A quick guide to company bank account opening
Here’s your A-Z to a stress-free banking experience in Hong Kong and how we make it possible for you.
- 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 not able to fly to Hong Kong, we can provide remote account opening services (e.g., Citibank) for which the process time is around 2 months.
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No hassles. 4 simple steps to open a business bank account in Hong Kong online – anytime, anywhere.
Take our brand new Bank Account Success Likelihood Test in 3 minutes and discover which bank matches your business profile.
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Get in touch with our specialists and receive a free consultation. Find out if you are eligible for our No Win, No Fee Package.
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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.
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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.
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company bank account opening
How to open a corporate bank account in Hong Kong with flying colours? Learn in just 30 seconds how to secure your company a traditional bank account and achieve optimum business growth with uninterrupted global transactions here.
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.
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.
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.
Hong Kong bank accounts can match your multi-currency needs, have no foreign exchange controls, and have no restriction in fund transfer.
Free Trade Policy
Entrepreneurs can transfer assets and do international trade without limitations since Hong Kong has no foreign exchange restrictions.
Low Banking Fees
Hong Kong bank accounts have no tax on interest earned, low remittance fees, and a lower minimum account balance than other jurisdictions.
You can ask us anything
We know you have got a lot in mind. Check out our most frequently asked questions.
01 | What are the advantages of opening a business bank account in Hong Kong?
Security, reliability, and stability – these are the three 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 at the beginning to verify their clients’ source of funds and guarantee, and thus all financial orders and cross-border transactions of their clients are well-protected. Hence, operating the business under a secure international banking system is a plus for many foreigners. On top of that, HK banks also offer :
- No Tax Interest – This is one obvious benefit when opening a business bank account here as the holders are not liable to tax on their earnings.
- Free Capital Transfer – HK has various industry sectors and does not implement foreign exchange control, which means international capital transfers are simple and easy.
- Reputable Banks – HSBC, Bank of China, Citibank, and Standard Chartered, to name a few. With international banks located in HK, the city has high-quality regulations and a high standard of confidentiality.
02 | Can a non-resident open a Hong Kong business bank account?
Of course! The Hong Kong Government welcomes and encourages international entrepreneurs and investors to open a corporate bank account in Hong Kong and place their funds and monetary assets in this Asia’s Financial Hub since the region continues to adopt foreign-friendly policies to support global business owners’ growth and expansion.
You can open a Hong Kong business bank account stress-free with the help of a reliable local provider. AsiaBC offers free pre-assessment to check if your company profile matches our bank partner’s preference in clients and suggests tailor-made enhancement solutions to improve your application for a guaranteed HK bank account. Moreover, we proactively provide possible alternatives to ensure uninterrupted business transactions.
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 or fees, and how much?
It may vary depending on the bank you are applying for, but banks usually have payments 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 tedious and lengthy in procedure since Hong Kong traditional banks strictly comply with the Know-Your-Client (KYC) practice and much prefer to have face-to-face appointments with their applicants.
However, you can still open a corporate bank account in Hong Kong without direct presence with the help of a local service provider. AsiaBC is dedicated to helping our clients open a business bank account trouble-free, even when they are abroad. With our consultants’ extensive knowledge of the company bank account opening process combined with a solid local and overseas banking network, we are committed to developing a custom-fit application for you that will entirely suit the bank’s specific criteria no matter where you are located. Plus, we make recommendations on how to improve your overall application, like suggesting in-depth modifications and add-ons based on our years of experience as well as close relationships with the bankers. Please check out our ‘The Secret Formula to a Happy HK Bank Account Opening, 100% Online’ blog for more details.
But, if all else fails, you can take advantage of AsiaBC’s No Win, No Fee Scheme. 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. But Citibank is one of the few that’s slowly accepting applications to open company bank accounts online for a particular business nature — Technology, Media, and Telecom (TMT).
While there are no nationality restrictions for company directors and shareholders, Citibank requires their applicants’ business operations to be in Hong Kong or Singapore, along with their incorporation documents and a certified true copy of the Business Registration Certificate. Ensure to also prepare your KYC personal certificate, bank references, details of the proposed business activity, business plan, website, proof of business such as invoices, letter of intent, etc., and a certified true copy of the passports of all directors, beneficial owners and shareholders who own 10% or above shares in the company to enhance your application further.
07 | Can I open a business bank account in another country without travel?
Definitely. Malaysia, Switzerland, Mauritius, St. Kitts & Nevis, and more have been great banking alternatives for international entrepreneurs to open company bank account remotely. But opening an overseas bank account 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 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 your company’s formal bank account is in process. FinTechs are a digital type of banking that offers the same features and benefits traditional banks have — global remittances, international payments, and issuance of IBAN and swift codes.
Take note that FinTechs do not have physical branches like regular banks. Yet, 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 well-liked ‘Top 6 Digital Banking Options to Traditional Banks’ blog now.
- 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 bank account opening scenario but in a kind of 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 to companies registered in Hong Kong. Foreign entrepreneurs can opt for FinTechs or open an overseas bank account in Singapore, Malaysia, Mauritius, St. Kitts & Nevis, and more as an alternative. But approval of company bank account opening in these countries may vary depending on the bank’s client references and possibly incur a higher cost. Registering your company in Hong Kong and getting a Hong Kong 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, and hence our ‘No Win, No Fee’ arrangement comes.
Our trusted advisors assess your business documents to recommend which bank will suit your company profile and then develop a custom-fit application based on your nationality and preference. Once we get pre-approval from the bank, you have the option to proceed or not with the bank account opening. If 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.
- No charges will be incurred for rejected applications during the pre-assessment period.
- After the pre-assessment period, bank fees during the application 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.
We do all the work — from preparing your applications, pre-screening documents to making appointments for a guaranteed company bank account opening.
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.
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
Direct, fair, and transparent cost and benefits without compromising high-quality solutions. Plus, guaranteed refund for declined bank applications.
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.
Upgrade your strategy with bank account opening blogs
Learning never stops. Utilize our most popular banking blogs to expand and grow your business.
The Secret Formula to a Happy HK Bank Account Opening, 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 to company bank account opening :
Commercial entrepreneurs and sole proprietors often use business bank accounts to manage their company’s finances more efficiently. Opening a business bank account 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, like having fewer tax problems since you can instantly pinpoint the transactions made in your account, easily track your expenses and monitor your spending. Opening company bank account also helps you improve your credit standing with banks and take advantage of different perks, including business loans, corporate credit cards, etc. Plus, owning a corporate bank account gives you a more established and credible image when you issue a check to your partners, suppliers, and employees with your business name.
But choosing the most fitting financial institution for your company can be challenging and confusing. There is no easy way to determine which platform is “better”, as each might provide a range of advantages based on your preferences and requirements when talking about opening a corporate bank account.
Try to narrow down your bank choices by looking at their years of experience to see how they handle specific banking concerns and needs. Also, it shows the bank’s credibility in the field. Be sure to check their accessibility through bank branches and online platforms, minimum deposits, service fees if there are additional charges and what they are for, and other services like 24/7 customer support, bank relationship managers, online banking, etc.
Hong Kong banks are slowly adjusting to the pandemic’s new normal and starting to conduct company bank account opening online. But this remote way is still not widely adopted because some banks tend to stick with the original KYC procedure. Currently, Citibank is one of the few banks that allows to open company bank account online. While there are no nationality restrictions for company directors and shareholders, Citibank accepts specific business nature like technology, media, and telecom (TMT) that operates in Hong Kong or Singapore.
To open company bank account online with Citibank, companies must present their completed application form with their physical address in Hong Kong, incorporation documents, and a certified true copy of their Business Registration Certificate. To increase the chances of approval, be ready to prepare a KYC personal certificate, bank references, information about the proposed business activity, a business plan, a website, business proof such as invoices, and a certified true copy of the passports of all directors, beneficial owners, and shareholders who own 10% or more of the company’s shares.
Your Quick Guide to Easy Company Setup & Guaranteed Bank Account in HK4 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, HK 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, 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 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 business plan, website, contracts or agreements, and invoices to get your 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. 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 banking since newly established companies can make use of it to open a multi-currency account remotely and instantly to perform global transfers while their formal bank account 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 digitized 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.
An overseas bank account is another option entrepreneurs may choose. These are bank accounts opened in a jurisdiction different from where the business owner is located but still provide the same features — multi-currency accounts without high fees, issuing credit or debit cards, and offering discounted international payments.
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 application within 7 to 20 working days. However, keep in mind that Hong Kong banks strictly comply with the Know-Your-Client (KYC) process and 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 your bank account opening can enhance your success rate and save you serious time and effort. AsiaBC‘s 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.
Top 6 FinTech Digital Banking Options to 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? Constantly wondering how to shorten the amount of time spent just getting a bank account? Are there any alternatives besides traditional banks? If your answer to these questions is a big YES, learn about the available FINTECH OPTIONS for your business now: Airwallex, Currenxie, Neat, Statrys, Payoneer, and WorldFirst 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.
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.
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.
Statrys — A multi-currency account in HKD, USD, EUR, GBP, and 7+ more made for business owners who make international payments and are looking for quality customer service. It only needs your Business Registration and director’s passport when opening. 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 in the Statrys account.
Payoneer — Best for business owners who make mass payouts with strong security and fast clearance. It’s a multi-currency with USD, EUR, GBP, AUD, 3+ more currencies. A ZERO minimum balance account with no opening and monthly fees, but will incur US$29.95/year if the account has no activity.
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.
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Keeping your business and personal accounts separate has become a ground rule when running a venture, which makes getting an official company bank account an essential step to properly manage your business and its finances. However, it is pretty challenging for international entrepreneurs to find a suitable banking location that meets their corporate banking needs when the global business community adapts to the new normal of COVID-19.
Opening a business bank account is more than keeping your company’s income. It helps you easily organize your bookkeeping records to track and manage your cash flow, gives your accountants comprehensive financial entries for tax reporting, and creates a credible and professional image your future investors and suppliers will trust.
As Asia’s Financial Hub, Hong Kong has top-tier financial institutions that continue to attract international entrepreneurs to establish offshore companies in the city.
Corporate bank account opening in Hong Kong ensures that your business funds are safe and secured with their Deposit Protection Scheme and lets you transact globally using USD, EUR, JPY, CNY, AUD, NZD, HKD, and more. Plus, you can take advantage of Hong Kong’s Free Trade Policy, enjoy tax exemptions for the interest rate earned, and conveniently transfer and receive payments using their internet banking, phone banking, and mobile applications.
Hong Kong banks strictly comply with the Know-Your-Client (KYC) procedure to screen out applications and properly establish their client’s source of funds and expected transactions. This process makes it challenging for international entrepreneurs to open a company bank account online in Hong Kong.
Overseas bank accounts have been an excellent alternative for startups and SMEs to continue doing global business. Singapore, Malaysia, Mauritius, St. Kitts & Nevis, Switzerland, the United States, and Puerto Rico are a few banking destinations that can help you secure your venture a corporate bank account.
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It can be challenging to choose which banking services suit your company’s needs with different platforms available in the market, while using a personal bank account to run your business smoothly is a big NO-NO.
A business bank account mainly separates your company’s funds from your personal ones. It allows you to track your expenses easily, receive payments under your company name, manage employee pay, and simplify tax reporting. Moreover, it gives your clients and potential investors the impression that you own a legitimate company with a more credible image.
The business community continues to evolve, and adapt diverse money platforms to support a business owner’s financial needs.
Traditional Banking — The most common financial institution for entrepreneurs. It offers various financial products, from savings, trust funds, business checking accounts to investment vehicles.
But traditional banks may have low or no interest rates at all for account owners, and collect various banking fees like cancellation fees, hidden charges, etc.
Virtual Banking — A kind of bank platform in a digitized version. Its products and procedures work similarly to Traditional Banking but done online, so Virtual Bank is also a type of official banks. It only differs in client interaction since it does not have any physical branches but allows you to access your account anytime, anywhere, using their 24/7 online services.
While this is an efficient way to send and receive payments, it can still cause a delay with your money deposits due to scheduled maintenance or unexpected system glitch in their website or apps.
FinTechs — From the words ‘Finance’ and ‘Technology’, it is a popular banking alternative that uses technology to enhance or automate financial services, products, and processes. Like Virtual Banks, they refrain from charging additional costs and connect physical and digital payment methods to link multiple bank accounts or cards.
However, the system and information can be prone to hackers if not properly handled. Also, compatibility might be an issue as developers use different programs.
Keep in mind that FinTechs are not technically a bank but serve as a good alternative while waiting for your formal corporate account. Additionally, FinTechs in Hong Kong are partnered with licensed custodian banks, regulated by the Hong Kong Monetary Authority (HKMA), and covered by the Deposit Protection Scheme to ensure your financial safety and security.
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.
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. But not to waste your precious time and efforts, it is suggested to seek advice from a reliable local agency first to know the success rate of your specific business background, and how to enhance the chances of approval.
Take advantage of AsiaBC’s 3-minute Bank Account Success Likelihood Test and get to know the right banking partner for your business in no time. You can also read more in our blog to find out each platform’s essential documents to open your company bank account online with flying colours.
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