Opening a Business Bank Account in Hong Kong

Opening a Company Bank Account

All companies and businesses both require one same thing; a corporate bank account to manage their money in Hong Kong

Business owners today have the luxury of choosing from a range of international or local Hong Kong banks to open their corporate bank account for their newly registered Hong Kong company.

Banks in Hong Kong provide excellent cash management facilities such as trade financing, short or long term loans and many more. In today’s digital world, banks provide convenient Internet banking facilities to help the owners to keep track of cashflow and money movements whenever and wherever they are located. And most of the world’s major banks have a presence in Hong Kong.

Opening a corporate bank account for your newly registered company is simply and straightforward. But before you start, if you have any particular banking needs, you should find a bank with products and services that matches your requirements or you can enquire with us and we will let you know which banks can fulfill your requirements.

Here are some points to consider when applying to open a company bank account in Hong Kong.

You will need to provide the bank with details of the intended business activity or nature of your new Hong Kong company
You may also need to provide details of your business experience which must be related to your new Hong Kong company
Any shareholders who own 10% or more of the shares of the new Hong Kong company and a majority of the board of directors must attend a pre-arrange account opening meeting with the bank in Hong Kong.
It is not possible for any company to open a company account on a “walk-in” basis
To arrange for an account opening meeting, you must first complete an online account opening application for the bank to do a “pre-approval” in advance before the bank will confirm the meeting
Hong Kong banks will take between 3-5 working days to verify and complete the pre-approval process and confirm the meeting
It is not possible to authorize outselves or any 3rd part to liaise with the bank to arrange for the account opening meeting.
The bank will only liaise with the company’s owner and directors.

What is the procedure to open a business bank account in Hong Kong?

Step 1 – Providing Information

Information like the intended business activity or nature of the new Hong Kong company
Your business background and relation to the new Hong Kong company
For us to propose a bank best suited to your business requirements.

Step 2 – Deciding on which Hong Kong bank

Upon pre-selecting a few Hong Kong bank that best suit your new Hong Kong company, we will provide you with their contact details.
We will also provide a link to the pre-selected banks’ websites for you to submit your account opening application.
Do take note that you will only be able to liaise with the bank after your new company in Hong Kong has been incorporated because the bank will require your new company registration documents before considering your account opening application

Step 3 – Document Submission

You will need to complete the online account opening application forms
In the process, you will be required to upload details such as your company registration documents, personal details, details of your intended business activity or nature and details of your business experience

Step 4 – Bank Review Process

The review of your online account opening application will take between 3 to 5 working days, where the bank will contact you to arrange a time for the account opening meeting.
The meeting with the bank is usually within 1-2 weeks after the submission of your online application.
Before the scheduled meeting with the bank, you will need to meet up with us to collect your original certified true copies of the Hong Kong company incorporation documents, which you will need to present to the bank during the meeting with the bank.

Step 5 – Meeting With The Bank

Attend the pre-arranged account opening meeting with the Hong Kong bank and provide further information regarding your intended business activities and provide relevant documentation (if requested by the bank prior to the meeting) to support the purpose of your Hong Kong company and your business experience.
The meeting to usually take around 1 hour of your time.

Step 6 – Processing and Approval

The bank will usually take 2 – 4 weeks to process your account opening application after the meeting.
If you’re not staying in Hong Kong, it is alright because it is not necessary for you to stay in Hong Kong during this period
Any follow up questions by the bank can be dealt with and communicated via emails.
Once the bank has approved your account opening, it will provide you with your new bank account details via email.
You will be requested to arrange for a transfer of funds into your new account in order to activate the account.
The bank will courier the internet banking device to you once your account has been activated (when funds are received by the bank in your account).

Other Things to Take Note

If your new company in Hong Kong is dealing in trading business with other companies in Asia or it is for investment holdings in Asia, there should be very easy to open a Hong Kong business bank account. If your Hong Kong company is for other purposes (outside of Asia), it would be good to check with us first and let us advise you. It may be better to open a bank account with an offshore bank instead.

Other Corporate Services in Hong Kong