By Vlad Cuc, specialist in company formation matters
Companies in Hong Kong can have multiple payment options, especially if they provide online services to their clients. Investors can set up a merchant account in Hong Kong if they need a business account that accepts debit and credit card transactions.
The type of merchant account is selected according to the particular needs of the company. For example, an online business can open a bank account in Hong Kong and then select how the payment processor will handle the transactions in their case.
Opening a bank account is a mandatory process for company formation in Hong Kong. Investors have many options at hand, especially because Hong Kong is a business and financial center in Asia.
We invite you to watch a video on opening a merchant account in Hong Kong:
Reasons to set up a merchant account in Hong Kong
The merchant account allows companies in Hong Kong to accept payment made with credit or debit cards. This account is basically an agreement between the retailer, the merchant bank and the payment processor. An internet merchant account is specially designed to handle the online payments and the processing of credit cards.
The application for a merchant account in Hong Kong is generally submitted to the same bank where the company has its business accounts. The bank analyses the application and a favorable response may depend on the type of business, the company formation date and whether or not it had bankruptcy problems in the past.
Opening a bank and merchant account is just one of the essential stages of company formation. Setting up a company in Hong Kong involves clear steps for incorporation, as well as for licensing, depending on the industry in which the business will activate. Our team can give you complete details not only about banking matters, but also other important aspects of doing business in the HKSAR.
A merchant account for you Hong Kong company
If you need to open a merchant account and cannot be present in the country, one of our Hong Kong company formation agents can help you, based on a few key information you provide. For this purpose, our agents will need to know the nature of your business, when your company was incorporated, the types of currencies you need for online payment and other information about the payment transactions for your company, like the average payment amount, for example.
Our company formation agents in Hong Kong can help answer any questions about the benefits and requirements of having a merchant account.
We can also help set up this type of account and handle all other company formation matters. Contact us for more information and advice.