What to Know Before Opening a ZA Bank Business Account
To open a business bank account with ZA Bank, your business must be established or incorporated in Hong Kong.
You will be required to meet face-to-face with ZA Bank to sign the contract, and the process may take a few weeks to complete.
ZA Bank Limited is the pioneered virtual bank in Hong Kong. While it completely operates online, it was licensed by the Hong Kong Monetary Authority (HKMA) in 2019, like traditional banks.
Since launching its services, ZA Bank has served over 650,000 users on its platform. Their services include:
- Business Banking
- FPS transfers
- Currency exchange
- Time deposits
- Multi-currency savings accounts
- Loans
- Insurance
- Investment funds
If this is what you are looking for, this guide will help you open a ZA Bank account.
Requirements for Opening a ZA Personal Account
ZA Bank offers a personal account for both Hong Kong residents and Mainland Chinese visitors in Hong Kong. To open an account, some requirements need to be fulfilled.
Hong Kong Residents' Eligibility Requirements
- At least 18 years old and above
- A valid Hong Kong ID card
- A Hong Kong mobile phone number
Mainland Chinese Visitors' Eligibility Requirements
- At least 18 years old and above
- Residing in Hong Kong during the account opening
- A valid Mainland Chinese resident ID card for at least 30 days upon the account opening date
- A valid exit-entry permit to Hong Kong and Macau for at least 30 days upon the account opening date
- Mainland China mobile phone number which can receive text messages and answer calls in Hong Kong
- A Mainland China savings bank card
How to Open a ZA Bank Personal Account
Opening a personal bank account with ZA Bank is easy and can be done within 2 minutes. Here are the steps to open an account:
- Have the ZA Bank app downloaded or click on ‘Get an Account’ on their homepage.
- Verify your phone number.
- Enter a six-digit code you get from a text message.
- Enter your email address.
- Select and scan your HKID card.
- Complete the facial recognition.
- Enter your personal information (name, gender, date of birth, nationality, ID card info).
- Enter your residential address.
- Complete tax and employment information and provide the purpose for the account.
- Confirm information.
- Personalize your ZA card number.
- Finally, set up your username and password.
Requirements for Opening a ZA Business Account
To open a business bank account with ZA Bank, your business must be established or incorporated in Hong Kong. This means you must have both a corporate registration number and a business registration number.
💡Tip: Read our guide to learn how to register a company in Hong Kong.
Below, we list out specific requirements depending on your business entity:
Sole Proprietorship
- Must be registered and actively operating in Hong Kong
- At least 18 years old and above
- A valid Hong Kong ID card
- Must be a tax resident of Hong Kong
Required Documents for a Sole Proprietorship
| Type of Documents | Sole Proprietorship |
| Form for Opening a Business Account |  |
| Copy of an Individual’s ID Documents | |
| Copy of Residential Address Proof | |
| Copy of Business Registration Form | Form 1(a) obtained from Inland Revenue Department |
| Copy of Business Registration Certificate | |
| Proof of Business (e.g. Sale contracts or Invoices) | |
| Foreign Account Tax Compliance Act (FATCA) documents | |
| Common Reporting Standard (CRS) documents | |
Partnership
- Must be registered and operating in Hong Kong
- Each partner must be at least 18 years old and above
- All partners must possess valid Hong Kong ID cards
- All partners must be individuals
- All partners must be general partner roles and not limited partners
- The partnership must consist of no more than 3 partners
- Tax residents of Hong Kong only
Required Documents for a Partnership
| Type of Documents | Partnership |
| Form for Opening a Business Account | |
| Copy of an Individual’s ID Documents | |
| Copy of Residential Address Proof | |
| Copy of Business Registration Form | Form 1(c) obtained from Inland Revenue Department |
| Copy of Business Registration Certificate | |
| Proof of Business (e.g. Sale contracts or Invoices) | |
| Foreign Account Tax Compliance Act (FATCA) documents | |
| Common Reporting Standard (CRS) documents | |
| Company’s membership of a relevant professional or trade association or partnership deed document | |
Limited Company
- The company must be legally incorporated and active in Hong Kong.
- Each shareholder and director must be at least 18 years old.
- All shareholders and directors must have valid Hong Kong IDs.
- All shareholders and directors must be individuals and cannot be entities.
- The company should have no more than 4 shareholders and directors in total.
- The shareholders and directors must be tax residents of Hong Kong.
Required Documents for a Limited Company
| Type of Documents | Limited Company |
| Form for Opening a Business AccountForm for Opening a Business Account | |
| Copy of an Individual’s ID Documents | |
| Copy of Certificate of Incorporation (CI) and Certificate of Change of Name (CICN) | |
| Copy of Business Registration Certificate | Form 1(c) obtained from Inland Revenue Department |
| Copy of Latest Annual Return (form AR1 /NAR1) | |
| Proof of Business (e.g., sale contracts or invoices) | |
| Foreign Account Tax Compliance Act (FATCA) documents | |
| Common Reporting Standard (CRS) documents | |
| Copy of Latest Notification of Change of Secretary and Director (form D2A/ND2A), Return of Allotments (form SC1/NSC1) and/ or Instrument of Transfer | |
| Incorporation Form (NC1/NNC1) or (NC1G/NNC1G) | |
| Copy of Memorandum and Articles of Association (M&A) / Articles of Association (A&A) and any amending resolutions |
|
| Ownership Structure Chart |
|
You can refer to ZA Bank's website for additional information.
How To Apply For ZA Business Account
Much like personal accounts, the application process is entirely online.
To apply for a business account, you need to:
- Go to the ZA Bank website and click the ‘Business account opening’ section under the ‘Bank’ heading
- Click on ‘Apply Now’
- Read through the instructions and continue to the next page
- Choose the company type
- Enter the contact person's information
- Enter company information
- Enter all connected parties
- Enter the tax information
- Submit
📝 Note: The contact person should be the sole proprietor or one of the company's shareholders/directors/partners.
After applying, a ZA Bank relationship manager will be in touch to arrange a face-to-face meeting with the contact person, during which they will collect the required documents.
This means that the director or person in charge of the company must be physically present in Hong Kong to meet and sign the contract.
Around one week after the meeting, your account will be up and running and ready to use.
Unlike ZA personal accounts, opening and having your business account ready may take a few weeks.
How Safe Is My Money With ZA Bank?
The ZA Bank has been licensed through the HKMA since 2019.
Moreover, ZA Bank is a member of the Deposit Protection Scheme. The Scheme protects the Hong Kong Dollar (HKD), Renminbi (RMB), and other foreign currency deposits. Eligible deposits taken by ZA Bank are protected by the Scheme up to a limit of HKD 500,000 per depositor.
Some deposits, however, aren’t protected by the DPS, including:
- Time deposits with a maturity longer than 5 years
- Structured deposits
- Bearer instruments
- Offshore deposits
Benefits of the ZA Bank Account
There are perks available to both personal account holders as well as business account holders with ZA Bank.
Personal Accounts
- Simple and fast to open an account online
- Connect your ZA account to other bank accounts
- Deposit and earn interest in HKD, CNY, and USD
- A personalized virtual and physical debit card
- No annual fees, interest fees, or late fees
- Receive a rebate of up to 11% on purchases
- Cash withdrawal from ATMs worldwide with the physical card
- Instant FPS money transfers
- FX services
- Personal loans, insurance, and investments
📝 Note: Currently, Mainland Chinese visitors cannot avail of loans, insurance, and investment services.
Business Accounts
- The simplicity of opening an account online
- Available business loans with a revolving credit line
- Local funds transfers
- Hold, deposit, and earn interest in HKD, CNY, and USD
- FX services
- Low handling fees
💡 Tip: Read our in-depth review of the ZA Bank business account for more information.
The ZA app is convenient for all account holders to access and manage all accounts and transactions.
They also offer e-statements and e-advice to review transaction history, fund transfers, and payments via FPS and CHATS.
ZA Bank provides foreign currency exchange services with instant processed transactions 24/7. Account holders can enjoy this service with no extra charges or handling fees.
ZA uses Wise, a well-known money transfer institution, for outward overseas transfers. To make international transfers, you must set up your Wise account for the first time, enter an amount, and select a currency to get a quote.
There is also the option to apply for personal loans of up to HKD 1,000,000 with APR as low as 1.8%. To apply for the loan, you can complete the process online through the loans page and see the required documents.
Final Words
Before applying to ZA Bank, ensure you have all necessary residency documents, permanent or non-permanent. If you are a business, your company must be incorporated in Hong Kong.
While ZA Bank still has some strict requirements that must be fulfilled, it is still easier to open an account with a virtual bank when compared to traditional banks.
With easy sign-ups, a decent savings rate, no annual fees, simple deposits, and fast international currency transfers in HKD, CNY, and USD, ZA Bank is an attractive option in modern online banking.
We hope this article has provided clear instructions on how to open a ZA Bank account. If we missed anything about ZA Bank, please email us at marketing@statrys.com.
This review is based on information available on the ZA Bank website as of August 2023.
Looking for an Alternative for Your Business Account?
If you mainly deal in Hong Kong and run local operations, ZA Bank can satisfy your essential business banking needs. But if you have operations in multiple countries and need access to various currencies, Statrys may be your better option.
Statrys offers a multi-currency business account that can support up to 11 currencies: AUD, EUR, GBP, SGF, JPY, CHF, NZD, CAD, and the 3 also provided by ZA Bank.
You also have the option to make local payments in several currencies, including AUD, USD, THB, VND, INR, EUR, GBP, PHP, SGD, IDR, TRY, and KRW, for quicker transfers.
In addition, Statrys offers a Xero integration service that allows users to connect and sync their business accounts for accurate accounting of currency conversion transactions.
Plus, 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.
Our team will respond to your inquiry within 15 minutes during business hours (depending on the time zone you are in), not hours or days.
FAQs
Who is eligible for a ZA Account?
If you are over 18, have a valid Hong Kong phone number and address, and possess a valid HKID card (both permanent and non-permanent residents are accepted), you can apply for a ZA account.
Is ZA Bank a real bank?
Is ZA Bank safe?
Can I open a business bank account with ZA Bank?
