• Facebook
  • Instagram
  • Twitter
  • LinkedIn
  • ENG
AsiaBC (HK&SG) Register Company. Open Bank Account. Save Tax.
  • Services
    • Company Formation
      • Hong Kong Remote
        Company Formation
        + Multi-Currency Account
      • Singapore Remote
        Company Formation
      • Offshore & Overseas
        • Seychelles / BVI / Cayman / Samoa
        • Mauritius
        • Estonia
        • Turkey
        • Brazil
        • Panama
        • Labuan
        • Philippines
        • More …
    • Business Bank Account
      • Hong Kong
        Business Bank Account
        Guarantee Opening
      • Hong Kong FinTech
        Multi-Currency Account Opening
      • Singapore
        Business Bank Account
        Guarantee Opening
      • Offshore & Overseas
        • Switzerland
        • Bahamas
        • Mauritius
        • More …
    • Business Centre
      • Company Secretary
      • Virtual Office & Registered Address
      • China Visa & APEC Business Travel Card
      • Hong Kong Work Visa
    • Tax
      • 4-in-1 Xero Accounting & Tax Filing
      • HK Tax Representative
    • Value-added Solutions
      • Singapore Permanent Residency & Citizenship
      • Latvia Investment Residence
        Relocation to EU
      • More …
  • About Us
    • About AsiaBC
    • TCSP Licensee
    • Meet Our Team
    • Client Testimonials
      • Story of Albert Pestana
  • Blog
  • Contact
  • Search
  • Menu Menu
You are here: Home1 / Blog2 / Bank & FinTech Account Opening3 / 7 Challenges Decoded : Mastering Hong Kong Bank Account Opening for Startup...
Asia Business Centre (Asia Business Centre (AsiaBC) [HK+SG Bank Account Opening / Company Formation / Company Secretary / Accounting & Tax])

7 Challenges Decoded : Mastering Hong Kong Bank Account Opening for Startup Success

2019-08-16/in Bank & FinTech Account Opening /by Editor and Admin AsiaBC Hong Kong

Hong Kong Bank Account Opening is hot-button issues, especially to entrepreneurs of startups and small businesses. We receive enquiry phone calls and emails daily, majority of them are asking for help of incorporation for doing new business followed by banking in Hong Kong.

7 challenges of Hong Kong bank account opening

We can tell startups and small businesses that Hong Kong company formation is quick and simple, as everyone can make it happens remotely in 5 days. But opening an account for your company in Hong Kong banks is difficult because:

  1. Hong Kong banks require nearly every key person of your company to visit Hong Kong for the account opening interview with their bankers as part of their “Know-Your-Customer” policy.
  2. Hong Kong bankers, who you will meet, need to check your business operational documents, plus your explanation as proof. So you can earn their trust that your business is legit.
  3. Hong Kong banks’ compliance department spends weeks and even months on their due diligence analysis in the backstage, as a part of due diligence requirement.
  4. Hong Kong bank’s due diligence is not transparent. The banks refer this step as a part of their internal procedures. Even the bankers you met do not know the bank’s marking scheme, so the customers are not able to assess the chance to open.
  5. Hong Kong bank’s compliance requirement may change (i.e. being tightened, usually) after the submission of your application, without any prior notice.
  6. Hong Kong banks can require supplymentary documents from you during their review unexpectedly.
  7. Hong Kong banks keep your application for years in case it failed. It is extreme difficult for applicants to open accounts in the same banks in the future.

Therefore, we can hear that startups feel Hong Kong banks are unfriendly to them because the bank account opening process:

  • lacks transparency
  • varies from banks to banks / time to time
  • requires a lot of effort to prepare
  • waits too long for their backend procedure
  • most critically, reject their application without explanation

“Do Hong Kong banks hate my money?”

No way. However, there are 2 reasons behind the complication of the bank account opening:

Risk Factor

The banks are very defensive about the opening of accounts to avoid massive penalties from the regulatory bodies. Their compliance officers of the banks are working so vigilantly that a tiny mismatch in their clients’ profile is unacceptable. Not to mention new clients, some banks see account opening service, which means starting business relations with unknown entities, is a risky business.

Profitability

The banking industry is profit-driven. Small businesses and startups are not attractive to the banks since they are unlikely to buy the lucrative “value-added” goods from the banks, like investments, savings, insurances, and loans. Some banks are closing their business accounts of low volumes to cut their operational cost.


Under the backdrop of the bank’s reluctance to serve small business and startups, emerging financial technology takes place to help. Let’s check it out later.

Recently, the Hong Kong fin-tech plateforms are offering online banking account for small businesses, so that you can open your business banking accounts online and remotely.

銀行戶口银行户口
銀行開戶银行开户

Tags: banking, business banking, FinTech, multi-currency business account, startups
https://asiabc.co/wp-content/uploads/Blog-Banner-7-Challenges-Decoded-Mastering-HK-Bank-Account-Opening-for-Startup-Success.png 500 1110 Editor and Admin AsiaBC Hong Kong http://asiabc.co/wp-content/uploads/2021_AsiaBC_Logo_Horizontal_200x70.png Editor and Admin AsiaBC Hong Kong2019-08-16 16:16:352023-12-19 15:34:247 Challenges Decoded : Mastering Hong Kong Bank Account Opening for Startup Success
You might also like
Asia Business Centre (Asia Business Centre (AsiaBC) [HK+SG Bank Account Opening / Company Formation / Company Secretary / Accounting & Tax]) The Leading Hubs for Doing Business in Asia : Hong Kong vs. Singapore
Asia Business Centre (Asia Business Centre (AsiaBC) [HK+SG Bank Account Opening / Company Formation / Company Secretary / Accounting & Tax]) Startup’s Handbook to Business Banking in Singapore : Conventional or FinTech?
Asia Business Centre (Asia Business Centre (AsiaBC) [HK+SG Bank Account Opening / Company Formation / Company Secretary / Accounting & Tax]) Breaking Barriers : How AsiaBC & RD Wallet Revolutionise Global Banking for Startups
Asia Business Centre (Asia Business Centre (AsiaBC) [HK+SG Bank Account Opening / Company Formation / Company Secretary / Accounting & Tax]) Move Your Money Wisely : Why HK Entrepreneurs Choose SG for Financial Security
Asia Business Centre (Asia Business Centre (AsiaBC) [HK+SG Bank Account Opening / Company Formation / Company Secretary / Accounting & Tax]) Which Offshore Bank Is Right for You? Singapore’s Top 5 Business Banking Elites
An entrepreneur using a smartphone and tablet to access AsiaBC’s digital banking solutions for seamless global transactions. FinTech Frontier : Top 7 Digital Banking Choices vs. Traditional Banks
Asia Business Centre (Asia Business Centre (AsiaBC) [HK+SG Bank Account Opening / Company Formation / Company Secretary / Accounting & Tax]) Step-by-Step Guide : Secret to Quick Singapore Bank Account Setup, 100% Online
Asia Business Centre (Asia Business Centre (AsiaBC) [HK+SG Bank Account Opening / Company Formation / Company Secretary / Accounting & Tax]) Inside HK’s FinTech Hub : Top 4 Digital Banking Solutions Reshaping Smart Transactions

CATEGORIES

  • Accounting & Audit Arrangements (15)
  • Additional Startup Support (1)
  • Bank & FinTech Account Opening (34)
  • China Visa, APEC Card & Immigration (5)
  • Company Formation (32)
  • Company Secretary & Compliance (7)
  • for mauritius page blog session (3)
  • for sg company formation blog session (3)
  • Others (36)
  • Tax Representative & Optimisation (24)
  • Virtual Office & Registered Address (4)

Monthly Archive

  • April 2025 (1)
  • March 2025 (1)
  • February 2025 (1)
  • January 2025 (1)
  • December 2024 (2)
  • November 2024 (2)
  • October 2024 (1)
  • September 2024 (1)
  • August 2024 (1)
  • July 2024 (2)
  • June 2024 (1)
  • May 2024 (1)
  • April 2024 (2)
  • March 2024 (1)
  • February 2024 (2)
  • January 2024 (1)
  • November 2023 (1)
  • October 2023 (1)
  • September 2023 (1)
  • August 2023 (1)
  • July 2023 (1)
  • June 2023 (1)
  • May 2023 (1)
  • April 2023 (1)
  • March 2023 (1)
  • February 2023 (1)
  • August 2022 (1)
  • July 2022 (3)
  • June 2022 (1)
  • May 2022 (1)
  • April 2022 (1)
  • August 2021 (2)
  • May 2021 (1)
  • March 2021 (1)
  • November 2020 (1)
  • August 2020 (2)
  • July 2020 (1)
  • June 2020 (2)
  • May 2020 (3)
  • April 2020 (5)
  • March 2020 (5)
  • February 2020 (5)
  • January 2020 (2)
  • December 2019 (1)
  • September 2019 (1)
  • August 2019 (4)
  • July 2019 (3)
  • June 2019 (2)
  • May 2019 (4)
  • April 2019 (1)
  • March 2019 (1)
  • January 2019 (1)
  • June 2018 (1)
  • May 2018 (2)
  • December 2017 (2)
  • November 2017 (3)
  • October 2017 (2)
  • September 2017 (2)
  • August 2017 (3)
  • July 2017 (3)
  • June 2017 (2)
  • April 2017 (3)
  • March 2017 (1)
  • January 2017 (1)
  • October 2016 (1)
  • April 2016 (2)
  • August 2015 (1)
  • July 2015 (3)
  • June 2015 (7)
  • May 2015 (4)
  • April 2015 (2)
  • March 2015 (3)

Latest Blog Post

  • Messy receipts & manual accounting tools showing outdated practices – AsiaBC helps modernise your accounting processes.Outdated Accounting Practices You Can’t Ignore : 5 Tell-Tale Signs It’s Time to Switch2025-04-30 - 10:00 AM
  • Futuristic glass skyscrapers in Hong Kong reflecting growth & innovation with AsiaBC's seamless company setup.Slay Your Startup with Low Taxes : Legally Launch Your Venture in HK with the Right Business Licence2025-03-31 - 9:30 AM
  • Image: Singapore's financial district skyline, highlighting seamless corporate account opening with top banks through AsiaBC.How to Unlock Smooth Corporate Banking with Singapore Account Opening2025-02-11 - 9:30 AM

Hong Kong Incorporation

  • Hong Kong Company + Online Multi-Currency Business Account (US$1,300/HK$10,250)
  • Hong Kong Company Secretary
  • Virtual Office & Registered Address
  • China Visa & APEC Business Travel Card

Singapore Incorporation

  • Online Remote Singapore Company Formation (US$6,199)

Offshore Incorporation

  • Offshore & Overseas Company Formation Services

Singapore Bank Account Opening

  • Remote & Success Guaranteed Singapore Business Bank Account Opening (US$5,500 up)

Hong Kong Bank Account Opening

  • Success Guaranteed Hong Kong Corporate Account Opening (US$5,500 up)

Hong Kong Taxation & Accounting

  • 4-in-1 Hong Kong Company Accounting
  • Hong Kong Tax Representatives

Singapore Immigration

  • Singapore Permanent Residency and Citizenship for entrepreneur and their family

We accept payment by

AsiaBC: We accept payment by visa, mastercard, alipay, paypal, bitcoin, Ethereum
This site is protected by reCAPTCHA. Google Privacy Policy and Terms of Service apply.
© Copyright - Asia Business Centre (Holdings) Limited | TCSP Licensee: TC001346
  • Facebook
  • Instagram
  • Twitter
  • LinkedIn
  • Disclaimer
  • Privacy Policy
  • Site Terms
  • Sitemap
  • About AsiaBC
  • Contact Now
Tax Tips : Part 2 – Stamp Duties on Transfer of Residential Property Asia Business Centre (Asia Business Centre (AsiaBC) [HK+SG Bank Account Opening / Company Formation / Company Secretary / Accounting & Tax]) Asia Business Centre (Asia Business Centre (AsiaBC) [HK+SG Bank Account Opening / Company Formation / Company Secretary / Accounting & Tax]) Virtual Banking : The Digital Solution for Your Hong Kong Business Bank Acc...
Scroll to top
  •  

  •  

  •  

  •  

Don`t copy text!
We use cookies to provide the best experience. Click here to learn more.
ACCEPT
Hey, this is Charmaine !Use WeChat to scan this code
& ask us any questions.
Welcome to AsiaBC Client Referral Program!Join AsiaBC Client Referral Program and enjoy doubled referral incentives this month. Earn HK$2,500 credits by referring a Bank Account + Company Formation client.
Earn HK$2,000 credits by referring a Bank Account client.
 Earn HK$500 credits by referring a Company Formation or Accounting client.
 Earn HK$250 credits by referring a Virtual Office or Company Secretary client.

* Applicable to existing AsiaBC clients.

USE THIS LINK TO EARN TOGETHER