Introduction to opening business bank account in Hong Kong
Every business owner can easily open a business bank account from many choices of banks. You may have already known that a large percentage of the companies in Hong Kong are small and medium sized enterprises, or SMEs if you had done your research about Hong Kong earlier. So many Hong Kong banks are providing services and products to match the needs of SMEs – internet banking and excellent cash management facilities are widely available among all banks in Hong Kong.
Setting up a Hong Kong business bank account is essential for you to be aware of your needs or supporting, so that you can match the banks’ offers with your own or business needs easily.
List of Hong Kong Commercial Banks
Hong Kong has a sophisticated financial industry and an extensive variety of well-known banks. All these banks offer most of the basic services and are slightly different in some specific parts. In general, you are likely to obtain something suitable for your needs amid the bigger institutions. Even though there are many banks in Hong Kong, the banks listed below are some of the best choices for you to open a business bank account in Hong Kong:
Name of Commercial Bank
Website
Initial Deposit / Requirements
OCBC Wing Hang
https://www.ocbcwhhk.com/business-banking/en/index.html
HKD 50,000 (HKD 100,000 to waive the account monthly fee)
DBS Bank (Hong Kong)
https://www.dbs.com.hk/corporate-zh/default.page
HKD 20,000
Bank of China (Hong Kong)
https://www.bochk.com/en/smeinone/business.html
HKD 50,000
Bank Of East Asia
https://www.hkbea.com/html/en/index.html
HKD 10,000
HSBC
https://www.business.hsbc.com.hk/en-gb
HKD 50,000
Hang Seng Bank
https://www.hangseng.com/en-hk/business/
HKD 20,000 (HKD 50,000 to waive the account monthly fee)
Standard Chartered
https://www.sc.com/hk/business/
HKD 200,000
Citibank (Hong Kong)
https://www.citibank.com.hk
HKD 50,000
We usually recommend foreigners or anyone who is not residing in Hong Kong to choose the following banks for higher possibility on bank account opening.
Hong Kong is a premium offshore jurisdiction, famous for not only its international banking facilities, but also the difficulty in bank account opening.
We offer FREE pre-application assessment: Zero risk, guaranteed 100% success rate.
You are assured to obtain multi-currency account (USD, EUR, JPY, CNY, AUD, NZD, HKD, etc) with online banking in Hong Kong.
It's because we’re your local assistant in the Hong Kong banks’ Know-Your-Customers (KYC) and Customer Due Diligence (CDD).
Documents needed to open an account
You are obligated to take some specific documents during your visit to the bank. Please do not just walk into the bank with empty hands and expect them to set up a Hong Kong business bank account for you.
All the banks have different requirements on documents. Basically, you need to bring all your company documents and your personal documents for all the banks for due diligence and KYC. Kindly keep this in mind that supporting documents should still be prepared by yourselves based on the requirements of different banks.
Here are some of the basic documents which commonly needed for every bank:
A certified copy of the Certificate of Incorporation
A certified copy of the Articles of Association
A certified copy of the Business Registration Certificate
A certified copy of the incorporation form (NNC1/NNC1G) and/or the latest Annual Return (NAR1)
All 4 registers (of Directors, Members, Significant Controllers, Secretaries)
Organisation Chart
Share Certificates
Your passport or Hong Kong identity card (for all directors, shareholders with 10% shares or more, signatories, significant controllers and UBOs)
Your address proof – such as bank statements, utility bills, tax letters, driver license etc.(for all directors, shareholders with 10% shares or more, signatories, significant controllers and UBOs)
Directors’ experience and CV (resume)
A board of resolution approving the opening of the business bank account in Hong Kong.
Business Plan in details
Difficulties with opening a Hong Kong bank account
More and more people are getting rejected for opening a business bank account in Hong Kong, which has been very disappointing for many. The refusals are mainly due to the standard of due diligence and KYC was increased by the FATF and other authorities of Anti-Money Laundering and Counter-Terrorist Financing, along with the FATCA regulations imposed globally. These changes imposed the stress of regulations and compliance on anti-money laundering among different industries in Hong Kong. Here are some of the reasons of disapproval on Hong Kong business bank account opening:
No business or no plan to run a business, the trading history is NIL.
Insufficient business supporting documents.
Run a high-risk business, which is difficult to chase the source of payment, or receiving a lot of large bills, risky business nature, etc.
No business or trading done within Asia.
You live and do business steadily in other countries that are very far away from Hong Kong.
Work or do business with the party or people in the sanction lists.
As you know the above mentioned points, you can increase your chances to be successful in opening a business bank account in Hong Kong by rectifying things in your business. The first tip is to target the adverts at Asian customers to gain their attention, and begin making sales within Asia.
Another tip is to make alterations to the financial structure of your business. For example, you can open a business bank account in the UK or any other country with the HSBC bank, and develop a six to twelve months of trading with them. This would give you a higher chance to be approved in bank account opening in Hong Kong.
Apart from these, if you are still encountering a refusal, it may be because the bank is not interested in your business. Hence, it would be a great option to try the other banks in Hong Kong. The banks like the OCBC Wing Hang, DBS Hong Kong or Bank of China (Hong Kong) have recently made it easier to set up a business bank account for those who are opening a business in Hong Kong. Give it a try, as you would be able to find out where you stand at least.
Advantages of Hong Kong bank accounts
There are many significant benefits of owning a business bank account in Hong Kong, although the preparation may take some time in advance. Let’s see as follows::
Note: the below-mentioned benefits are the standard ones for most of the banks in Hong Kong, however, not all the benefits are obtained in one bank, and not all the banks have the same benefits.
Lower Minimum Bank Account Balance – The minimum bank account balance that is required by Hong Kong banks can be as low as HKD 10,000. If the balance is below the minimum requirement, a monthly service fee can be HKD 100 only. This basically depends on the bank’s policies and regulations. You can find it out by contacting or calling the bank directly.
No Tax on Interest – One of the most excellent benefits is no tax on interest earned in the bank account.
Convenient Access to Bank Account – With the help of internet banking, phone banking and mobile app, you can easily access the bank account anywhere in the world anytime. Along with this, it is more comfortable to view the transaction advice and the account statements through the internet banking and mobile app.
RMB Trade Settlement – Effective from July 2009, the Hong Kong banks have been permitted to handle RMB (also known as the currency code “CNY”) agreement for cross-border trading with mainland China. The RMB Trade settlement would allow you to settle trade with the designated enterprises of RMB in mainland China. This gives a reduction in the cost of selling and buying RMB, while it gives an option to you for receiving and keeping the RMB trade receipts offshore.
Free Capital Transfer – With the world’s most dynamic economy, Hong Kong is driven by the policies of free markets and free trade with no foreign exchange controls. Hence, there is no restriction on the international capital transfer, including transferring dividend or profit to your homeland.
Secure Banking System – The banking industry is significant in Hong Kong, which also is reputed for having high-quality regulations. The identity of the account holder and their transaction information is also subjected to a very high standard of confidentiality. So, you can be sure that your data is in the right hands after opening a business bank account in Hong Kong.
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Hong Kong Business Bank Account Guarantee Re-opening
When Hong Kong banks closed your accounts for any reason without notice, you need support from our local banking specialists to deal with.
These 3 reasons to choose Fly High
WE KNOW HONG KONG BANKS.
We used to work in Hong Kong banks.
We know the latest KYC & Due Diligence.
We have network of Hong Kong bankers.
We turn failed applicants to open bank accounts
WE SAVE YOUR EFFORT.
We approach feasible banks only.
We prepare tailor-made applications for you (e.g. certified true copy of documents)
We make bank appointments for bank account opening.
We ensure you know banks’ preference of client.
WE LOOK AFTER YOUR APPLICATION.
We follow the application progress.
We streamline the communication with banks.
We share all experience of HK bank account opening.
We spare no effort to support you.
Business Account Opening in Hong Kong Banks
Bank of China
Bank of East Asia
Bank of Communications
China Citic Bank International
China Construction Bank
Chiyu Banking Corporation
Chong Hing Bank
CitiBank Hong Kong
Dah Sing Bank
DBS
Fubon Bank
Hang Seng Bank
HSBC
ICBC
Nanyang Commercial Bank
OCBC Wing Hang
Public Bank
Shanghai Commercial Bank
Standard Chartered Bank
CMB Wing Lung Bank
How does – Hong Kong Bank Account Opening” work in this case?
1.Write or talk to one of our friendly Hong Kong bank account opening experts to find out if you could be eligible to apply for “Refund on No Win” Hong Kong bank account opening package. Consultation is free of charge, feel free to contact us.
2.We will ask you to email copy of your documents generally required for bank account opening in Hong Kong, so we can do a preliminary search to match feasible banks with you. No charge is generated, no leak of your privacy.
3.We quote you the upfront service fee of every bank account opening in matched banks, plus refundable amount of each bank if rejected application at last. If you accept. we will invoice you with agreement for your confirmation.
4. We will instantly pay you the agreed refundable amount of each bank when we are noticed that the bank account opening application is officially rejected. Note: refundable amount varies among banks, but it is usually at least 50% of our service fee.
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Hong Kong Multi-Currency Business Account Remote Online Opening Referral
Online Remote Opening:Hong Kong Multi-Currency Business Account
Global Money Transfer. Online Opening.24×7 Remote Access. Compatible with Banks.
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How does the Business Account work?
Money transfer with banks directly
Your company will have your own unique bank account number in your company name, just like the account of other conventional banks. The account number is dedicated only for your company so other banks can recognize and identity your business during inter-bank money transfer.
Connect to Payment Gateways
To accept online payment, your company should integrate with various payment gateways (e.g. PayPal and Stripe) to collect card payments (e.g. MasterCard and VISA) from your customers as a online merchant. Afterwards, you can withdraw your fund in these account to your “bank” account.
Best for Startup / Small Business
Dedicated Bank Account Number
“More than a digital wallet!”Your company’s Business Account comes with a dedicated bank account number, so people can send money to your account via conventional bank transfer.
One Account, Multi-Currency
“More than Hong Kong dollars!”You can get paid in other currencies without hassle (Including EUR, USD, GBP, JPY, CHF, IDR, HKD, NZD, SGD, CAD, AUD and CNH)
Remote Online Account Opening and Access
“Open and access from anywhere!”You and your company’s members do not have to visit Hong Kong for the opening and management of your Business Account. All are done remotely.
Minimal Documents Requirement
“No business-proof!”Upload the digital copy of passports from your company’s shareholders and directors, and the incorporation documents.
Quick Approval, Speedy Opening
“Open an account in 2 weeks, or less!”Thanks to adoption of new technology, a large part of the KYC / due diligence procedure in the opening of Business Account is automated in the back stage.
No Upsells, Pure Account
“Essence of money transfer!”Getting rid of those “value-added” financial products, like investment, loans, insurance, and saving, you get the Business Account and start bank transfer instantly.
Account Limit
Every Business Account will have a set of usage limit, including the maximum balance, maximum top-up limit, limit per transaction. These limits are determined by the service providers based on your business nature and expected volumes.
Country / Industry
Due to the financial regulatory in other jurisdictions, the service providers cannot open a Business Account for people with restricted nationality, and companies carrying on restricted business or incorporated in restricted jurisdictions.
Service Fee
Since the service providers do not offer “value-added” upsells, they charge you handling fee per payments (incoming and outgoing) and subscription fee to maintain your Business Account.
Best Solution:
Open a Business Account for Your NEW Hong Kong Company!
Don't Need To Come To Hong Kong To Apply.
Best for Startup / Small Business
• Dedicated Bank Account Number“More than a digital wallet!”Your company’s Business Account comes with a dedicated bank account number, so people can send money to your account via conventional bank transfer.
• One Account, Multi-Currency“More than Hong Kong dollars!”You can get paid in other currencies without hassle (Including EUR, USD, GBP, JPY, CHF, IDR, HKD, NZD, SGD, CAD, AUD and CNH)
• Remote Online Account Opening and Access“Open and access from anywhere!”You and your company’s members do not have to visit Hong Kong for the opening and management of your Business Account. All are done remotely.
• Minimal Documents Requirement“No business-proof!”Upload the digital copy of passports from your company’s shareholders and directors, and the incorporation documents.
• Quick Approval, Speedy Opening“Open an account in 2 weeks, or less!”Thanks to adoption of new technology, a large part of the KYC / due diligence procedure in the opening of Business Account is automated in the back stage.
• No Upsells, Pure Account“Essence of money transfer!”Getting rid of those “value-added” financial products, like investment, loans, insurance, and saving, you get the Business Account and start bank transfer instantly.
• Account LimitEvery Business Account will have a set of usage limit, including the maximum balance, maximum top-up limit, limit per transaction. These limits are determined by the service providers based on your business nature and expected volumes.
• Country / IndustryDue to the financial regulatory in other jurisdictions, the service providers cannot open a Business Account for people with restricted nationality, and companies carrying on restricted business or incorporated in restricted jurisdictions.
• Service FeeSince the service providers do not offer “value-added” upsells, they charge you handling fee per payments (incoming and outgoing) and subscription fee to maintain your Business Account.
Sign up for your commercial money account now!
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