Opening a business account in Hong Kong from Singapore

Alice Wong
4 minutes
Business tips
Opening a business account in Hong Kong from Singapore
In this article

As a growing business, opening an official corporate bank account is the first step to putting your company on a clear growth trajectory. But choosing the right account for your business can be a challenge: there are many banks out there, and each account offering is different.

However, the process to open a corporate bank account in Hong Kong is similar, no matter which bank you choose. So, we’ve summarised the process for you.

Documents required to open a business bank account in Hong Kong

There are several key documents you’ll need when opening a corporate bank account in Hong Kong. These include essential documents, such as:

  1. Proof of personal identity, like your passport, Hong Kong ID, or your business Director’s ID.

  2. Declaration from one or more directors providing the personal details for all directors and principal shareholders.

  3. A document showing proof of business address, such as a property licence or bank statement.

  4. Evidence of a board resolution that approves the opening of your business bank account.

  5. Key business information, such as certified true copies of Business Registration Certificate, issued by Inland Revenue Department; Certificate of Incorporation, issued by the Companies Registry; and your business’ Articles of Association.

  6. Proof of business. Documents to prove your business is operational, such as contracts, supplier invoices, a detailed business plan, or audited financial statements.

Other documents needed, depending on the bank:

  1. Corporate shareholders must supply a certified copy of the organisation chart, showing the beneficial owners of the company, and percentage held by each shareholder.

  2. Details of any ultimate beneficial owners for company nominee shareholders.

  3. A list of specimen signatures for all authorised signatories.

If any of the company’s beneficiaries are a trust, a certified copy of the trust deed must be supplied, including details of all trustees, settlers, and beneficiaries.

As you can see, there’s a lot that’s required. But getting this ready ahead of time will make opening your corporate bank account much easier. 

Learn more here.

How to open a business bank account in Hong Kong

  1. Compile the necessary documentation. Attend an initial face-to-face appointment with your chosen bank. This initial appointment is effectively an interview to ensure your business is legitimate, where you submit your documentation. This allows the bank to understand the nature of your business, and to ensure you’ll be a good fit as a client. The bank then reviews your application and provides you with preliminary approval.

2. You’ll attend a meeting with the bank again to sign all the necessary business banking documents and pay the initial deposit to open the account.

3. All associated documentation will then be reviewed by the appropriate departments.

4. Once this is all approved, the bank will notify you that your business account is open.

How long does the process take?

While the steps may seem straightforward, the process of opening a business bank account in Hong Kong can take anywhere from four to eight weeks. It all depends on the bank you choose, and how efficient their processes are.

Other than traditional banks, you can also open a business account with Fintechs like Airwallex. The entire process typically takes up to a week. What sets Fintechs apart from traditional banks is that they operate entirely online, which means that you don’t need to visit a bank branch to open an account.

Get the business account built for growth, with Airwallex

Bank fees to be aware of

Along with the convoluted paperwork required, it’s important to be aware of the fees involved with opening a business bank account in Hong Kong. While each bank will have its own set of fees, the common ones you can expect to pay are:

  1. Appointment meeting fee (Cost of opening bank account). Watch out for this one, as some banks are known to charge an appointment meeting fee ranging between HK$1,200 - HK$1,400.

  2. Account setup fee. Depending on the bank you choose, there can be a fee just to set up the account. This ranges from HK$100 - HK$150.

  3. Initial deposit. Expect to pay anywhere from HK$5,000 - HK$50,000 as an initial deposit.

  4. Minimum balance. As a bare minimum, your account is required to keep a minimum balance. that can range from HK$5,000 - HK$50,000. If your balance falls below this, you can expect to pay a fee of HK$150 - HK$200. 

  5. Processing fee (on payments). While some banks do waive this fee, others won’t. So be prepared to pay a processing fee anywhere up to HK$10,000.

  6. Foreign transfer fee. Sending foreign currencies internationally can get expensive, with foreign transfer fees ranging up to HK$120.

You can learn more about bank fees here, and here is a fee comparison between banks.

Bank

Online account opening

Cost of opening bank account

Minimum Deposit

Minimum Balance

Account Maintenance fees

HSBC Integrated Account

Yes

Online: HKD$1190

In-person: HKD$1400

HKD$10000

$HKD50000

Waived for the first 12 months

From 13th month onwards AND previous three months’ average total relationship balance (TRB)

- HK$50,000 or above: Waived

- Below HK$50,000: HK$200

[Effective from 1st August 2022, the “previous 3 months’ average total relationship balance” amount will be revised to “HK$100,000”

Hang Seng Bank Biz Virtual+ Account

Yes

Online: HK$600

In-person: HK$1,200

$HKD20000

$HKD50000

Waived for the first 24 months. 

25th month onwards: waived if TRB is HKD50,000 equivalent or above

Bank of East Asia (BEA) Corporate Plus Account

Yes

$0

$HKD10000

Average Daily Balance: HKD$10000

0.03% of market value

(in HKD equivalent)

half yearly (minimum

HK$100)

DBS Business Multi-currency Account

Yes

$0

$3000

(~HKD XXX)

$10000

$40/year

OCBC Multi-currency Business Account

Yes

$0

$10/month (waived if you have an OCBC SGD account)

Yes

$0

Airwallex Multi-currency Business Account

Yes

$0

$0

$0

$0

Drawbacks to opening a business bank account in Hong Kong

As you can see, while it’s a crucial part of your business, opening a business bank account in Hong Kong can be time-consuming. There’s a high level of due diligence to be completed, and business owners are required to visit the nominated bank in person to fill in physical application forms. 

Once the process has started, it can often take a long time to receive approval to open a corporate bank account in Hong Kong. You’ll also be required to pay a range of different fees, just to hold your money with that bank.

Still looking to open a business bank account in Hong Kong? There’s a better way.

Opening a business bank account in Hong Kong can be time-consuming and complicated. 

Luckily, Airwallex is here to make it easy to open a foreign currency account in Hong Kong dollars.

You can open an Airwallex Global Account within minutes. You don’t need to visit a bank in person, and no prior appointment booking is needed — it’s all done online, and you can get started immediately.

You’re not tied down to your own location, either. As well as Hong Kong, you can set up a Global Account in the US, EU, UK, Japan, and Australia. This allows you to receive funds locally and internationally, make global payouts in 40+ currencies to 150+ destinations, and convert currency at market-leading FX rates.

There are no initial deposits, no setup fees, no average monthly balance required, and no monthly fees.

We’ve made it as easy as possible to get your business’ bank account up and running — faster. Create your Global Account today, and avoid the bank headaches altogether.

Open a global multi currency account for free in Singapore

FAQs

Q: Can I open a Hongkong bank account without visiting the branch/going to Hongkong?

A: Yes, you can. In fact, many banks now offer the option of opening a bank account online, which means that you get to do so at a much cheaper rate and that you won’t have to go down to the bank!

Q: Which is the easiest bank to open a business account in Hong Kong?

A: Most Hong Kong banks make it easy for you to open a business account, so it depends on the needs and budget of your business. Choose wisely and do thorough research before opening a business account, you’ll never go wrong with that.

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Alice Wong
Growth Marketing Lead

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