How to Open A Business Bank Account in Hong Kong

Written by Yanhao Wang

Choose the bank

Hong Kong, as one of the financial hubs in Asia, has many local banks, such as HSBC, Hang Seng Bank, Bank of East Asia, Standard Chartered Bank, and OCBC Wing Hang Bank.

Bank

Minimum Deposit Requirement

Account Opening Fee

Processing Time

HSBC

50000

1200

Approximately 2–3 weeks

Hang Seng Bank

50000

1200

Approximately 2–3 weeks

Bank of East Asia

10000

10000

Approximately 2–3 weeks

Standard Chartered Bank

200000

5000

Approximately 2–3 weeks

OCBC Wing Hang Bank

100000

6500

Approximately 2–3 weeks

HSBC has the lowest minimum deposit requirement and the lowest account opening fees, with account opening times roughly the same as other banks. Considering HSBC gets extensive global network, it is a more convenient and cheaper choice for opening and managing business accounts, whether for locals, students, or foreigners.

1. A permanent resident of Honk Kong opens a business account

There are three types of business accounts in HSBC:
HSBC Sprint Account: suitable for local startups focusing on the digital banking experience.
HSBC Business Integrated Account: suitable for growing startups.
HSBC Commercial Banking Account: suitable for more established companies.

According to the requirements for opening a business account, there are compulsory files below:
Company registration documents:
Company registration certificate
Company memorandum and articles of association.

Business registration certificate Account holder identification documents:
Directors, major shareholders (holding 25% or more)
authorized signatories’ Hong Kong identity card or passport copies.

Other documents required according to business type:
Company structure chart (showing the ultimate beneficial owner)
Board resolution (appointment of authorized signatories)
Most recent annual return Company address proof (such as lease, utility bill, etc.)
Business plan (describe the nature of business, transaction objects, expected transaction volume, etc.)
Most recent financial statements (if applicable), Proof of source of funds (such as bank statements, loan agreements, etc.)

The forms need to be filled:
Business Account Opening Form (ASA002)
Basic company information (company name, registered address, nature of business, etc.)
Account type selection
Purpose of opening the account
Expected monthly transaction volume
Source of funds
Information of directors and authorized signatories

Business Account Authorization Form (ASA003)
List of authorized signatories and signature samples
Authority settings for authorized signatories (e.g., single or joint signing authority)
Account operation instructions (e.g., check issuance, online banking, etc.)

Company Profile Form (CDD)
Detailed business information of the company
Company structure and beneficial owner information
Information of board members
Key clients and suppliers’ information
Expected account activities

Personal Information Form (Applicable to directors, major shareholders, etc.)
Personal basic information (name, ID number, address, etc.)
Position in the company
Shareholding percentage (if applicable)
Information on other related companies
Personal financial statement.

The permanent resident can choose to apply online by submitting your application through the HSBC Business Account Application Centre or download the HSBC Business Express mobile app for remote application. If eligible, the entire account opening process can be completed remotely.

The applicants may be invited to attend an account opening interview at the HSBC SME Centre or conduct the interview via video conference. They will be asked to bring the required documents and the minimum deposit of HKD 10000 to open an account. Applicants can complete the account opening process in as little as 3 working days. After opening the account, applicants can manage it using the Business “Internet Banking” platform and mobile application. The account can be activated with an initial deposit of more than HKD 10000 or its equivalent in foreign currency.

2. A Student

Business accounts are designed for registered companies, business entities rather than individual. Therefore, if a student is the legal representative or director of a registered company, he can follow the same process as a Hong Kong permanent resident. But the student may need to provide additional document such as proof of enrollment. If a student wants to open a business account without a business purpose, it is a better choice for him to switch the business account to personal account or other specific student accounts.

There is not a big difference between students and Hong Kong permanent residents to open a business account. Firstly, students must be confirmed their eligibility, ensuring that they are at least 18 years old and have a legally registered company or business entity. Company registration documents are required, which proves that the applicant has officially registered a company, such as the Certificate of Incorporation, Business Registration Certificate, and Articles of Association. The student also is required to provide personal identification, such as ID or student card. Address is also needed to be a proof of residence, such as a dormitory address. Applicant is asked to provide their business plan, which shows the business model, operational plan and financial projections. And the HKD 10000 initial deposit is required. Student Applicants need to prepare sufficient materials to demonstrate the feasibility of their business plan and their repayment ability. If possible, seek support from the school’s entrepreneurship center or incubator, as this may increase the chances of approval.

Students can apply remotely through the HSBC Business Express mobile app by downloading it from the App Store. Register using a valid email, log in, and provide company information and business details. Upload the required documents via the app, complete identity verification, and submit your application. Applicants may be invited to attend an in-branch interview or participate in a video interview. During the interview, students will need to be prepared to explain their business model, including how their business operates, its target market, revenue streams, and unique value proposition. Additionally, they should provide details about their future plans, such as growth strategies, market expansion, expected financial performance, and how their plan to manage the account for business purposes. It’s also important to bring all required documents and demonstrate that their business activities align with the information provided in your application. After approval, activate your account with an initial deposit of at least HKD 10,000 or its equivalent.

3. A foreigner not residing in Hong Kong

Opening a business account with HSBC in Hong Kong as a foreigner not residing in Hong Kong follows a process largely similar to that of Hong Kong residents, with some additional considerations. Foreign applicants must first ensure their company is legally registered, either in Hong Kong or abroad, and provide the necessary documents, such as a Certificate of Incorporation, Business Registration Certificate, and Articles of Association. Similar to residents, they need to prepare personal identification documents for all directors and authorized signatories, proof of address, and a comprehensive business plan outlining the business model, target market, and projected transactions. The minimum initial deposit requirement of HKD 10000 or its equivalent remains the same for non-resident applicants.

The key difference is in compliance and verification. Non-residents must often provide additional proof of the source of funds, such as tax records or financial statements, to meet HSBC’s anti-money laundering (AML) and know-your-customer (KYC) standards. While local applicants might only require in-person verification, foreign applicants often need to attend video interviews or visit an HSBC branch in Hong Kong, depending on the situation. They may also need to explain their business operations more thoroughly, including their connection to Hong Kong’s market or global business ties. Once approved, the account activation and management processes, including access to HSBC’s online and mobile banking services, are the same as for residents.

This story was written by a graduate student at NYU. Read stories about other 50 countries here