Investors are required to open a bank account in Hong Kong as part of the company incorporation process. Our team specializing in company formation in Hong Kong can assist those interested in bank account opening.
| Quick Facts | |
|---|---|
| Mandatory local bank account for companies (Yes/No) | Yes, for locally registered companies |
| Mandatory residence requirement | No |
Bank account opening time |
Some banks offer same-day account opening for individuals Longer processing times are expected for corporate accounts, approximately 2 weeks |
| Required documents – companies |
The company's Certificate of Incorporation issued by the Companies Registry |
| Required documents – individuals |
Identification documents Proof of address Valid visa Additional documents, as per the chosen bank's requirements |
| Bank fees | ATM withdrawal fees (approximately HK$20)
Card replacement fees HK$50 |
| Initial deposit | Yes, can start at HK$10, depending on the chosen bank Minimum initial deposits for multi-currency accounts are higher (can start at EUR/GBP/USD 200) |
| Types of accounts |
Current accounts Savings accounts Investment accounts Non-resident accounts Time Deposit, etc. |
| Online banking | Yes. Check with the chosen bank |
| Local agent requirements | Available upon request |
| International banks present in HKSAR |
HSBC Hang Seng Bank Citibank Bank of China Standard Chartered Bank Bank of East Asia, etc. |
| Mandatory presence in Hong Kong for bank account opening | The process may start online (at some banks) but physical presence may be required. |
| Special requirements for corporate bank accounts | The business registration certificate must be provided, along with other company-related documents. Lack thereof makes it impossible to open the account. |
| Corporate account online opening | Physical presence is required in most cases. |
| Bank accounts for self-employed individuals | Services tailored to the needs of freelancers can be offered by some international banks in Hong Kong. |
| Self-employed bank account online opening | Depending on the chosen bank. |
| Conditions for self-employed worker’s accounts | Different banks may impose conditions. |
| POS terminal | Available to registered merchant accounts. Our team can give you more details. |
| Business financing options | Startup funding for innovative companies, business instalment loans and different commercial lending options are available. |
| Local agent requirements | A local agent is not mandatory but its engagement is useful. |
| Power of attorney for banking matters | Yes, a special power of attorney for banking can be concluded. |
| General criteria for choosing the bank | Number of local bank branches and ATMs, withdrawal and monthly fees, familiarity with the international bank (if applicable). |
| Specific criteria for choosing the bank | Special online and mobile banking solutions, app functionality, and more. |
| Assistance for opening a bank account | Upon request, complete counsel on banking matters. |
| Legal representation for bank account opening | As needed |
| Other services | Solutions for company incorporation in Hong Kong, corporate mergers, buying Hong Kong companies, etc. |
Table of Contents
How do I open a Hong Kong company bank account?
To open a corporate bank account in Hong Kong, the physical presence of the directors, shareholders, beneficial owners, and nominee (if any) is necessary.
Foreign citizens acting as shareholders or directors of the company must submit proof of their residence, such as invoices that cannot be more than 3 months old, and their passports.
Those who wish to open a bank account in Hong Kong for company formation purposes should take the following steps into consideration:
- Choose the bank: the first step is to choose a bank with which to work; this can be based on several criteria, such as the bank’s presence in other countries (for international businesses), the general account offer range, online and mobile services, and the bank fees;
- Prepare the documents: for a corporate Hong Kong bank account, the company’s documents will be required, and our team of agents who specialize in company formation in Hong Kong can help you draft these;
- Submit the application: the bank will require all of the company documents (for branches, these will be the parent company’s documents in most cases) as well as the IDs of the company founders or representatives;
- Select the options: preferential pricing, financial assistance, as well as other features may be available depending on the chosen account type; we recommend taking the time to select a bank account that seems suitable.
What documents do I require to open a corporate bank account?
The documents required to open a corporate bank account in Hong Kong are listed below by our team:
- ID cards/passports of the company directors and shareholders;
- Proof of residence for Hong Kong directors, shareholders, or nominee directors;
- Copies of company incorporation documents like the Certificate of Incorporation and/or Articles of Association;
- Initial deposit;
- Other documents, such as reference letters from previous banks (if this is the case), or the company’s organizational chart (provided in addition to the personal identification documents for the ultimate beneficial owner(s) and other key persons in the company.
Do I need a Hong Kong address to open a corporate bank account?
Yes. A Hong Kong company bank account can be opened only when the company is incorporated in Hong Kong. Because a mandatory requirement for incorporation is to have a local registered address (which is not a PO box), it also means that this is a condition for the physical bank account opening.
Our team recommends choosing a Hong Kong address package that is ideal for bank account opening, such as the premium business address (offering full tenancy, utility bill support, and others).
What are some useful criteria for choosing a bank?
Having access to straightforward banking procedures and convenient banking services can be important to the success of the overall business activities. Before you open a bank account in Hong Kong, you may want to take into account the following when selecting the bank:
- Account features: overdraft facilities, automations (such as automatic bill payments), payroll solutions, etc.;
- Benefits: access to corporate financing options (such as corporate bank loans), advanced management options, or items such as cards (debit/credit) for employees;
- Customer support: the level of access to assistance (such as virtual assistants or personal assistants and their availability);
- Fees: any bank account will have ongoing fees and charges. This may be an important criterion when choosing the bank;
- App options: access to functional mobile apps is an increasingly popular condition for bank account users, corporate and individual alike;
- Others: included here are issues such as options conditions for international transactions, the ability to open accounts in different currencies, or the option to open several accounts for one business, among others.
How long does it take to open a company bank account in Hong Kong?
The bank account setup phase can take between several days and approximately two weeks, given the requirement to present a full set of documents and for the shareholders to sign the account opening documents in person.
What is a merchant account in Hong Kong?
Companies in Hong Kong that operate in the online sector, namely e-commerce businesses, will also need to open a merchant account.
This is a type of Hong Kong bank account that will allow them to receive and process debit and credit card payments. This account can be opened with the same bank or with a different one; however, to set it up, the company must be registered (as aforementioned, the Certificate of Incorporation is provided as part of the required documents).
Having a merchant account does not mean that investors who open a company in Hong Kong will be exempt from opening a business bank account. In fact, the latter is not a standard one for a company, and it is only used by those businesses that accept card payments.
How does the merchant account help my business?
If you are thinking of setting up a company in Hong Kong, the following facts on the merchant account can be of use:
- You will require this type of account in addition to your business bank account if you accept payments from customers;
- Selecting a merchant account provider will be part of the process. Our team can help you with more information;
- Not all merchant account providers offer payment gateway processing services. In this case, you will also have to select this provider (effectively making it possible to accept digital payments for the services or products you offer to clients);
- There will be additional fees for this type of account (these can include the setup fee, monthly fees, and others, according to the provider’s policies).
Changing merchant account providers is also an option, and, in fact, some business owners may choose to do so during the course of their commercial activities.
Find out more information about how to open a bank account in Hong Kong from our video:
How much does it cost to open a bank account in Hong Kong?
Our quotation for the Hong Kong company bank account setup is the following:
- 1,000 USD for physical bank account opening (one account) with mandatory attendance;
- 500 USD for digital bank account opening (one account).
We can assist with both accounts, for a grant total of USD 1,500 for this service.
For company formation purposes, a physical bank account is required.
Clients can contact us for assistance with setting up a corporate bank accountin Hong Kong.