How to Open a Citibank Hong Kong Business Account in 2024

Citibank Hong Kong Overview

Citibank Hong Kong Limited is one of the most popular banks in Hong Kong, with multiple branches across Hong Kong Island, Kowloon, and New Territories. It is a subsidiary of Citibank, N.A. and Citigroup, an American global investment bank and financial services corporation headquartered in New York. 

Citibank Hong Kong provides extensive financial services and products for individual and corporate clients, including checking and savings accounts, business bank accounts, loans, and foreign exchange.

According to Asiamoney, Citi is the “best corporate bank in Hong Kong in 2023”.

This article will guide you through Citibank Hong Kong's business account opening process, including the eligibility criteria, supporting documents you must prepare, and types of accounts available. 

💡Tip: Read our Citibank Hong Kong Business Account review for an in-depth insight into their features, fees, and customer support ratings. 

Types of Accounts Available

As a traditional bank, Citibank Hong Kong offers various banking services tailored to personal and business needs. However, the information provided on their site is limited, so we recommend contacting them directly for further details about the features of their accounts. 

Personal Account

Citibank’s personal bank account options include checking accounts in HKD or USD, savings accounts, and multi-currency deposit accounts. 

Personal banking clients can choose from the three account plans: Citi Plus, Citigold, and Citigold Private Client.

Business Account

Citibank Hong Kong’s business accounts allow you to conveniently transfer money through telegraphic transfers and local inter-bank funds transfers (CHATS). 

There are three account plans available for business banking clients:

• Citibanking: Citibanking is the basic plan for Citibank business accounts. It does not have minimum average account balance requirements. 
• Citi Priority: This plan suits customers with more than basic banking needs. Citi Priority clients can access additional services, including business advisors and exclusive loan offers. However, you must maintain an average account balance of HKD 500,000.
• Citigold: Citigold is for larger businesses with wealth-building goals and the need for higher transaction limits. This account plan requires a minimum balance of HKD 1,500,000 and comes with access to exclusive privileges such as a dedicated relationship manager and investment advisory services. 

💡Take a look at the 7 best banks to use in Hong Kong for other alternatives. 

Eligibility

Countries Eligible

You can open a Citibank business account if you are a Hong Kong-registered company or business. 

Non-Hong Kong incorporated companies may apply for a business account with Citibank Hong Kong, but the application is subject to review by the bank. However, Citibank does not specify which other countries and regions are eligible to open a business account.

Company Types Eligible 

To open a business bank account with Citibank Hong Kong, your company must be incorporated as one of the following business entities: 

• Sole proprietorship
• Partnership
• Operating Private Limited Company

What Documents Do I Need to Open a Citibank Hong Kong Business Account?

Here are the required documents to open a business bank account with Citibank Hong Kong. 

• Copy of HKID card or passport of every principal or director
• Copy of residential proof of every principal or director
• A valid Business Registration Certificate or Business Licence
• Business operating proof, such as sales invoice or purchase order
• Proof of business address
• US tax-related documents (e.g., W-8IMY/W-9), if applicable

You will need to prepare additional documents according to the type of your business entity. 

If you are a partnership, you will need the following documents:

• Copy of the ownership management structure
• A list of all partners
• A declaration of the existence of managing partners. 

If you are a limited company, you must provide the following:

• Certificate of Incorporation
• Memorandum and  Articles of Association
• Company ownership chart
• Names of all directors
• Declaration on the existence of a significant controller
• Board Resolution or equivalent document.

💡Important: Companies incorporated in the BVI must provide a Certificate of Incumbency.

Application Forms and Useful Resources 

You can download the CitiBusiness account opening form and document checklist from their account opening page. 

For other related forms, such as the CRS Self-Certification Form, Service Fee Waiver Application Form, and Change of Contact Details Form, please visit Citi Hong Kong’s forms centre. 

How To Open a Citibank Hong Kong Business Account

It is not possible to open a business account with Citibank online. You must make an appointment to submit the application documents in person at a Citibank branch. 

You can download the account opening form beforehand. However, you must fill it out in front of a Citibank staff.

Citibank Hong Kong strongly recommends having all the requested documents before the application meeting to minimise further follow-up and rescheduling of appointments, which can delay the approval process.

How Long Does It Take To Open a Citibank Hong Kong Business Account?

Citibank Hong Kong does not specify how long the application process would take. However, banks in Hong Kong usually take several weeks to approve your business account application.

How Much Does It Cost to Open a Citibank Hong Kong Business Account?

Citibank charges an HKD 2,000 account opening fee for local companies and HKD 8,000 for overseas companies not incorporated in Hong Kong. 

The monthly account maintenance fee depends on your business account’s plan. 

You can visit the fees and charges page on Citibank Hong Kong’s website for other pricing, such as remittance and cash deposit service fees.

How to Contact Citibank Hong Kong Customer Support

For business and SME banking services queries, you can call +852 2860 0333 or +852 2957 7777 or contact them via Citibank Hong Kong’s official WeChat. You can also email them at commercial.hk@citi.com.

Additionally, you can also visit any Citibank branch in your area. Citi Hong Kong has two dedicated Citibusiness Centres in the Mongkok Branch and Kwun Tong Hoi Yuen Road Branch.

Once you have a business account with Citibank Hong Kong, you can contact the CitiBusiness Hotline 24 hours a day. 

Citibank Hong Kong Alternative: Statrys

Are you looking for a more seamless and digital-friendly way to pay and get paid in multiple currencies? Consider Statrys as an alternative to traditional banks, like Citibank.

At Statrys, we prioritise convenience and human touch so that you can benefit from dedicated customer support on top of our comprehensive services, including business accounts and company registration services in Hong Kong and Singapore. Opening an account is completely online and simple: most of our customers got their accounts in less than 3 days. 

As a fully licensed Money Service Operator in Hong Kong, Statrys offers global SMEs multi-currency business accounts with the security you’d expect from a traditional bank. You can ensure that your funds are protected and safeguarded with the custodial bank, DBS Hong Kong.

Statrys Services