Complete guide on how to open a HK business account, locally and from overseas

Understanding business banking in Hong Kong

Hong Kong offers a wide range of business banking options, from traditional banks with long-established reputations to newer virtual banks and fintech providers focusing on speed and cost-efficiency.

Businesses now choose among three provider types for their business accounts: traditional banks for full-service depth (multi-currency, trade finance, lending), virtual banks for faster digital onboarding and lower fees, and fintech providers for global payouts, multi-currency wallets, and easy integrations. Notably, 76% of Hong Kong SMEs report holding virtual bank accounts alongside traditional ones, reflecting a hybrid banking approach.

This variety empowers businesses to choose the approach that best suits their needs: the proven stability of traditional banks, the digital convenience of virtual banks or the global agility of fintech solutions.

Common features of business accounts in Hong Kong

Most businesses in Hong Kong require a dedicated business bank account to manage their financial operations effectively. These accounts provide essential features that enable companies to streamline payments, receive funds securely, and maintain clear records of every transaction, ensuring accuracy and transparency in day-to-day money management.

Traditional banks

• Multi-currency support: Hold and transact in HKD, USD, RMB, and more.
• Online and mobile banking: Manage payments, payroll, and transfers securely.
• International transfers: Access to SWIFT payments and cross-border services.
• Corporate debit/credit cards: For managing business expenses.
• Trade finance & lending: Overdrafts, loans, and letters of credit.
• Relationship management: Dedicated business banking managers.

Virtual banks & fintech providers

• Low or no maintenance fees: More cost-effective than traditional banks.
• Fast and easy digital onboarding: Fully online setup, often within days.
• Multi-currency wallets: Support for holding and converting currencies.
• Cheaper international transfers: Often use mid-market exchange rates with lower fees.
• API integrations: Connect directly with accounting or ERP systems.
• Expense management tools: Virtual cards and automated reporting.

Types of business accounts in Hong Kong

1. Business integrated account (bundled account)

Offers a comprehensive package that combines savings, current (checking), time deposit (fixed deposit), and investment services under one account number. Some also include payroll and FX tools.

For example:

• HSBC offers integrated accounts with HKD, RMB, and over 10 major foreign currencies, plus investment and payroll services. You can manage everything via one interface. Examples include HSBC Sprint Accounts, Business Direct, and BusinessVantage.
• BOCHK (Bank of China Hong Kong) provides a similar consolidated solution that helps businesses manage accounts, including deposits, loans, trade services, and investments.

2. Current account (business checking account)

This is an account used for daily business operations, such as receiving payments, paying suppliers, and managing cash flow. It is compatible with chequebooks, debit cards, and online business banking services.

3. Savings account

This account is designed to hold business funds while earning interest. Helps grow cash reserves steadily.

5. Multi-Currency account

This account enables managing multiple currencies within one account, a vital feature for businesses engaged in cross-border trade or international payments.

6. Merchant account

These are tailored for businesses that need to accept credit cards or online payments. These are often integrated with business current accounts.

7. Money market account

These accounts are less common in Hong Kong, yet are offered by some institutions. They typically feature competitive interest rates with moderate liquidity and minimal risk.

8. Virtual business accounts

These are digital accounts that offer online onboarding, multi-currency support and faster approvals.

Who can open a business account in Hong Kong

1. Local businesses (Hong Kong–incorporated/registered)

• Private limited companies (Ltd.)
• Public companies
• Partnerships (general or limited)
• Sole proprietorships (registered under a Business Registration Certificate)
• Non-Profit Organisations

2. Foreign companies (Overseas-incorporated)

• Branch offices registered in Hong Kong
• Representative offices (limited scope, often restricted in trading)
• Overseas-incorporated companies can still apply directly with proof of incorporation and business proof but face stricter checks.

When should you open a business account in Hong Kong

Here are some key stages when a business account becomes essential:

Right after company incorporation

• As soon as your company is incorporated (whether in Hong Kong or overseas with a branch in Hong Kong), you should apply for a business account.

Before starting business operations

• You will need a business account to receive customer payments, pay suppliers, and handle operating expenses.
• It is important to note that some payment gateways and vendors will only work with you if you have a business account in Hong Kong.

When handling cross-border transactions

• If your business involves overseas clients or suppliers, opening a Hong Kong account (especially a multi-currency or virtual account) can help reduce FX costs and simplify global payments.

When raising capital or applying for loans

• Investors, partners, or banks will expect your company to have a dedicated business account.
• It adds credibility and makes financial reporting transparent.

When you need to separate personal & business finances

• Even for sole proprietors and freelancers, having a business account builds professionalism and keeps tax/accounting cleaner.

Types of providers offering business accounts in Hong Kong

1. Licensed banks
   
   • The primary providers of business accounts.
   • Offer current, savings, multi-currency, and trade finance accounts.
   • Suitable for SMEs, large corporates, and multinational companies.
2. Virtual banks
   
   • Licensed by the HKMA but operates entirely online.
   • Provide business accounts with digital onboarding, lower fees, and faster approval.
   • Popular among startups, SMEs, and cross-border e-commerce firms.
3. Fintech/payment service providers (PSPs)
   
   • Not banks, but regulated financial service providers.
   • Partner with licensed banks to offer multi-currency business accounts, payments, and corporate cards.
   • Especially popular with SMEs, startups, and e-commerce businesses.

Required documents to open a Hong Kong business account

While requirements may vary between providers, here are the standard documents typically required:

Documents for local businesses (company directors, shareholders or sole proprietors)

• Company documents
  
  • Certificate of Incorporation
  • Business Registration Certificate
  • Articles of Association / Memorandum
  • Board Resolution appointing signatories (for limited companies)
• Proof of business activity
  
  • Business plan, contracts, invoices, trading documents, office lease agreement, or audited statements
• Personal documents (for all directors, signatories, and shareholders with ≥10–25% shareholding)
  
  • Valid passport or Hong Kong ID
  • Residential proof (utility bills, bank statements)—typically dated within the last 2–3 months
  • CV or professional background information (optional in some banks)
• Company structure & transparency
  
  • Organisational chart showing ownership and ultimate beneficial owners (UBOs)

• Proof of funds or source of wealth/funds
  
  • Bank statements, source of wealth documents and director declarations
• Account opening forms
  
  • Completed and signed application forms by authorised signatories

• Notarisation or certification
  
  • Documents must be originals or certified true copies (by CPA, lawyer, notary, chartered secretary, or bank personnel)
• Physical interview (Typically required by traditional banks)
  
  • At least one director or signatory may need to attend an interview in person

Documents for non-residents (Directors or shareholders residing outside Hong Kong)

Includes all documents listed for residents, plus:

• Certified translations for non-English/Chinese documents
  
  • Required when originals are in other languages
• Passport with a valid visa (Optional but advantageous)
  
  • While not always mandatory, proof of visa or business ties (e.g., Hong Kong office lease) can support the application.
• Proof of local ties or justification
  
  • Demonstrate business substance or rationale for banking in Hong Kong, such as contracts with local clients, existing business transaction records or Hong Kong-related business activities.
• Bank reference (in some cases)
  
  • Traditional banks may require a letter or reference from an existing banking relationship.

Understanding business account fees and charges in Hong Kong

Business account providers in Hong Kong charge different types of fees, and being aware of them in advance can save you from unexpected expenses. The most common ones include:

• Account maintenance fees: Traditional banks usually charge between HK$200 and HK$500 per month, while virtual banks often charge less or waive these fees entirely.
• Transaction fees: They're charged per transaction, which varies depending on the type (local vs. cross-border) and the number of transactions made.
• International transfer fees: Traditional banks typically charge HK$100 to HK$260 for overseas transfers. In comparison, virtual banks and fintech providers like Aspire often offer lower costs by using the mid-market exchange rate and transparent pricing.
• Other hidden fees: These may include account inactivity charges, early account closure fees, or ATM withdrawal costs for business debit or corporate cards.

However, it's important to note that virtual banks and fintech platforms can be more cost-effective if your business handles frequent payments or cross-border transactions. They usually have lower fees, faster processing, and more transparent pricing than traditional banks.

Considerations before opening a business account in Hong Kong

To open a business account, whether with a traditional bank, a virtual bank, or a fintech provider, you must pick the option that best suits your business needs.

Before you decide, keep these factors in mind:

1. Type of provider

Decide whether a traditional bank, virtual bank, or fintech provider fits your needs. Traditional banks offer a wide range of services but have stricter requirements. Virtual banks and fintechs are faster and cheaper but may provide fewer traditional banking services.

2. Eligibility & residency

Check whether your company type and shareholder residency are accepted. Some banks prefer locally incorporated businesses, while others may accept overseas companies with extra documents.

3. Fees and minimum balances

Compare account opening fees, monthly charges, and minimum balance requirements. Traditional banks may require deposits from HK$10,000 to HK$200,000, while virtual banks often have no minimum balance.

4. Required documents

Make sure you can provide the necessary paperwork: incorporation certificates, Articles of Association, director/shareholder IDs, proof of address, and business activity evidence (contracts, invoices, and business plans). Missing documents are a common reason for rejection.

5. Account services

Look at the services you need, like multi-currency accounts, international transfers, FPS/CHATS payments, or trade finance. Virtual banks and fintechs may offer cheaper international transfers, but not full trade finance.

6. Processing time

Opening a business account can take anywhere from a few days to several weeks, depending on the provider and the complexity of your case:

• Traditional banks: 2–6 weeks (longer checks and in-person meetings).
• Virtual banks: 3–7 business days (all digital onboarding).
• Fintech providers: 1–3 business days (streamlined process, focus on payments/FX).

7. Ease of account creation

Traditional banks often have stricter requirements, with in-person interviews and long approval times. Virtual banks simplify the process with online applications, while fintech providers are the easiest and fastest, often setting up accounts within a few days.

Step-by-Step guide to opening a business account in Hong Kong

Step 1: Choose your provider
Decide if you want to open your account with a traditional bank, a virtual bank, or a fintech provider. Traditional banks offer a wide range of services but usually take longer to set up, while virtual banks and fintechs are quicker and easier to set up.

Step 2: Prepare your documents
Keep all the required documents mentioned above ready in advance so the process goes smoothly when you apply.

Step 3: Apply and complete verification
Submit your application. Traditional banks may ask you to visit a branch in person, while any virtual banks and fintech providers in Hong Kong allow opening a business account online. The process usually involves submitting your documents digitally and completing a video or electronic verification, without having to visit a branch.

Step 4: Activate your account
Once approved, add the initial deposit if needed and set up your online banking. After that, you can start using the account for payments, transfers, and day-to-day business transactions.

Top business account providers in Hong Kong

1. Traditional banks

• HSBC
  HSBC’s Business Integrated Account is built for businesses of all sizes, from startups to established enterprises. It offers tailored solutions, including account types like Sprint, Business Direct, and BusinessVantage. With multi-currency support for up to 12 currencies and corporate card options, HSBC is a strong choice for companies aiming for international growth.
• Bank of China (BOCHK)
  BOCHK is well-known for its strong ties with mainland China and is ideal for startups, SMEs, and larger enterprises. It supports businesses registered in Hong Kong, China, or overseas and provides multi-currency accounts, corporate cards, and an easy-to-use platform for trade and settlement with Chinese partners.
• Standard Chartered
  Standard Chartered is suited for entrepreneurs and globally focused businesses. It offers online banking, cross-border transfers, bill payments, trade finance, and monthly e-statements. With support for 11 currencies and corporate cards, it’s a reliable option for companies managing significant international operations.

2. Virtual banks

• ZA Bank
  Licensed by the HKMA, insured under the Deposit Protection Scheme, and one of the most trusted virtual banks. It partners with Wise for quick and transparent international remittances, with fees starting from 0.43%. Local ATM withdrawals are free, though overseas withdrawals incur charges.
• Mox Bank
  Backed by Standard Chartered, in partnership with HKT, PCCW and Trip.com, Mox combines banking with lifestyle perks. It offers up to 2% unlimited cashback on eligible spending, making it attractive for businesses with high local expenses. However, it does not currently support international transfers.
• Airstar Bank
  Established by Xiaomi and AMTD Group, Airstar promotes financial inclusion and waives most fees, including account maintenance. It also allows 24-hour foreign exchange trading for HKD, USD, and CNY, though cross-border transfers are limited.
• Ant Bank
  Backed by Ant Group (Alipay), Ant Bank offers simple savings products with attractive interest rates but does not currently support international remittances.
• Fusion Bank
  Supported by Tencent, ICBC (Asia), and HKEX, Fusion is the first virtual bank in Hong Kong to allow global outward remittances. However, inward remittances are limited to HKD, USD, and CNY.
• Livi Bank
  A joint venture between BOCHK, JD Digits, and Jardines, Livi focuses on everyday convenience with strong digital tools. It allows local transfers and some China-linked remittances, though global transfers are restricted.
• PAOBank
  Backed by Ping An, PAOBank offers SMEs a business account with digital-first solutions and generally waives most fees. However, it currently does not support international transfers.
• WeLab Bank
  Backed by CK Hutchison and Sequoia Capital, WeLab is considered one of the most innovative digital banks. It offers debit cards, wealth advisory, and loan services. However, inbound foreign currency remittances are not supported.

3. Fintech providers

• Aspire
  Aspire is a fast, digital-first solution built for startups and SMEs. It supports multi-currency accounts, global payments with competitive FX rates, and no hidden fees. Beyond payments, Aspire also offers corporate cards, expense management, and automation tools—all in one platform.
• Currenxie
  Currenxie is ideal for SMEs needing flexibility in global trade. It has no minimum balance or monthly fees, supports over 20 currencies, and offers corporate credit cards. Businesses can also open local accounts in the EU, UK, US, Canada, and Australia within just three days, plus integrate with PayPal, Amazon, and Shopify.
• Airwallex
  Airwallex provides a complete cross-border payment solution with no opening or monthly fees. It supports multiple currencies, borderless virtual cards, and integrations with PayPal, Amazon, and Shopify, making it perfect for companies trading worldwide.

Simplify cross-border business with Aspire's Multi-Currency Account

At Aspire, we make it simple for businesses to work across borders. With our multi-currency account, you can hold, send, and receive currencies like USD or GBP in one account. That means you don't need to open separate accounts in every country.

We’ve made the account opening process 100% online. Upload your business registration certificate and complete identity verification, and we will review your documents and open your account in minutes. Once set up, you can manage every expense through our mobile app, including checking balances, sending payments, and tracking every transaction in real time.

We also help you keep international transfers fast and low-cost, with fewer fees and no large initial deposits required. Every expense is easy to track and report, giving you a clear view of your business finances at all times. With Aspire, managing money globally is faster, simpler, and smarter.