How to Open a Business Bank Account in Hong Kong

Benefits of Opening a Business Bank Account for Start-ups

1. An additional layer of credibility: A business bank account looks more professional than your personal bank details. 
2. Access to credit: Having a small business bank account facilitates your access to credit when you require a loan. 
3. Simple and organised accounting: You avoid using your personal bank account for business purposes, so there’s no confusion between private and company funds.
4. Financial security: Along with keeping your finances organised, a separate account protects your personal funds from any form of liability that your business may incur. 
5. Account benefits: Depending on your bank or provider, business owners can access unique rewards, including cashback and low fees. 
6. Ease of tax reporting: Tax reporting becomes easier with a separate account as your business and personal transactions will not be mixed up. 

What to consider before you open a business bank account 

There are many options to open a bank account in Hong Kong. Traditional banks like HSBC, Standard Chartered, and Bank of China are common choices, but digital banks and online payment service providers offer more suitable options for a digital business account.

The Aspire Business Account is an easy, fast, and transparent alternative to traditional business accounts. Benefit from cashback, lower fees, and smooth integrations.

The best choice for your start-up depends on many factors.

So whether you’re looking to open a small business bank account or a corporate bank account, these pointers will help you select the best account for your start-up:

• The bank’s credibility: Do its customers highly trust this bank? What do current and previous clients say?
• Fees and charges: What are standard monthly fees? Do they offer waivers?
  
• Account services offered: What are the features of the business account? Do they offer services such as expense management, invoice management, or multi-user access?

• Online banking options: Do they have mobile banking options, or do you have to conduct all transactions at a physical branch?
  
• Introductory bonuses and offers: Does this bank offer sign-up bonuses or incentives for new customers?
  
• Software integrations: Can I integrate my accounting or payroll software with this bank account?
  
• Rewards: Does this bank have a rewards programme for customers? 

Basic requirements to open a business bank account in Hong Kong

• Business Registration Certificate from the Inland Revenue Department
• Certificate of Incorporation from the Companies Registry
• Articles of Association
• Certificate of Incumbency from company secretary
• Proof of business address
• Proof of residential address for directors and significant controllers
• Hong Kong Identity Card/passport copies of directors and beneficial owners
• Details of company ownership structure and business activities
• Business plan and organisational chart
• Board resolution
• Recent bank statements or reference letters (if applicable)
• Initial deposit (if required)

You must also clearly state your purpose for opening the account and detail your business activities in Hong Kong. These requirements are standard across Hong Kong banks. Additional documentation may be required depending on the chosen bank.

Unlike many traditional business and corporate bank accounts that often come with a mandatory minimum balance requirement, platforms like Aspire offer the convenience of opening an account with no minimum balance. This streamlined approach to money management eliminates worries about unexpected charges. Furthermore, these platforms often do not levy monthly service fees or overdraft fees, providing a more cost-effective banking solution for businesses.

A step-by-step guide to opening a business account 

Step 1: Research and select a bank based on your business needs and eligibility requirements 

Step 2: Submit required documents (in English or Chinese) either online or in person 

Step 3: Complete the bank's Know Your Customer (KYC) process, which typically includes an interview for business accounts 

Step 4: After approval, activate your account by making the initial deposit and setting up online banking. You can also register your Hong Kong mobile number with a compatible bank account to receive transfers via the Faster Payment System (FPS) without having to share your account details.

Frequently Asked Questions 

How long does it take to open a business bank account in Hong Kong? 

Traditional banks typically take 2-8 weeks to process applications. Processing time depends on application completeness and complexity of business structure. Additional time may be needed if the bank requires supplementary documentation.

Do I need to be physically present when opening a new account?

Most Hong Kong banks require at least one director to be physically present for business accounts. While some virtual banks offer online applications, this is primarily available for permanent residents with HKIDs.

Can foreign founders open a corporate account in Hong Kong? 

Yes, but with additional requirements:

• More detailed business plans
• Proof of business activities in Hong Kong
• Documentation of overseas operations
• Professional reference letters
• Additional KYC verification

Foreign companies should consider business banking alternatives like fintech providers that allow remote account opening.

Where to start?

The first step to opening a business account is finding the right bank for your business needs.

With Aspire, you can open, operate, and manage your business account fully online, anytime and anywhere. On top of that, Aspire’s Business Expense Management feature is seamlessly integrated with your bank account, allowing for a fast, efficient, and convenient way to track your expenses! Open your Aspire account today!