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Bank Account in Hong Kong
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| No Win, No Fee Scheme Price fromHong Kong Company Bank Account Opening |
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A quick guide to company bank account opening
Your A-Z guide to stress-free company bank account opening in Hong Kong and how we make it possible.
Process Time
- It takes around 2 weeks’ time to open a company bank account in Hong Kong after submitting all required documents. All directors shall be physically present in Hong Kong for the bank interview.
- If the client is unable to fly to Hong Kong, we can provide a remote business bank account opening service (e.g., Citibank), with a processing time of around 2 months.
Basic Documents
Free Pre-Assessment
HK / SG Company
No Win, No Fee
Seamless company bank account opening in 4 easy steps
No hassles. 4 simple steps to open a business bank account in Hong Kong online – anytime, anywhere.
  Take our brand new Business Bank Account Success Likelihood Test in 3 minutes and discover which bank matches your company profile. 1 FREE bank |  |  Get in touch with our business bank account specialists for a free consultation and find out if you are eligible for our No Win, No Fee Package. 2 Get advice from |  |  Email us a copy of your documents, and we will perform a pre-approval test to pair the feasible banks with you for free. All provided information is confidential and you will receive the result within 2-7 working days. 3 Application |  |  We will send you a detailed quotation of every bank that matches your profile, along with the agreement for your confirmation and signature. Physical meetings between the banker and the client will be arranged accordingly to officially open a corporate bank account. 4 Join bank |
Discover the right bank for your business
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3-minute bank account success
likelihood test
Are you ready to take your recently established Hong Kong company to the next level by opening a centralised business bank account?
Avoid the hassle of multiple applications with no guarantees. Experience the convenience of company bank account opening in the Asia World City by taking our 3-minute test to find the best-fit banking platform for your venture.
Your 30-second guide in
company bank account opening
How to open a corporate bank account in Hong Kong with flying colours? Learn in just 30 seconds here how to secure your company a traditional business bank account and achieve optimum growth with uninterrupted global transactions.
Don’t let a rejected application stop you from connecting with your potential clients and suppliers all over the world.
Why open a business bank account in Hong Kong?
Expand your business in one of the most financially stable cities in Southeast Asia.
Financial Hub
Hong Kong specializes in the finance industry, has more than 71 global banks, and a FOREX trade amounting to US$274.6 billion every day.
Going Digital
The city’s traditional banks are adapting to the digital scene. Access your funds anytime, anywhere with online banking services and features.
Secure Banking System
Hong Kong’s superb banking regulations and infrastructure ensure that your bank information and transactions are safe and secure.
Multi-Currency Tools
Hong Kong company bank accounts can match your multi-currency needs, have no FX controls, and impose no restrictions on fund transfers.
Free Trade Policy
Entrepreneurs can transfer assets and do international trade without limitations since Hong Kong has no foreign exchange restrictions.
Low Banking Fees
Company bank accounts in Hong Kong have no tax on interest, low remittance fees, and lower minimum balances than other jurisdictions.
You can ask us anything
We know you have a lot on your mind. Check out the most FAQs on how to open a company bank account.
01 | What are the advantages of opening a business bank account in Hong Kong?
Security, reliability, and stability – these are the 3 factors that attract foreign business owners to open a company bank account in Hong Kong. HK banks strictly comply with the Anti-Money Laundering Act and FATCA Regulations, creating more stringent rules and regulations for opening a corporate bank account, especially for non-HK residents. The banks perform accurate application screening for a business bank account at the beginning to verify their clients’ source of funds and guarantee that all financial orders and cross-border transactions are well-protected. Hence, operating a business under a secure international banking system is a plus for many foreigners. On top of that, opening a company bank account in Hong Kong means :
- No Tax Interest – This is a significant benefit, as holders are not liable to tax on their earnings.
- Free Capital Transfer – HK has various industry sectors and does not implement foreign exchange control, making international capital transfers of company bank accounts simple and easy.
- Reputable Banks – HSBC, Bank of China, Citibank, and Standard Chartered, to name a few. With these international banks located in the city, HK offers high-quality regulations and a high standard of confidentiality when opening a corporate bank account.
02 | Can a non-resident open a Hong Kong business bank account?
Absolutely! The Government welcomes and encourages international entrepreneurs and investors to open a corporate bank account in Hong Kong [3] and place their funds and monetary assets in this Asia’s Financial Hub. The region continues to adopt foreign-friendly policies to support global business owners’ growth and expansion with multi-currency business bank accounts.
You can open a Hong Kong business bank account stress-free with the help of a reliable local provider. AsiaBC offers a free pre-assessment to check if your company profile matches our bank partner’s client preferences and suggests tailor-made enhancement solutions to improve your application for a guaranteed company bank account. Moreover, we proactively provide alternative banking solutions and ongoing support to ensure uninterrupted business transactions, giving you peace of mind and helping you navigate any potential challenges.
03 | Are there any additional requirements I need to fulfill to open my corporate bank account?
To increase the chances of approval for your company bank account opening, it is best to prepare and present the following documents :
- Board resolution that shows the company’s intention to open company bank account.
- Copies of Certificates of Incorporation, Business Registration, and Articles of Association.
- Personal details of directors and shareholders with over 10% stake.
- Business plan and website.
- Proof of business such as invoices, letter of intent, etc.
04 | Are there any banking charges when setting up a company bank account, and how much?
Additional payments when opening a corporate bank account may vary depending on the bank you are applying to. However, banks usually have fees for the following :
- Monthly service charges.
- Counter transaction fees.
- Overdraft fees.
- Transfer charges.
- Early closure fees.
- Inactive account fees.
- Corporate credit card issuance and card replacement fees.
- International transfers / wire transfers.
05 | Can I remotely open my company bank account in Hong Kong?
Company bank account opening in Hong Kong is known to be a tedious and lengthy procedure since traditional banks in Hong Kong strictly comply with Know-Your-Client (KYC) practices and much prefer to have face-to-face appointments with applicants when applying for their company bank account.
However, you can still open a corporate bank account in Hong Kong without being physically present, with the help of a local service provider. AsiaBC is dedicated to helping our clients open business bank accounts seamlessly, even when they are abroad. Our consultants possess extensive knowledge of the company bank account opening process and have a solid local and overseas banking network. We are committed to developing a custom-fit application that meets the bank’s specific criteria, no matter where you are located.
With our years of experience and close relationships with bankers, we make recommendations on improving your business bank account application, including suggesting detailed modifications and add-ons. This ensures a smooth process for opening a company bank account.
For more details on how to open a corporate bank account in Hong Kong, please check out our blog, ‘The Secret Formula to a Happy HK Bank Account Opening, 100% Online‘.
If all else fails, you can take advantage of AsiaBC’s No Win, No Fee Scheme. Under this arrangement, we offer a 90% refund of our service fees, ensuring minimal financial risk to you, subject to our terms and conditions. Kindly reach out to our consultants here to understand further.
06 | Which Hong Kong bank accepts opening company bank accounts online?
Currently, remote company bank account opening is still not widely acknowledged in Hong Kong since most Hong Kong banks prefer to follow the regular KYC process and face-to-face appointments. However, Citibank is one of the few that is gradually accepting applications to open company bank accounts online for specific business sectors – Technology, Media, and Telecom (TMT).
Although there are no nationality restrictions for company directors and shareholders when setting up a business bank account, Citibank mandates that applicants’ business operations be located in Hong Kong or Singapore. Applicants must provide their incorporation documents and a certified true copy of the Business Registration Certificate. Additionally, to enhance your application for opening a company bank account online, be sure to prepare your KYC personal certificate, bank references, details of the proposed business activity, business plan, website, proof of business such as invoices or letters of intent, and a certified true copy of the passports of all directors, beneficial owners, and shareholders owning 10% or more shares in the company.
07 | Can I open a business bank account in another country without travelling?
Definitely. Malaysia, Switzerland, Mauritius, St. Kitts & Nevis, and more have been great banking alternatives for international entrepreneurs to open company bank accounts remotely. However, opening a business bank account overseas might still take time depending on the bank’s assessment, making FinTech (Financial Technology) another outstanding solution you can opt for while waiting for your formal company bank account to get approved. Most FinTech accounts do not require a face-to-face opening procedure – all steps, including identity verification, can be done digitally.
08 | Are there any alternatives to opening a traditional company bank account?
Of course! FinTech (Financial Technology) is one of the best substitutes while the formal opening of a corporate bank account is in process. FinTechs are a digital type of banking that offers the same features and benefits traditional banks have, such as global remittances, international payments, and issuance of IBAN and swift codes.
Take note that FinTechs do not have physical branches like regular banks. However, all FinTech accounts are under monetary protection since their custodian bank partners are licensed and regulated by the Hong Kong Monetary Authority (HKMA) to ensure your financial safety. Find out which FinTech is the best fit for your business in our popular ‘Top 6 Digital Banking Options to Traditional Banks‘ blog now.
Note :
- Given the sanction lists held by different FinTech companies, there are also restrictions for businesses and nationalities that are able to open a corporate account, similar to the traditional business bank account opening scenario but in a somewhat lighter way.
- Most FinTechs collect incoming and outgoing wire transfer fees and subscription fees to keep your business account active.
09 | Is opening a Hong Kong corporate bank account limited to Hong Kong companies only?
Most banks in Hong Kong prefer to open corporate bank accounts for companies registered in Hong Kong. Foreign entrepreneurs can opt for FinTechs or open company bank accounts overseas – Singapore, Malaysia, Mauritius, St. Kitts & Nevis, and more as alternatives. However, the approval of opening a corporate bank account in these countries may vary depending on the bank’s client references and could possibly incur higher costs. Registering your company in Hong Kong and getting a Hong Kong company bank account are still highly advisable.
10 | What is AsiaBC’s No Win, No Fee Scheme and how does it work?
AsiaBC is dedicated to delivering our clients a time-efficient and cost-effective solution when opening a company bank account in Hong Kong, which is why our ‘No Win, No Fee’ arrangement exists.
Our trusted advisors assess your documents for company bank account opening to recommend which bank will suit your company profile, and then develop a custom-fit application based on your nationality and preferences. Once we get pre-approval from the bank, you have the option to proceed or not with opening a company bank account in Hong Kong. In case we fail to open a company bank account for you, we guarantee a 90% refund of service fees. Get in touch with us via WhatsApp here to learn more.
Note :
- No charges will be incurred for rejected company bank account applications during the pre-assessment period.
- After the pre-assessment period, bank charges associated with the application process will be deducted from the total service amount for any refund case.
Why choose AsiaBC to open a company bank account?
We provide customised services based on your specific business and financial needs.
1Wide Bank Network
We are here to help you find the right bank. AsiaBC has built a solid network of 50+ banks in HK and are always in the loop with the bank’s latest preference for a business client.
2Effortless Application
We do all the work — from preparing your applications, pre-screening documents to making appointments for a guaranteed company bank account opening.
3Hands-On Partner
We make sure to follow up on the progress of your application and update you with its status. Our team will be with you every step of the way and make needed adjustments.
4One-Stop Shop
We got it all for you! AsiaBC is your one-stop-shop platform with incorporation, registered address, accounting and ‘0’ tax planning so that you can focus on your operation.
5Reliable Service Provider
In 13+ years of experience, our team has built strong partnerships with overseas affiliates and served over 5,000 clients. Check out our Trustpilot reviews here.
6No Win, No Fee Scheme
Guaranteeing a refund for declined bank applications, our direct, fair, and transparent pricing system ensures that if all else fails, we’ve got your back.
Other services we excel at
All hands on deck in expanding your business globally with our quality add-on solutions.
SG Remote Company Formation
+ Digital Banking Account
Grow your business beyond the horizon without traveling to the country. Register your Singapore company remotely and open a digital banking account for instant and convenient corporate transactions. Plus, you‘ll get a resident director and local company secretary to handle all essential compliance requirements.
Explore the Lion City free from stress and unveil its economic benefits of rapid development so you can wisely take your business to the next level.
 Link Building Manager, 2T-Digital  Thalys Comunello |
Upgrade your strategy with bank account opening blogs
Learning never stops. Utilise our most popular company bank account blogs to expand and grow your business.
HK Insider’s Playbook : Ultimate Smooth Company Setup & Next-Gen Bank Guide4 min readShow more
Hong Kong is one of the best urban cities in the world to launch a business. The region’s simple, secure, exceptional business climate and low-tax collection framework are a few factors that help international businesses‘ growth.
Hong Kong’s secure and stable financial point makes the city a great alternative for foreign investors and entrepreneurs to incorporate a business. But more than that, Hong Kong has a pool of skilled and versatile workforce, a unique geographical location with easy access to mainland China and neighboring countries. Plus, it has a competitive tax rate of 8.25% or 16.5% depending on the assessable profits, a secure business bank account, and a quick and easy company formation process.
Learning the different company structures in Hong Kong helps you manage tax regulations and develop effective expansion strategies. A Limited Liability Company (LLC) is the most common structure formed in Hong Kong since it is less risky and safeguards the business’s assets against risks and liabilities. Start elevating your venture’s image in Hong Kong by choosing a company name that best represents your business. It can be in Chinese, English, or both as long as another company does not use it, and ensure to register it with the public authority for protection. Now, you are ready to open a corporate bank account to fund your business needs. Present your company incorporation documents, certified true copy of your Business Registration Certificate, and prepare all supporting documents such as a business plan, website, contracts or agreements, and invoices to get your company bank account application approved more easily.
Hong Kong is a focal point of the worldwide monetary centre, housing more than 71 global banks with a FOREX trade amounting to US$274.6 billion, making it the ideal location to set up a company bank account. This Asia’s Financial Hub provides a safe, secure, and competitive banking service environment with various financial institution alternatives to support overseas business owners including FinTechs and Virtual Banks.
FinTech is not a bank per se but a common go-to alternative to traditional company bank account opening since newly established companies can make use of it to open a multi-currency account remotely and instantly to perform global transfers while opening a company bank account in Hong Kong is still in process. Moreover, FinTechs in Hong Kong ensure your financial safety and security as they are partnered with licensed custodian banks, regulated by the Hong Kong Monetary Authority (HKMA), and covered by the Deposit Protection Scheme.
On the other hand, Virtual Bank is a formal bank that works like Traditional Banking but in a digitised version where products and services are all performed online, making them accessible to all users anytime, anywhere. Its only difference from traditional banks is that it does not have any physical branches but is also regulated by the HKMA to ensure your money’s safety.
Opening a company bank account overseas is another option entrepreneurs may choose. These are company bank accounts opened in a jurisdiction different from where the business owner is located but still provide the same features – multi-currency business bank accounts without high fees, issuing credit or debit cards, and offering discounted international payments.
The process of opening a business bank account in Hong Kong is simple. After filling out the online application form with your signatures and submitting the required documents, a bank officer will schedule a video call interview to verify your business bank account application within 7 to 20 working days. However, keep in mind that Hong Kong banks strictly comply with the KYC process and opening a business account in Hong Kong might require you to send a KYC certificate and due diligence documents along with a certified true copy of directors, beneficial owners, and shareholders’ passports and bank references.
Hiring a local agency to assist you with opening a corporate bank account can enhance your success rate and save you serious time and effort. AsiaBC’s company bank account specialists can offer a pre-assessment to check if your company profile matches our partnered banks’ client appetite and help you build a custom-fit application that will suit their preferences. Their expertise can guide you through the process, including how to open a company bank account online, ensuring a seamless and efficient experience.
Mastering Global Banking : 5-Step Formula to Open an Expat HK Bank Account3 min readShow more
Opening a business bank account is key to keeping your personal finances separate from company funds. To manage your operations and finances effectively, it is important to establish your company entity and set up a business bank account accordingly. However, it can be challenging for international entrepreneurs to find a suitable banking solution and open a business bank account that meets their specific needs, especially with the ongoing evolution of the global economic landscape.
A business bank account solution is essential not only for managing your company’s income but also for several key day-to-day tasks. By opening a business bank account, you simplify the organisation of bookkeeping records, facilitate the management of cash flow, provide your accountants with detailed financial entries needed for tax reporting, and establish a credible, professional image that can attract future investors and suppliers.
As Asia’s Financial Hub, Hong Kong hosts top-tier financial institutions that continue to attract international entrepreneurs looking to establish offshore companies in the city.
Corporate bank account opening in Hong Kong ensures that your business funds are safe and secured under their Deposit Protection Scheme. It also allows you to transact globally using multiple currencies such as USD, EUR, JPY, CNY, AUD, NZD, and HKD. Additionally, your company bank account can benefit from Hong Kong’s Free Trade Policy, enjoy tax exemptions on interest earned, and conveniently transfer and receive payments using internet banking, phone banking, and mobile applications.
Hong Kong banks strictly comply with the Know-Your-Client (KYC) procedures to screen company bank account applications and accurately establish their clients’ sources of funds and expected transactions. This rigorous process can make it challenging for international entrepreneurs to open a company bank account online in Hong Kong.
For startups and SMEs aiming to engage in global business, establishing a company bank account in overseas locations offers a viable option. Popular banking destinations that support the secure setup of company bank accounts include Singapore, Malaysia, Mauritius, St. Kitts & Nevis, Switzerland, the United States, and Puerto Rico.
Is Traditional Bank Out? Find the Ideal Banking Platform for HK Offshore Companies5 min readShow more
Navigating through the various banking platforms available today can be daunting, especially when the goal is to maximise the efficiency of your financial activities. Using a personal bank account for business purposes is strongly discouraged, as it blurs the line between personal and business finances.
AA company bank account is essential for separating your company’s funds from personal ones, which simplifies managing business finances, from tracking expenses to handling payroll. Additionally, opening a corporate bank account establishes your business’s credibility, enhancing its image to clients and potential investors.
The business community continues to evolve, and adapt diverse money platforms to support a business owner’s financial needs.
Traditional Banking – Often the go-to financial institution for business owners. Starting a business bank account with traditional banks provides access to a range of financial products, including savings accounts, trust funds, business checking accounts, and various investment options. However, the downside includes potentially low interest rates and various banking fees such as cancellation fees and hidden charges.
Virtual Banking – It offers a digitised platform that operates much like traditional banking but exclusively online, serving as an official bank without physical branches. This allows clients to access their accounts at any time and from anywhere through 24/7 online services. While opening a company bank account online with virtual banking is generally an efficient way to manage payments, it can occasionally lead to delays in money deposits due to scheduled maintenance or unexpected system glitches in their websites or apps.
FinTechs – A blend of ‘Finance’ and ‘Technology’, FinTechs offer innovative banking alternatives that automate and enhance financial services using technology. They often avoid additional costs and provide a seamless integration of physical and digital payment methods. However, they are susceptible to security risks if not managed correctly, and compatibility issues may arise with different technological platforms.
It is important to note that while FinTechs provide excellent interim financial solutions, they are not banks. In Hong Kong, FinTechs partner with licensed custodian banks and are regulated by the Hong Kong Monetary Authority (HKMA. Moreover, accounts are covered by the Deposit Protection Scheme, ensuring financial security and safety.
Hong Kong’s lineup of Traditional Banks, Virtual Banks, and FinTechs continues to adapt to their clients’ needs to make the overall banking experience more convenient.
When choosing to open a company bank account in Hong Kong, it can be as easy as submitting a filled-out application along with the bank’s requirements. However, to avoid wasting your precious time and effort, it is advisable to seek advice from a reliable local agency first. They can help you understand the success rate of account approvals based on your business background and provide tips on how to boost those chances.
Take advantage of AsiaBC’s 3-Minute Bank Account Success Likelihood Test to quickly identify the most suitable banking partner for your business. You can also visit our full blog to find out each platform’s essential documents for opening your company bank account online with flying colours.
Step-by-Step Guide : Secret to Quick Singapore Bank Account Setup, 100% Online5 min readShow more
Business101 : Open a business bank account – this should be every entrepreneur’s golden rule while handling their company’s finances, but many entrepreneurs are still intrigued as to WHY?
It may not yet be a requirement to open company bank account for your small business at the moment, but doing so at this point is a wise and ideal step so you can take advantage of the different benefits it offers.
Learn to navigate the business world with this entrepreneur-friendly guide, which provides detailed insights into company bank account opening. Starting with the basics, commercial entrepreneurs and sole proprietors commonly use company bank accounts to manage their venture’s finances more efficiently. Opening a business bank account for your company allows you to quickly pay staff salaries, receive and issue payments, and keep track of your cash flow.
Reap the benefits when you open your corporate bank account, such as having fewer tax problems since you can instantly pinpoint the transactions made in your account, easily track your expenses, and monitor your spending. Opening a company bank account also helps you improve your credit standing with banks and take advantage of perks, including business loans, corporate credit cards, etc. Plus, owning a company bank account gives you a more established and credible image when you issue checks to your partners, suppliers, and employees with your business name.
However, choosing the most suitable financial institution to open a corporate bank account can be challenging and confusing. There is no easy way to determine which platform is “better”, as each might offer different advantages based on your preferences and requirements when opening a corporate bank account.
Try to narrow down your bank choices for opening a company bank account by considering their years of experience to see how they handle specific banking concerns and needs. This also shows the bank’s credibility in the field. Be sure to check your company bank account’s accessibility through bank branches and online platforms, minimum deposits, service fees, and what they are for, as well as other services like 24/7 customer support, bank relationship managers, online banking, etc.
When opening a business bank account in Hong Kong or Singapore, local banks are slowly adjusting to the post-pandemic ‘new normal’ and have started to conduct company bank account openings online. However, this remote method is still not widely adopted because some banks tend to stick with the original KYC (Know Your Customer) procedure. Currently, HSBC Singapore is among the few banks that allow one to open a company bank account online. While there are no nationality restrictions for company directors and shareholders, HSBC Singapore specifically caters to businesses with operations in Hong Kong and Singapore, facilitating a smoother application process for a business bank account.
To open a company bank account online with HSBC Singapore, companies must submit a completed application form, proof of a physical office address in Singapore, incorporation documents, and a certified true copy of their Business Registration Certificate. Enhancing the likelihood of approval for a company bank account requires preparing additional documents such as a KYC personal certificate, bank references, detailed information about proposed business activities, a business plan, a website, proof of business like invoices, and certified true copies of the passports of all directors, beneficial owners, and shareholders who own 10% or more of the company’s shares.
Picking the Right Business Account : Conventional Banks vs. New-Age FinTechs4 min readShow more
Peter Drucker’s famous words hold great significance in the world of business banking : “The best way to predict the future is to create it.” This is especially true when it comes to securing a reliable business bank account that serves as the pillar for your business’s growth and success in the long run. Being proactive and strategic is key in this process. Yet, it can be overwhelming to find the right business bank account for your venture that perfectly aligns with your financial goals and comes with great features and benefits.
Just a friendly reminder, opening a business bank account offers more than just a place to keep your hard-earned profits. It gives you a chance to :
- Effectively manage your cash flow by keeping organised bookkeeping records that accurately track the income generated, expenses accumulated, payments made, and invoices sent out.
- Using your business name when making payments establishes credibility and reliability for your company. This helps create a professional image that inspires confidence in potential investors and suppliers.
- Auditing authorities can generate accurate accounting and tax reports by utilising transparent and current financial records, ensuring an accurate and updated overview of your income and expenses.
With the ever-evolving nature of banking, entrepreneurs today are shifting their focus towards digital solutions like FinTech. Here’s a brief summary of the unique features that differentiate FinTech from conventional business bank accounts :
- Traditional Business Bank Account – A well-known financial institution offering a wide range of bank services, including opening a business bank account for deposits and withdrawals, loans, bill payments, ATMs, and online and mobile banking. These banks placed branches across the city to better serve their valued clients.
- FinTech – Innovative substitutes to traditional business bank accounts that utilise technology to improve and streamline the banking experience from services to products and procedures. These companies collaborate with licenced custodian banks and are supported by the Deposit Protection Scheme.
Exploring the field of business banking can feel intimidating and overwhelming, especially when searching for an ideal banking partner to foster your business expansion. If you’re unsure where to begin, we have curated a list of the top 3 banks that are popular with both local and international entrepreneurs looking to open business bank accounts in this Asia World City :
- HSBC‘s Business Integrated Account is designed for businesses at all stages, with account types including the Sprint Account for startups, and HSBC Business Direct and BusinessVantage for local SMEs. These are open to registered companies in Hong Kong.
- Bank of China Hong Kong is an excellent banking partner for SMEs and established enterprises who need to open business bank accounts in Hong Kong. It offers tailored business bank account options, user-friendly online banking services, and convenient foreign exchange options for seamless transactions with Chinese partners. Sole proprietors, limited companies, and partnerships registered in Hong Kong, China, or overseas can find account types available for both business and personal use.
- Standard Chartered is a preferred choice for entrepreneurs looking to open business bank accounts that feature attractive interest rates and flexible balance requirements. With free online banking, fund transfers, bill payments, monthly e-statements, and comprehensive trade finance solutions, it facilitates efficient cross-border transactions. Sole proprietorships, partnerships, limited companies, and owner incorporations are all welcome to open either a business or a personal account.
FinTech companies are currently transforming the way businesses handle their finances, offering a more flexible, convenient, and cost-efficient alternative to traditional banking when it comes to opening a company banking account online. Here are the leading FinTech platforms in Hong Kong that are revolutionising the landscape of digital banking :
- Airwallex provides entrepreneurs with seamless cross-border payments to manage finances in different currencies both online and offline. It offers eligibility to all jurisdictions and features zero minimum balance requirements and no opening or monthly fees, although transaction charges may apply for amounts below US$250.
- Statrys is the ideal choice for entrepreneurs seeking global payment and excellent customer service. Opening an account is straightforward, requiring the submission of a Business Registration and a director’s passport. It is available to businesses registered in Hong Kong, Singapore, and BVI, with zero minimum balance requirement and no opening fee (excluding special cases). The Statrys account offers unlimited transactions with a monthly fee of HK$88 for unrestricted incoming payments.
- Currenxie provides a flexible digital banking solution, endorsed by the Amazon PSP and powered by Payout API and Foreign Exchange Contract (FEC). It caters to small and medium-sized businesses seeking swift domestic accounts in the EU, UK, US, CA, or AU, with a quick setup process within 3 days. Clients from any jurisdiction are welcome, and the Currenxie account has no minimum balance requirement or charges for opening or monthly fees.
Opening a company bank account online or in other jurisdictions is a strategic financial step that not only enhances your business’s credibility and trustworthiness but also lays a strong groundwork for long-term growth and success.
Top 6 FinTech Choices for Offshore Company Incorporation vs. Traditional Banks4 min readShow more
Are you having second thoughts about exploring new global financial markets because of the lengthy and tedious procedures of opening a corporate bank account? Do you constantly wonder how to shorten the amount of time spent just opening a corporate bank account in Hong Kong? Are there any alternatives to traditional company bank account setup? If your answer to these questions is a big YES, learn about the available FINTECH OPTIONS as a substitute for traditional banking : Airwallex, RD Technologies, WorldFirst, Currenxie, Statrys, and Rapdy (Neat), and how they make your life a little easier.
Opening a company bank account is the greatest challenge small-scale digital nomads face that hinders them from achieving their entrepreneurial goals. The global pandemic has made it difficult for entrepreneurs to manage their businesses and travel to other countries. Fortunately, Hong Kong’s FinTech platform system is on the rise contributing to the city’s rapid development. Opening the company’s banking account online has become more popular since it does not require flying to the town.
This modern era offers various digital banking platforms that can be overwhelming and confusing for entrepreneurs to choose which suits their business best. To help you have a clearer picture, we have picked the top 6 FinTechs and listed the essentials you need when looking for the right financial partner :
Airwallex – Best for clients who need to trade globally, both online and offline. It offers a multi-currency account from HKD, USD, EUR, RMB, and 7+ more, does not require opening and monthly fees, and has ZERO minimum balance.
RD Technologies – Offers a multi-currency account with no opening, monthly, or annual fees, a 1-day account opening process, and support for HKD, CNY, USD, JPY, and EUR, making it a convenient choice for clients transferring money locally through the Faster Payment System (FPS) or overseas via wire transfer.
WorldFirst – Perfect alternative for Asian companies who need a digital banking account in 48 hours to start a global business from HK, SG, or CN. It’s a multi-currency account in HKD, USD, EUR, GBP, and 6+ more. Plus, it has no opening and monthly fees, and ZERO minimum balance requirement.
Currenxie – Recommended for entrepreneurs who need a quick domestic account in the EU, UK, US, CA, or AU within 3 days. Approved by the Amazon PSP and supported by Payout API and Foreign Exchange Contract (FEC). It is also a multi-currency account with HKD, USD, EUR, RMB, and 16+ more, has no opening and monthly fees, and ZERO minimum balance requirements.
Statrys – A multi-currency account in HKD, USD, EUR, GBP, and 7+ more for business owners making international payments. It requires only your Business Registration and director’s passport to open. There is no opening fee, except for special cases depending on incorporation location and/or company structure complexity. The monthly fee is HK$88 with unlimited incoming payments and no transaction limit.
Rapdy (Neat) – If you are looking for a FinTech with a debit card to run online and offline corporate expenses, Neat is for you. A multi-currency account from HKD, USD, EUR, and GBP. It has no opening or monthly fees. Plus it requires ZERO minimum balance.
From Cash to Cashless : How Digital Payments Reshape Business Banking6 min readShow more
Are cash and checks becoming obsolete?
As the world becomes increasingly focused on convenience, the way payments are settled through business bank accounts is being transformed by the rapid advancement of digital payment technologies. Utilizing electronic platforms such as mobile apps, e-wallets, and online banking plays a pivotal role in providing both personal and business bank account holders with a hassle-free and efficient means of transferring funds.
In addition, digital payments offer a broad spectrum of advantages, which include :
- Faster payments. Facilitate businesses in receiving payments more quickly compared to conventional payment methods.
- Money-saving. This cost-effective strategy eliminates expenses associated with check processing, wire transfers, and other traditional banking services.
- Improved safety measures. Provide a superior level of security to safeguard transactions against potential fraud and theft.
- Streamlined cash flow control. Allows accurate projection and monitoring of payment flows, equipping business bank account holders to enhance their financial planning capabilities.
- Enhanced customer satisfaction. Delivers a smoother and more convenient payment experience that guarantees a positive journey for users.
By transforming the traditional business banking model, digital payments bring significant advantages to users across the board. Yet, the adoption of such technologies is not without its challenges. This analysis aims to provide a balanced view, exploring the strengths and weaknesses associated with digital payments.
The pros :
- Ease of use. Smooth and effortless payments eliminate the need for physical cash or checks, offering the flexibility to conduct business conveniently anytime, anywhere.
- Accessibility. Enhances the availability of financial services for businesses with limited access to mainstream bank accounts. This enables their participation in the digital economy and facilitates secure transactions.
- Simplified record-keeping. Automated electronic company records make accounting, business bank account reconciliation, and tracking processes easy, ensuring accurate and accessible payment histories without physical paperwork.
- Cost saving. Removes the need for paper-based transactions, manual processing, and the associated administrative expenditure.
- High-grade security protocols. State-of-the-art security measures such as encryption, tokenisation, and biometric authentication guarantee a superior level of safety compared to physical currency or checks.
The cons :
- Dependency on technology. Digital platforms rely extensively on technology, such as the internet and electronic devices that are susceptible to technical glitches, service disruptions, or cyber threats, which can disrupt payment processes.
- Exposure to security threats. Even with the implementation of advanced security measures, these platforms may still be at risk of data breaches, hacking, identity theft, and fraudulent activities, requiring continuous attentiveness and adherence to stringent security practices.
- Data privacy issues. Payment transactions generate data that may be utilised for targeted advertising, profiling, or data monetisation, leading to concerns regarding privacy protection and transparent data handling policies.
- Limited inclusivity. Unlike company bank accounts, digital payments may not be universally accepted across all businesses, particularly in areas with limited access to technology or where cash transactions are more common, which can limit the availability of digital payment options.
- Leaving out the unbanked. Despite its benefits, it may exclude individuals who don’t have access to banking services or aren’t comfortable with digital technology, which can widen the gap in financial inclusion.
Businesses today are quickly adopting new and inventive payment solutions, effectively addressing the changing needs of their customers. Discover the latest breakthroughs in digital payment that influence how businesses engage with their customers and handle transactions with creative payment methods :
- Online payments. With the widespread use of smartphones, more people are embracing mobile payment apps and digital wallets. These options empower customers with convenient and secure payment choices while on the go.
- Tap-and-go payments. In response to the earlier pandemic, businesses have adopted contactless payments and reshaped their payment processes. By simply tapping or waving a card or smartphone, they can minimise the risk of theft or fraud that comes with handling cash or traditional payment cards, thus ensuring the safety of company bank accounts.
- Utilising APIs. Incorporating digital platforms into existing business systems optimises payment procedures, boosts data security, and provides real-time transaction updates.
- Blockchain technology and cryptocurrencies. With the adoption of this technology, businesses benefit from secure and transparent transactions, lower costs, and the capability to handle cross-border payments, which helps protect their company bank accounts.
- Advanced security measures. Progress in technology heightens the protection of customer data in digital payments through features like biometric authentication, tokenisation, and encryption techniques.
The landscape of digital payments has undergone a significant transformation, driven by FinTech innovations. These technological advancements have not only enabled faster, safer, and more convenient payment solutions but have also reshaped how businesses manage their transactions. As a result, companies enjoy streamlined processes, enhanced security, and greater financial inclusivity. By integrating cutting-edge technologies into their operations, businesses are better equipped to meet the evolving demands of the digital economy. This shift towards digital payments is not just a trend but a substantial evolution in the banking industry, promising continued growth and efficiency.
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