• Facebook
  • Instagram
  • Twitter
  • LinkedIn
  • ENG
AsiaBC (HK&SG) Register Company. Open Bank Account. Save Tax.
  • Services
    • Company Formation
      • NEW!
        Singapore Remote
        Company Formation
      • Hong Kong Remote
        Company Formation
        + Multi-Currency Account
      • Hong Kong Remote
        Company Formation :
        All-New Basic Package
      • Hong Kong Remote
        Company Formation :
        Ready-Made Basic Package
      • Mainland China
      • Offshore & Overseas
        • Seychelles / BVI
        • Estonia
        • Turkey
        • Brazil
        • Labuan
        • Philippines
        • More …
    • Business Bank Account
      • Singapore
        Personal Bank Account
        Guarantee Opening
        US$ 3,000
      • Singapore
        Business Bank Account
        Guarantee Opening
        US$5,500 up
      • Hong Kong
        Business Bank Account
        Guarantee Opening
        US$ 5,500 up
      • Hong Kong
        Business Bank Account
        Guarantee Re-opening
        US$ 5,500 up
      • Hong Kong
        Multi-Currency Bus. Acct.
        Remote Online Opening
        Referral
      • Offshore & Overseas
        • United States
        • Mauritius
        • Australia
        • More …
    • Business Centre
      • Company Secretary
      • Registered Office Address
      • Business Centre Services
    • Tax
      • 4-in-1 HK Accounting & Tax
      • HK Tax Representative
    • Value-added Solutions
      • Singapore Permanent Residency & Citizenship
      • Latvia Investment Residence
        Relocation to EU
      • Labuan IBFC (Malaysia)
        Money Broker License
      • Hong Kong Documents Legalization
      • Hong Kong Work Visa
      • More …
  • Guide to HK
  • About Us
    • About AsiaBC
    • TCSP Licensee
    • Meet Our Team
    • Awards
    • Client Testimonials
      • Story of Albert Pestana
  • Blog
  • Contact
  • Search
  • Menu Menu
You are here: Home1 / Blog2 / Bank Account3 / 7 Common Hurdles Startups Encounter in Hong Kong Bank Account Opening
Asia Business Centre (Asia Business Centre (AsiaBC) [HK+SG Bank Account Opening / Company Formation / Company Secretary / Accounting & Tax])

7 Common Hurdles Startups Encounter in Hong Kong Bank Account Opening

2019-08-16/in Bank Account /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, multi-currency business account, startups
https://asiabc.co/wp-content/uploads/Blog-Banner-7-Common-Hurdles-Startups-Encounter-in-Hong-Kong-Bank-Account-Opening.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 16:16:352023-02-13 12:27:547 Common Hurdles Startups Encounter in Hong Kong Bank Account Opening
You might also like
Asia Business Centre (Asia Business Centre (AsiaBC) [HK+SG Bank Account Opening / Company Formation / Company Secretary / Accounting & Tax]) The Secret Formula to a Happy HK Bank Account Opening, 100% Online
Asia Business Centre (Asia Business Centre (AsiaBC) [HK+SG Bank Account Opening / Company Formation / Company Secretary / Accounting & Tax]) The 5 Best Features to Look for in a Hong Kong Bank Account
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]) Virtual Banking : The Digital Solution for Your Hong Kong Business Bank Account
Asia Business Centre (Asia Business Centre (AsiaBC) [HK+SG Bank Account Opening / Company Formation / Company Secretary / Accounting & Tax]) 8 Things You Need to Know About FinTech
Asia Business Centre (Asia Business Centre (AsiaBC) [HK+SG Bank Account Opening / Company Formation / Company Secretary / Accounting & Tax]) Boost Your Entity’s Image :
4 Reasons Why an Office Address in HK Enhances Trust
Asia Business Centre (Asia Business Centre (AsiaBC) [HK+SG Bank Account Opening / Company Formation / Company Secretary / Accounting & Tax]) Top 6 Digital Banking Options to Traditional Banks
Asia Business Centre (Asia Business Centre (AsiaBC) [HK+SG Bank Account Opening / Company Formation / Company Secretary / Accounting & Tax]) Multi-currency Account : An Entrepreneur’s Bank Account Alternative in HK

CATEGORIES

  • Accounting (13)
  • Advertisement (1)
  • Bank Account (34)
  • Company Formation (34)
    • Compliance (6)
    • Singapore Company Formation (6)
  • Comparison (6)
  • Financing (12)
  • For All-in-One (8)
  • For Brazil (3)
  • For singapore page (3)
  • Immigration (10)
  • Intellectual Property (1)
  • Living (17)
  • Notice (4)
  • Operation (14)
  • Taxation (17)

Monthly Archive

  • February 2023 (1)
  • January 2023 (1)
  • October 2022 (1)
  • August 2022 (1)
  • July 2022 (2)
  • June 2022 (1)
  • May 2022 (1)
  • April 2022 (1)
  • January 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 (6)
  • 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)

Notice: Undefined offset: 0 in /var/www/vhost/asiabc.co/web/wp-content/plugins/insert-html-snippet/widget.php on line 27

Notice: Trying to get property 'content' of non-object in /var/www/vhost/asiabc.co/web/wp-content/plugins/insert-html-snippet/widget.php on line 32

Latest Blog Post

  • Asia Business Centre (Asia Business Centre (AsiaBC) [HK+SG Bank Account Opening / Company Formation / Company Secretary / Accounting & Tax])10 Smart Tips to HK Profits Tax Calculation & Savings2023-02-02 - 5:36 PM
  • Asia Business Centre (Asia Business Centre (AsiaBC) [HK+SG Bank Account Opening / Company Formation / Company Secretary / Accounting & Tax])Your Ticket to a Successful Bank Account Opening in Hong Kong2023-01-12 - 1:52 PM
  • Asia Business Centre (Asia Business Centre (AsiaBC) [HK+SG Bank Account Opening / Company Formation / Company Secretary / Accounting & Tax])Starting Small Business from Scratch? 6 Simple Steps to Build Your Right Venture in HK2022-10-03 - 3:23 PM

Hong Kong Incorporation

  • Hong Kong Company + Online Multi-Currency Business Account (US$1,050/HK$8,250)
  • Online Remote Hong Kong Company Formation (US$550/HK$4,280 up)
  • Hong Kong Company Secretary
  • Hong Kong Registered Office Address
  • Hong Kong Virtual Office

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 Personal Bank Account Opening (US$3,000)
  • 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)
  • Success Guaranteed Hong Kong Corporate Account Reopening (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 - Enfold WordPress Theme by Kriesi
  • 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!
Hey, this is Amy!Use WeChat to scan this code
& ask us any questions.