Business Bank Account

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:

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.