How to Open A Hong Kong Business Bank Account

4 min readApr 28, 2024

Written by Jessie Chen

Banks in HK

The banking sector in Hong Kong is flourishing and is regulated by the Hong Kong Monetary Authority (HKMA). Based on the deposit size, business type, and deposit duration, the HKMA divides the banks into three levels. They are Licensed Banks, which can operate current and savings accounts and accept deposits of any size from the public, Restricted License Banks, which can only accept deposits of HKD 500,000 or more and be incorporated both within and outside Hong Kong, Deposit-taking Companies, which can accept deposits of HKD 100,000 or above with a minimum maturity of 3 months[1].

Account Opening Process Overview

Step 1: Choose A Reliable Bank

The first step is to select a reputable bank that aligns with your specific needs. Thoroughly research the bank’s offerings, packages, fees, terms, conditions, and eligibility requirements.

Some of the top banks in Hong Kong that could be considered are Bank of China (Hong Kong), HSBC Hong Kong, Hang Seng Bank, Standard Chartered Hong Kong, and Citibank Hong Kong.[2]

Step 2: Gather The Documents Required

Each bank sets its specific requirements for document submission and application procedures.

Company Registration Documents: include but not limited to Valid Business Registration Certificate, and Business Registration Form obtainable at Inland Revenue Department — Form 1.
Documents required from Sole Proprietor / Partners / Directors and all authorized signatories: 1) Identification document; 2) Current Residential address proof
Business Proof: include but not limited to Invoice, Sales Contract, Lease of Office / Shop or Property Search Report, Business Plan, Audit Report, etc.
Ownership structure chart
Source of wealth documentation

Some banks may request to provide further documents when necessary. For additional information, you can visit the bank’s websites below.

HSBC: Account opening/business account review documents checklist — HSBC Commercial Banking

Hang Seng: Business Account Opening Documents/ Hang Seng Commercial Card Application Documents

BOC HK: 開立賬戶所需提供的資料－所有中小企適用 Information to be obtained for account opening － Applicable to all

Standard Chartered HK: Useful Forms for Business Clients

Citibank HK: Documents Required for Citibank Company Account Opening 開立花旗銀行公司戶口所需文件

Step 3: Open the account at the branch or online

After submitting the documents, the banks usually take around 10–15 working days to process the application.

Open an account as a foreigner not residing in HK

If the business is registered and incorporated in Hong Kong, you can apply for a corporate bank account.

Alternative Options:

● Branch Application: Foreign customers can opt for an international bank with a foothold in Hong Kong, such as HSBC HK, to minimize the complexity of opening a bank account. This bank allows customers to visit the bank in their home country and complete all the paperwork before visiting Hong Kong to complete the opening process’s final steps.

● Choose an offshore bank account: For this kind of bank account, it is not compulsory to own a corporate bank account in Hong Kong. You can open an offshore bank account in Hong Kong with your business established in other countries. Many banks offer this service, such as HSBC HK, Citibank HK, DBS Bank, Standard Chartered Bank, etc. [3]

Open an account as a student

Students can open a business account in Hong Kong, but there are certain requirements and procedures they must follow. They also need to provide documentation such as proof of identity, proof of address, business registration documents, and possibly additional information depending on the bank’s policies. Please refer to the Account Opening Process Overview for more details.

For international students, the requirements are similar to opening an account as a foreigner.

Fee & Charges

Pricing varies between banks and can include fees like account opening, initial deposits, monthly maintenance, and transactions. These fees differ widely and adhere to ever-changing bank policies. Here is the fee comparison of three Hong Kong banks.

HSBC Sprint Account[4]

Hang Seng Bank Integrated Business Solutions Account[5]

BOC HK Integrated Business Account[6]

Account opening fee

HKD 1,600

Online: HKD 1300

HKD 1,000

—

Monthly service fee

1–12 months: 0

13 months onwards: HKD 200 per month for balances under 50,000

1–12 months: HKD 200