In Hong Kong, a certificate of incumbency must be signed by your company secretary or a licensed TCSP. Alternatively, you might use a Company Particulars Report from the Companies Registry, which is government-issued and provides similar information, depending on your bank's requirements.

Most banks in Hong Kong provide an application form and a document checklist online for applicants to download. You can see some examples of the required documents on the websites of HSBC, Standard Chartered, Bank of China (Hong Kong), and Hang Seng Bank.* * * * These prominent banks in Hong Kong have clear requirements, and their document checklists can help you understand the typical paperwork needed for general applications.

yellow lightbulb

Important: Some documents that your bank requests may need to be notarised or certified true copies, which a company secretary or other authorised professionals can do for a fee. Check with your bank beforehand to avoid unnecessary costs.

What Are the Options for Business Accounts in Hong Kong?

With Hong Kong being one of the world’s leading financial hubs*, your company has many business bank account options, from traditional Hong Kong banks and international banks to virtual banks and non-bank alternatives.

Let’s look at each type:

Who is it suitable for?

Options in Hong Kong

Traditional Banks

Suitable for established businesses and enterprises with substantial funds looking for comprehensive banking services.

Please note that businesses outside Hong Kong likely need to visit in person to open an account with traditional banks.

Virtual Banks

Suitable for businesses interested in convenient, 24/7 banking services without needing physical branch visits.

  • ZA Bank 
  • Airstar Bank
  • PingAn OneConnect Bank

Non-bank Alternatives

Suitable for SMEs, startups, and international businesses seeking flexible, efficient financial services with streamlined processes and competitive fees. It is a great fit for companies that require global payments and responsive customer support.

yellow lightbulb

Tip: In addition to banks, you should consider the type of business account that best suits your purposes. Business accounts, like personal accounts, offer options such as current accounts, savings accounts, and time deposits for consideration.

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

How to Open a Business Account in Hong Kong

Setting up a business bank account in Hong Kong involves a few key steps. This part walks you through the process, from selecting the right provider to completing necessary compliance checks. 

Step 1 - Choose a Business Account 

To choose the best business account provider for your business, consider factors like the size of your company, the nature of your business, the account purpose, and the services offered by each provider.

Here's what to consider:

  • Traditional Banks vs. Digital Providers: Traditional banks offer physical branches, in-person services, and a broader range of services. NoStep 5 - Activate Your Account
  • After your application is approved, you can access your new business account. You may also 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. user-friendly tools, but may lack services like loans or lines of credit, which are typically available with traditional banks.
  • Size and Budget: Larger companies may need services for managing high-volume transactions, while small businesses often benefit more from low fees and simple setups.  If you are a startup or small business with a limited budget or simply looking for a digitally convenient way to make cross-border payments, you could consider non-bank alternatives like Statrys or virtual banks like ZA Bank.
  • Business Nature: Consider whether your business relies on frequent international transactions, requires multi-currency accounts, or needs advanced integration with other tools like payroll systems.
  • Account Purpose: Identify whether the account is for daily operations, receiving payments, managing international transactions, or saving for goals. This will help you select the right account type with suitable features, like payment platform integration or time deposits for savings.
  • Fees: Compare monthly, transaction, and conversion fees. Prioritise lower fees for your most-used services, whether international transfers or domestic payments, to improve your bottom line.
magnifying-glass-green

Tip: Not sure which provider to choose? Take a short quiz to find the best business account for your needs.

Step 2 - Prepare the Supporting Documents

After choosing an account provider, the next step is to prepare the supporting documents. 

While each bank and company structure may have different requirements, most banks provide a downloadable checklist to guide you through the process.

Step 3 - Submit Your Application or Make an Appointment

The next step is to complete the application. Most banks in Hong Kong offer online applications on their websites, often accompanied by a document checklist. Some banks allow online submission of documents for eligible applicants. However, certain banks may still require you to schedule an appointment to submit your application and documents in person.

If you're looking for a fully online process, virtual banks and alternative banking platforms often allow you to apply and submit documents without needing to visit a branch.

Step 4 - Go Through KYC Process

After submitting your documents, you'll need to complete the KYC (Know Your Customer) process, which banks implement to prevent fraud, money laundering and to comply with regulatory requirements.

This involves verifying the identities of your company's directors and shareholders. Banks also want to understand your business, including your products, target market, and expected transactions. Some banks may also ask for additional documentation, such as proof of the company's source of funds, especially for new or international businesses.

Most traditional banks require an in-person interview, while some non-traditional banks may offer digital KYC. 

green book

Note: The KYC process may take longer if your business has international connections or operates in high-risk sectors such as cryptocurrency, precious metals, luxury goods and more. 

Step 5 - Activate Your Account

After your application is approved, you can access your new business account. You may also 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.
yellow lightbulb

Insight: Some business account providers offer direct integrations with accounting software like Xero, making it easier to manage finances. Check if you can activate this integration.

Key Things to Consider When Opening a Business Account in Hong Kong

Banks and financial providers in Hong Kong offer a wide range of options for all types of businesses. Whether you're a small startup, SME, or an established international business, you'll find an account solution that fits your needs.

Here are some key factors to consider when looking at a business account in Hong Kong:

  • Type of Provider: In Hong Kong, you can choose from traditional banks for in-person services and complex financing, virtual banks for fast and low-fee digital setups, or non-bank providers for competitive foreign exchange and international transfers.
  • Eligibility: Most Hong Kong business entities, like limited companies and partnerships, can open a business account. Some banks also accept offshore companies but may require owners and directors to be Hong Kong residents. Some may not offer accounts to sole proprietorships or businesses in high-risk industries like cryptocurrency.
  • Account Features: Depending on your business needs, features like accounting software integration for improved cash management, ATM access, or multi-user access may be essential. You may also consider business loans, payroll services, online banking tools, mobile banking and mobile apps, internet banking, real-time payment tracking and relationship managers.
  • Fees: Common business banking fees in Hong Kong include setup fees, monthly fees, transaction fees, and charges for international transfers. Virtual banks and non-bank providers like Statrys often offer competitive fees for maintenance, transactions, and international transfers.
  • Minimum Deposit Requirements: Some banks require you to make an initial deposit and maintain a specific minimum account balance. Some virtual banks and non-bank options do not require minimum deposits.
  • Customer Support: Evaluate the accessibility and availability of customer support, including the languages supported and contact channels like email and hotlines, to ensure timely and personalised assistance. 
  • Your Business Operation: If your business deals with international transactions, consider a business account supporting multiple currencies besides HKD to facilitate global operations. Most providers in Hong Kong that offer multi-currency capabilities typically support HKD, CNY(RMB), and USD.

How Much It Costs to Open a Business Account in Hong Kong

The cost of opening a business account in Hong Kong varies widely depending on the provider. Traditional banks charge between HKD 10,000 and 100,000, while virtual banks and non-bank options like neobanks and fintechs typically offer free account openings. 

The following are typical costs associated with business account opening in Hong Kong:

Fee Types

Traditional Bank

Virtual Banks and Non-bank Alternatives

Account Opening Fees

About HKD 1,200 for local companies or HKD 10,000 for offshore companies.

An additional HKD 150 may apply for a company search, an administrative task the bank uses to verify your company information

Usually waived

Initial Deposit

From HKD 10,000. A few banks, such as OCBC’s SMEs account, waive the initial deposit as of January 2025.

Usually not required

Minimum Balance

Vary widely by provider and account type. 

For example, HSBC business integrated accounts require around HKD 50,000

Usually not required

Monthly Fee

Waived or around HKD 200 - HKD 500 

Usually waived or below HKD 150 

Both options have other fees when you use the account, such as transaction fees, FX fees and ATM withdrawals. Additionally, an inactivity fee may be charged when an account has not had any transactions (such as deposits or withdrawals) over a specific period, typically 6 months to a year and an account closure fee is charged if the account is closed within three months.

magnifying-glass-green

Tip: If you’re interested in learning more about bank fees, this article will explain 12 common types of bank fees and how to minimise them.

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

Opening a business bank account in Hong Kong typically takes a few days to a couple of weeks. However, it can extend to months, depending on document completeness, business complexity, and risk profile. Startups or businesses with limited financial history or unconventional models may face more scrutiny.

After you submit documents, the application will go through a review, where you might be asked to provide additional information.

As of January 2025, certain banks, including HSBC, DBS, and Hang Seng, provide faster account services for small businesses within 1 to 3 working days. However, this may be subject to specific conditions, such as the requirement for the business to be a Hong Kong-incorporated entity and for all shareholders, directors, or partners to hold a HKID.* * *

Virtual banks and non-bank alternatives often allow account opening online within 1-3 days, without needing in-person appointments or extensive paperwork.

green-lightbulb

Tip: 85% of customers opened their online business account with Statrys within 3 working days.

Can I Open a Hong Kong Business Account Online?

Some banks may allow Hong Kong residents to open accounts online, especially if you already have an account with them. However, non-residents typically cannot open their first account this way due to the complexities and potential security risks involved. 

If your primary goal is to facilitate international transfers rather than open a traditional bank account, you can also explore alternatives like payment service providers, which often allow for a fully online application process.

Why Is It Difficult to Open Business Accounts in Hong Kong?

You might have heard that opening a business bank account in Hong Kong can be challenging for startups, new businesses, and foreign companies. This is due to several factors:

  • Strict KYC and AML Regulations: Banks must comply with Know Your Customer (KYC) and Anti-Money Laundering (AML) policies, leading to lengthy application processes.
  • Complex Background Checks: Banks conduct thorough background checks, which can pose challenges for startups, especially those with limited business history. These checks often require additional documentation and result in longer processing times.*
  • In-Person Visits: For non-residents, opening a business account in Hong Kong can be even more challenging, including the necessity for in-person interviews at most banks and higher account opening fees compared to those for local companies. 

Fortunately, while traditional banks can be tough to navigate, alternatives like neobanks and fintech companies are available. These digital services in Hong kong usually offer simpler online processes, making them helpful for small and foreign businesses.

magnifying-glass-green

Tip: Read our article to learn why it's difficult to open a business bank account in Hong Kong.

Open a Business Account with Statrys

If your business is registered in Hong Kong, Singapore, or the British Virgin Islands (BVI) and you need an account primarily for cross-border payments, consider Statrys.

Statrys is not a bank, but a licensed payment service provider offering Hong Kong multi-currency business accounts in 11 major currencies. With 100% online account opening and flexible FX options, Statrys provides tools to streamline international transactions. Explore the features below.

A summary of Statrys' services
Statrys mobile application dashboard showing a total balance in a business account.

FAQs

Is It possible to open a Hong Kong business account online?

arrow
Yes, some banks–especially online or virtual banks–provide remote account setups for companies registered in Hong Kong. For most traditional banks, you need an in-branch visit to complete the process, even though you can start the application online. 

If you prefer an entirely online method for managing business payments in Hong Kong, non-banks such as fintech companies or payment service providers like Statrys offer a fully online account application process. 

Which documents are required to open a business bank account in Hong Kong?

arrow

Why is it difficult to open a business bank account in Hong Kong?

arrow

How long does it take to open a business bank account in Hong Kong?

arrow

Which business account is best for a small business?

arrow

Which business account is the easiest to open?

arrow

Looking for a business account?

CheckCircle
CheckCircle
CheckCircle
Statrys Logo
app-store
play-store
apk-download