How to Open an HSBC Business Account Online in 2024

HSBC Overview

Established in 1865, The Hong Kong and Shanghai Banking Corporation (HSBC) has evolved into a global financial giant, operating in 62 countries and catering to 39 million customers. 

Recognised by AsiaMoney, HSBC Hong Kong was named Hong Kong’s best domestic bank in 2022 and the Best International Bank for the Greater Bay Area in 2023. 

They offer comprehensive personal, business, corporate, private, and international banking solutions. If you're looking for a reliable international bank to provide your business with banking services, HSBC Hong Kong is a great option, with a solid foundation for businesses aiming to thrive on a global scale. 

This article will provide you with a step-by-step guide on how to open an HSBC Hong Kong business account.

💡 Tip: Learn more about their business services and fees with our in-depth review of the HSBC Hong Kong business account.

Types of Accounts Available

HSBC offers both personal and business accounts as follows

Personal Accounts

1. HSBC One: HKD savings, current accounts, 12 major currency savings accounts, and investments. Plus, cash rebates for online or overseas transactions with the multi-currency debit card. No minimum balance or monthly fees. 
2. HSBC Premier: HKD savings, current accounts, 11 foreign currency savings accounts, diverse investments, and management assistance from a team of experts. This account requires a minimum Total Relationship Balance of HKD 1,000,000. 
3. HSBC Premier Elite: For high-net-worth individuals, with everything in Premier plus personalised financial management, exclusive benefits, and higher interest rates. The account requires a Total Relationship Balance of HKD 7.8 million.
4. Expat Bank Account: Tailored for expatriates with multi-currency accounts (GBP, EUR, or USD), mortgages, investments, savings accounts, and more.

Business Integrated Account

1. HSBC Sprint Account - Tailored for small-scale startups or businesses just starting or preparing to scale. This account has the best service fee waiver and the lowest required average balance among the three HSBC business accounts.
2. HSBC Business Direct - Designed for growing SMEs, with the highlight feature being same-day remittances to Greater China, benefiting businesses in Mainland China and Taiwan.
3. BusinessVantage - Ideal for growing or established businesses that utilise a mix of branch counters, internet, phone, and automated machines for their daily banking needs.

However, this article will focus exclusively on opening a business account with HSBC.

Eligibility for HSBC Hong Kong Account Business Account Opening

In this section, we will focus on specific details regarding country eligibility and company types for HSBC Hong Kong business accounts, plus criteria for online or remote business account opening.

Countries Eligible

We could not find a list of eligible or restricted countries on the HSBC Hong Kong website. However, as they provide a list of required documents for both companies incorporated in and outside Hong Kong, it is suggested that overseas companies may be eligible.

However, for remote account opening, only businesses registered in Hong Kong are eligible. 

You may want to contact HSBC Hong Kong for more information.

Company Types Eligible

• You must be a limited company, partnership, or sole proprietorship

Furthermore, for a business entity to qualify for an HSBC Sprint Account, it must meet these additional criteria:

• The business should adopt a single-layer organisational structure.
• It must have a history of establishment of less than three years.
• The annual turnover of the business should not exceed USD 3 million.

Online Account Opening Eligibility

In order to open an HSBC Hong Kong business account online, you need to meet all the criteria for remote account opening as listed below.

• You must be incorporated or registered in Hong Kong
• You must have business operations in Hong Kong
• You must not have any corporate directors or shareholders
• Your business must have at most 2 individual directors, shareholders, or authorised signatories.

📌 Note: If you do not meet all of the above criteria, you must visit a physical branch to open a business account with HSBC.

What Documents Do I Need to Open an HSBC Bank Account? 

The documents needed to apply for an HSBC business product differ based on your business structure and the type of business account you have applied for. 

Here's the overview of the required documentation for each business entity.

Sole Proprietorship Established in Hong Kong

• A valid Business Registration Certificate*
• Business Registration Form obtainable at Inland Revenue Department - Form 1(a)*
• Government-issued ID* of all Authorised Signatories, Beneficial Owners, Sole Proprietors, Persons Purporting to Act, and one Key Controller.
• Proof of residence of all Beneficial Owners and the Sole Proprietor 
• HSBC declaration form or Foreign Account Tax Compliance Act (FATCA) documents*
• Common Reporting Standard (CRS) self-certification form*
• Source of Wealth such as proof of loan, tax returns, proof of possession of asset, etc. 
• Other information, such as trading as name (if applicable)

A document marked with * requires the submission of either original documents or true copies certified by a legal or accounting professional (e.g., lawyer, notary public, CPA), a company licensed under Hong Kong AML, HKICS, a member of the judiciary, etc. The verifier must sign and date the copied document, clearly indicating their position on it.

For documents without an *, photocopies in paper, PDF, or photo format are acceptable for submission.

English or Chinese documents are required. If not provided, you must supply English translations of documents.

Please refer to the complete list of documents required for a Hong Kong Sole Proprietorship and the specific requirements for opening an HSBC Sprint Account as a Sole Proprietorship for more details.

📄 Note: All Beneficial Owners and the Sole Proprietor must be present during the account opening process.

Sole Proprietorship Established Overseas

The document format should be certified true copies by a public accountant, lawyer, banker, notary public in a FATF, HKICS member, or HSBC branch officer. 

• A business license or a comparable document
• A registration document identifying the Sole Proprietor or a comparable document
• Proof of the principal business address, such as a valid Business Registration Certificate or a utility bill issued in the last 3 months.
• Government-issued ID of all Authorised Signatories, Beneficial Owners, Sole Proprietors, Persons Purporting to Act, and one Key Controller.
• Proof of residential address and proof of permanent address.
• Foreign Account Tax Compliance Act (FATCA) 
• Common Reporting Standard (CRS)
• Source of Wealth such as proof of loan, proof of possession of the asset, etc. 

Please consult the comprehensive list of documents needed for an overseas-established Sole Proprietorship.

📄 Note: All Beneficial Owners and/or Sole Proprietors must be present for the account opening.

Limited Company or General Partnership Established in Hong Kong

• A valid Business Registration Certificate* or Certificate of Incorporation (CI)*
• Business Registration Form obtainable at Inland Revenue Department - For General Partnership Form 1(c)*
• Incorporation form for a newly established company.
• Company Search Report issued within 6 months* - For newly established Limited Company or a company established over 1 year.
• Latest annual return for a company established over 1 year.
• Memorandum and Articles of Association (M&A)/ Articles of Association
• Proof of the principal business address, such as a valid Business Registration Certificate or a utility bill issued within the last 3 months.
• Government-issued ID and proof of residence for all partners*
• FATCA documents* and CRS self-certification form*
• The number of individuals needed to form a quorum
• Ownership structure chart
• Proof of source of wealth

Likewise, all documents must be in English or Chinese.

Documents marked with a (*) must be original or certified true copies by a regulated professional, such as a legal or accounting professional, a licensed trust company, a chartered secretary who is an HKICS member, a judiciary member, or a justice of the peace.

Otherwise, you can provide photocopies in a paper, PDF, or photo format taken by a mobile phone or camera.

Please refer to this full list of documents needed for a Hong Kong Limited Company and the specific requirements for opening an HSBC Sprint Account as a Limited Company for more information.

📄 Note: Directors or authorised signatories without a permanent HKID card may be required to attend an identity verification meeting with HSBC, either virtually or in person.

Limited Company or General Partnership Established Outside Hong Kong

To open an account, you need certified true copies from a public accountant, lawyer, banker, or notary public in a comparable jurisdiction, an HKICS member, or an HSBC branch officer.

• Certificate of Incorporation (CI) or a valid Business Registration Certificate 
• A Certificate of Incumbency (COI)
• Memorandum and Articles of Association (M&A)
• A business license or a comparable document
• Formation and constitutional documents.
• Proof of principal business address.
• Latest notification of changes related to secretary and director, return of allotment, instrument of transfer, or similar documents.
• FATCA and CRS documents.
• Ownership structure chart.
• Source of wealth documentation.
• Additional documents if the Beneficial Owners of the company are a Trust or if Authorised Signatories or Persons Purporting to Act are corporate entities.

Please review the complete document in this list of requirements for overseas-established Limited Companies and General Partnerships.

Application Forms and Useful Resources

For document requirements pertaining to entities like trade unions or charitable organisations, please refer to the HSBC Hong Kong Account Opening Document Checklist for other entities.

For additional resources, you can visit HSBC Hong Kong Business Account FAQs and refer to this Business Account Opening Application Form.

If you're looking for an online application, find the link and instructions in the next section.

How to Open an HSBC Hong Kong Account Online

To open an HSBC Hong Kong business account online, ensure eligibility by being incorporated or registered in Hong Kong, having operations in the region, and limiting the business to a maximum of two individual directors, shareholders, or authorised signatories. 

If you meet these criteria, follow the steps outlined below. Otherwise, we also provide alternative methods for account opening after this section. 

Step 1. Apply on the Online Account Opening Page

Once you have your documents ready, you can visit the account opening page and click on "Apply now."

Alternatively, you can download the HSBC HK Business Express mobile app and apply directly from your mobile device.

The app is available on the App Store (iOS), Google Play (Android), and Baidu App Store by searching for 'HSBC HK Business Express.'

You can also visit the account opening page as mentioned above, and under 'Apply Now,' look for a note that says 'Download and Apply.' Click on it to obtain the QR code for downloading the app.

Step 2. Create a Profile 

HSBC will need your full name, email, and Hong Kong phone number (+853). They will send a One-Time Password (OTP) via SMS to the mobile number for identity verification in the next step. 

Step 3. Fill In Company Information and Upload Required Documents

After a profile is created, the next step is to fill in details of your business, such as entity structure and contact information. 

During these early processes, HSBC should assess your eligibility for the Remote Account Opening service. If eligible, you'll proceed to the next step to upload the required documents. If not eligible, your information will be passed to the Business Centre, where you can continue with your application. 

Step 4. Verify Your Identity

Verify your identity through HSBC Identify in the HSBC HK Business Express mobile app.

Step 5: Pay the Account Application Fee

For an online application, you need to make a payment of HKD 1,300 for the account application fee.

Step 6: Register for Business Internet Banking and Activate your Mobile Security Key

Registering for Business Internet Banking and activating the Mobile Security Key enables you to access online banking through their mobile app. 

Step 7: Complete the eSign Process

The authorised signatory(ies) must provide eSign signature specimens for trade facilities, chequebooks, and secured credit.

The online application process is simple and can be completed in just 15 minutes. Then, HSBC typically takes up to three business days to review and approve applications. 

A minimum deposit of HKD 10,000 is required to activate your new business account.

An Alternative Way to Open an HSBC Business Account

If you are not eligible to open an account online, follow these steps to open an account at HSBC Business Centre.

• Book an Appointment: To schedule an appointment with HSBC, you can either visit www.business.hsbc.com.hk or call their Commercial Banking Hotline at +852 2748 8238. When making the appointment, you will have to share basic company information, such as your business type and details about the directors.
• Receive Email Confirmation: After booking, you'll receive an email confirmation from HSBC. This email will also include a comprehensive list of documents required for the account opening.
• Discussion and Due Diligence: HSBC will conduct due diligence to understand your business better. You can ensure a smooth meeting by pre-identifying attendees, confirming authorised signatories and their limits, and understanding the company's tax residence. This meeting may take around 1 hour and a half.  

For an overseas company, HSBC may ask about your existing business abroad, the connection with the new Hong Kong entity, and the purpose of opening a business bank account in Hong Kong.

• Post-Appointment Follow-Up: If there are any outstanding documents or additional information needed, HSBC will follow up through email.
• Accessing the Account: Once all the requirements are met, you should receive an SMS and a welcome package. You'll then be able to access and manage your account.

🔍 Tip: Explore the fundamentals of Hong Kong account opening.

How Long Does It Take To Open an HSBC Bank Account?

HSBC advertises the option to apply for a business account online and get approved as quickly as 3 working days from the receipt of all required documents. You'll be notified via SMS once the process is complete. 

However, this depends on eligibility. Terms and conditions apply.

For applications submitted through other channels, the processing time is approximately 10 working days from the date HSBC receives all necessary documents.

How Much Does It Cost to Open an HSBC Bank Account?

The account opening fees differ based on the application method. This could range from HKD 11,300 to HKD 21,300.

Furthermore, after opening the account, there is a potential for a monthly fee. The amount of the monthly fees is determined by your account type and Total Relationship Balance (TRB) from the past 3 months. You may be exempt from fees, or they could be in the range of HKD 200 to HKD 450. Refer to the details below for more information.

How to Contact HSBC Bank Customer Support?

Channels for customer contact during business hours (Monday to Friday, 9 a.m. – 6 p.m. HKT UTC+8) include:

• Branches visit. You can locate a branch using this HSBC Branch Locator.
• Live chat on their website.
• Call the hotline at +852 2748 8288 (available in Chinese and English).
• Request a callback. 

Some services are accessible 24/7 through the hotline; refer to the HSBC contact page for details. 

If you would like to ask HSBC to reconsider your application, please email head.of.customer.relations.cmb@hsbc.com.hk. Include in your email the Certificate of Incorporation or Business Registration Certificate number, company name, meeting dates, location visited, and any additional supporting information or documents for the account opening application.

HSBC Hong Kong Alternatives: Statrys  

While HSBC Hong Kong offers the reliability of a global bank, the higher fees, minimum balance requirement, and potential need for a physical branch visit can be challenging for small businesses—particularly if they don't meet the criteria for remote opening.

If your business is incorporated in Hong Kong, Singapore, or the BVI, and you’re looking for an alternative to traditional banks, consider Statrys.

Statrys is a fully licensed Money Service Operator in Hong Kong and a Small Payment Institution in the UK. Our services are tailored for SMEs, offering multi-currency business accounts with 100% online setup, no initial deposit,  no account opening fees, and no minimum balance requirements. We also provide business cards, FX services, and human-centric customer support. 

Statrys Services