How to open a company bank account in Hong Kong: A complete guide

What is a company account in Hong Kong?

In Hong Kong, the term company account is used interchangeably with business account or corporate account. It refers to a dedicated bank account opened in the name of a registered business entity, such as a limited company.

Its primary function is to keep the company’s finances entirely separate from the personal finances of its owners, directors, and shareholders. This separation is crucial for legal compliance, financial clarity, and professional management. A company's business account is essential for managing all business-related transactions, ensuring streamlined financial operations and compliance ¹¹.

Unlike a personal account, a company account is designed to handle a higher volume and complexity of transactions. It serves as the central hub for all financial activities of the company, from receiving revenue from clients to paying suppliers, managing payroll, and handling operational expenses such as office rents, utility payments, and other business expenses. All expenses processed through the account are easily tracked for bookkeeping and tax filing.

In addition, a business bank account can also serve as a single account for managing multiple financial services, including trade and investments. It offers specialised features tailored to corporate needs, including multi-currency holding facilities, access to trade finance, merchant services for accepting customer payments, corporate credit lines, and business integrated account solutions that consolidate various banking services for operational efficiency.

Another key feature is the availability of internet banking, providing convenient access to account management, transactions, and multi-currency options online.

Holding a dedicated business account is a hallmark of a professional and legitimate enterprise¹⁶.

Why do you need to open a company account?

For a Hong Kong limited company, opening a separate company bank account is not just good practice—it’s a legal and operational necessity. A limited company is a distinct legal entity, and its finances must be managed independently of its owners.

Beyond this fundamental requirement, a dedicated business account offers a multitude of strategic advantages. It makes organising business expenses easier and helps maintain existing business transaction records, which are essential for efficient financial management and compliance ¹¹.

Enhanced credibility and professionalism

Conducting business through a corporate account significantly boosts your company's image. When you issue invoices or receive payments in your company's name, it signals to clients, suppliers, and partners that they are dealing with a legitimate and established business.

Simplified accounting and tax compliance

Mingling personal and business funds is an accountant's nightmare and can lead to serious complications during audits. A separate business account provides a clear, chronological record of all income and expenditures, making bookkeeping, financial reporting, and preparing profits tax returns far more straightforward and accurate.

Access to business-specific financial services

A corporate account is the gateway to a wide array of financial products and business banking services that are unavailable to individuals. This includes business loans, overdraft facilities, letters of credit for international trade, foreign exchange hedging tools, sophisticated cash management solutions, bulk payroll processing, fund transfers, FX transactions, and access to real-time exchange rates. Many banks also offer integration with accounting software to streamline financial management. Some banks also provide business insurance as part of their comprehensive banking services ^15,16.

Improved financial management and oversight

With a dedicated account, you can easily monitor your company's cash flow, track spending patterns, and make data-driven financial decisions. Digital banking platforms provide real-time insights, allowing for better budgeting and financial planning.

Liability protection

For owners of a limited liability company, maintaining a separate bank account is critical to upholding the "corporate veil." This legal distinction protects your personal assets from business debts and liabilities, a protection that could be jeopardised if business and personal funds are mixed ¹¹.

Business account services

Business bank accounts in Hong Kong are equipped with a comprehensive suite of services designed to support companies of all sizes, from startups to multinational corporations, and are tailored to meet diverse banking needs. These business banking services and banking services are built to address the operational and financial requirements of businesses, facilitating both local and international operations.

1. Multi-currency accounts

A cornerstone of Hong Kong banking, multi-currency accounts allow you to hold, receive, and send funds in multiple major currencies, such as Hong Kong Dollars (HKD), US Dollars (USD), Euros (EUR), and Renminbi (RMB). This is indispensable for businesses engaged in international trade, as it minimises currency conversion costs and simplifies cross-border transactions. These accounts also provide access to real-time exchange rates, enabling efficient currency management and helping optimise conversions during international fund transfers ¹⁶.

2. Local and international payments

Accounts offer various payment methods, including the Faster Payment System (FPS) for instant local transfers, CHATS for large-value local payments, and Telegraphic Transfers (TT) or SWIFT for international remittances. Business accounts also facilitate seamless fund transfers both locally and internationally ^1,2,3.

3. Trade finance

Banks provide specialised products to facilitate global trade, such as Letters of Credit (L/C), import/export loans, and bank guarantees, which mitigate risk for both buyers and sellers ^15,16.

4. Corporate cards

Companies can apply for corporate credit or debit cards, including business debit cards, to streamline employee expenses, manage day-to-day business transactions, handle travel costs, and make online purchases securely ¹⁶.

5. Digital banking

A robust online and mobile banking platform is standard, and internet banking is a core feature for convenient account access and management. These portals allow you to manage your account 24/7, view statements, execute payments, manage payroll, set up user permissions, and access foreign exchange services from anywhere in the world ¹⁶.

6. Treasury and cash management

For larger businesses, banks offer sophisticated solutions like bulk payment processing, bulk payroll to streamline employee payments, liquidity management, automated payroll services, and fixed-term deposits to optimise cash flow and earn interest on surplus funds ¹⁶.

Who can open a company account?

In Hong Kong, various types of registered business entities are eligible to open a company bank account. The primary applicants include ^16,17:

• Hong Kong Limited Companies: This is the most common type of entity. Any private or public company incorporated in Hong Kong under the Companies Ordinance can apply.
• Overseas Companies Registered in Hong Kong: A foreign company that has established a place of business in Hong Kong and is registered with the Companies Registry as a “Non-Hong Kong Company” is eligible.
• Sole Proprietorships and Partnerships: While these business structures are simpler, they can also open dedicated business accounts. However, the legal distinction between the owner’s and the business’s finances is less defined than in a limited company.

It's important to note that while these entities are eligible, each bank conducts its own rigorous due diligence and risk assessment. Some banks, especially local banks, may have additional requirements or offer special business banking solutions for companies registered in Hong Kong.

Additionally, banks may have specific requirements for companies with directors or shareholders from Mainland China, as regional distinctions in regulatory compliance can affect the account opening process. Banks may also have specific preferences or restrictions regarding the nationalities of directors and shareholders, the company’s industry (e.g., high-risk sectors may face more scrutiny), and the geographical scope of its business activities ¹⁰.

Requirements of account opening

Due to stringent international Anti-Money Laundering (AML) and Know-Your-Customer (KYC) regulations, Hong Kong banks require comprehensive documentation to verify the identity of the company and its key personnel. Supporting documents are required to comply with regulatory standards. The application form must be completed and submitted along with the supporting documents.

While specific requirements can vary slightly from bank to bank, the core documents are largely standardised ¹⁰.

1. Corporate documents (Certified true copies)

• Certificate of Incorporation (CI): The official certificate confirming the company's registration ⁴.
• Business Registration Certificate (BR): Issued by the Inland Revenue Department 6.
• Articles of Association (A&A): The company's constitutional document outlining its rules and regulations.
• Incorporation Form (NNC1): The initial filing document showing the first directors, shareholders, and company secretary ⁴.
• Most Recent Annual Return (NAR1): If the company is over a year old, this document shows the current company structure ⁵.
• Any forms documenting changes in directors or shareholding structure.

2. Personal identification documents

For all directors, shareholders holding 10% or more of the voting rights, ultimate beneficial owners (UBOs), and all authorised account signatories ⁷:

• Identity Document: A valid passport or Hong Kong Identity Card (HKID).
• Proof of Residential Address: A recent utility bill, bank statement, or official government correspondence dated within the last 3 months.

3. Proof of business operations (Business substance)

This is a critical component where many applications face delays. You must prove that your company is a genuine, active business ⁷.

• Detailed Business Plan: A comprehensive document describing your business model, products/services, target customers, supplier details, and projected financial performance.
• Proof of Business: Signed contracts or agreements with potential clients or suppliers, issued or received invoices, bills of lading, website information, or marketing materials.
• Proof of Experience: The personal résumés (CVs) of the directors showing relevant industry experience.
• Source of Funds: Evidence explaining the source of the company's initial capital.

Step-by-step guide to opening a company account in Hong Kong

The process of opening a company account can be broken down into a few key stages. The account opening process typically involves preparing required documents, choosing an application method (such as online or in-person), and scheduling any necessary appointments, making it important to follow each step for a smooth experience.

Meanwhile, modern banking offers both digital-first and traditional pathways, and many banks now allow you to open a business account online, streamlining the process for applicants.

Once all steps are completed, your bank account is opened and ready for use.

Online application process

Many modern financial institutions and some traditional banks have streamlined the initial stages of the application process to be completed online, and many banks now offer fully digital submission options ⁸.

• Pre-application: Visit the bank’s website and locate the business account opening section. You will typically fill out a detailed online questionnaire about your company, its directors, and its business activities.
• Document Upload: You will be prompted to upload digital copies of all the required corporate and personal documents listed above.
• Initial Vetting: The bank’s team will conduct a preliminary review of your submission. This “digital pre-check” helps identify any missing information early on, saving time.
• Verification Call/Meeting: Depending on the institution, the next step may be a video conference call for identity verification. For traditional banks, this online process usually culminates in scheduling a physical, in-person meeting in Hong Kong.
• Final Approval: After the verification step, the application goes to the compliance department for final due diligence and approval.

Offline application

The traditional method is still the primary path for major banks like HSBC, Hang Seng, and Standard Chartered ⁹.

• Book an Appointment: Contact the bank to schedule an appointment at one of their commercial banking centres. Walk-ins are generally not accepted for new corporate account openings.
• Prepare Documents: Gather all original documents and certified true copies as required. It is highly advisable to bring more business proof than you think you need.
• Attend the Interview: All authorised signatories, and often key directors, must attend the meeting in person in Hong Kong. A bank officer will review your documents, ask detailed questions about your business operations, and witness the signing of the account opening forms.
• Due Diligence Period: After the meeting, the bank will perform its internal compliance checks. This is the longest part of the process and can take anywhere from two weeks to several months, depending on the complexity of your business structure and the bank's workload.
• Account Activation: Once approved, you will be notified. You can then make the required initial deposit, and the bank will send you the account details, online banking credentials, ATM cards, and chequebooks.

It’s important to note that banks may take around 2–3 weeks to approve straightforward applications, but the process can extend to several months if your company has a complex structure. Delays are also common if you submit incomplete documentation or fail to demonstrate sufficient business substance.

Additionally, banks may reject applications from businesses operating in high-risk industries such as cryptocurrency, gambling, or forex trading.

Company banking fees and costs

The cost of business banking in Hong Kong can vary significantly. It is crucial to understand the full fee schedule before committing to a bank ^13,14.

• Account Opening Fee: Many traditional banks charge a non-refundable application or handling fee, which can range from HK$1,200 to HK$10,000. This is charged regardless of whether the application is successful.
• Initial Deposit: Banks require a minimum initial deposit to activate the account. This can range from HK$10,000 to HK$50,000 or more.
• Monthly Maintenance Fee: Most accounts have a monthly service fee. However, this fee is typically waived if the account maintains a specified minimum average daily balance. Failure to meet this balance will result in a monthly charge.
• Transaction Fees: While local FPS transfers are often free, there are charges for other transactions like international remittances (TT fees), CHATS payments, and foreign currency exchange (which includes a spread on the exchange rate).
• Other Charges: Be aware of miscellaneous fees for services like issuing bank reference letters, company search fees, dormant account fees, and charges for physical chequebooks.

How to choose the right bank

Selecting the right banking partner is a strategic decision. Some banks offer specialized support for businesses operating across the Asia Pacific region, which can be crucial for companies with international or regional ambitions. Consider these factors to find the best fit for your business ¹².

If you encounter issues or rejections during the account opening process, you can escalate your case to the Hong Kong Monetary Authority.

1. Your business needs

Do you primarily need a simple account for local transactions, or do you require sophisticated multi-currency and trade finance facilities? List your essential requirements first.

2. Application process and requirements

Evaluate the bank's onboarding process. Can you apply remotely? Are their business proof requirements reasonable for your startup? A difficult and lengthy application can stall your business operations.

3. Fee structure

Compare the account opening fees, monthly maintenance charges, minimum balance requirements, and transaction costs. A bank with a higher minimum balance might be unsuitable for a new business with limited cash flow.

4. Digital banking platform

In today's business environment, a powerful and user-friendly online and mobile banking platform is non-negotiable. Check reviews and previews of their digital interface.

5. Customer support

When issues arise, you need responsive and knowledgeable support. Investigate the bank's customer service reputation.

6. Reputation and network

For businesses seeking large loans or engaging in high-value international trade, the established reputation and global network of a major international bank can be a significant asset.

Streamline your finance operations with Aspire Business Account

Having a company account can streamline your business operations. However, from our experience, many modern businesses—particularly startups, SMEs, and digital entrepreneurs—struggle to open an account due to strict requirements, high costs, and lengthy processing times. These factors not only increase operational expenses but also delay business activities in the region.

This is where modern financial technology platforms like Aspire offer a powerful alternative.

Aspire provides a Business Account that you can open entirely online, with no account opening fee, no monthly fee, and no minimum deposit requirement. Your business account can be ready in as little as 3 business days.

Aspire isn’t a traditional bank account, but it offers a wide range of features, including:

• Multi-currency accounts in HKD, USD, GBP, and EUR, allowing you to send and receive funds without incurring unnecessary conversion costs.
• Invoice management feature that let you create and send invoices in just a few clicks, while tracking receivables in a single dashboard to help you get paid faster and forecast cash inflows.
• Expense management that lets you set budgets at the team, client, or project level and track them in real time, ensuring your actual expenses stay aligned with your budget.
• Unlimited Corporate Cards for your team members, with spending limits and merchant or project-specific assignments to prevent unauthorised purchases or overspending.
• Global transfers in more than 30 currencies across 130 countries, with competitive FX rates.

Whether you're starting up or scaling your business in Hong Kong, Aspire gives you the confidence to manage your finances efficiently and focus on growth.