How to open a business account in Hong Kong?

Are you wondering about opening a business bank account in Hong Kong? In order to start operating the business, every owner needs to have a bank account. Though the process of opening a bank account in HK is relatively simple and straightforward, some rules need to be followed.

Technically, “a special administrative region of China”, Hong Kong is renowned as a major business hub and finance center in the Asia-Pacific region. If you are planning to establish a business in Hong Kong, you have to open a bank account. Keep on reading to gather all the important information about opening a bank account in Hong Kong.

Opening a Bank Account in Hong Kong

There is a broad range of Hong Kong-based and international banks at your service when you contemplate opening a business account for your business in HK. We have the expertise to assist you with this procedure with banks. Below is a list of banks you need to be aware of before opting for any banking option.

Banking in Hong Kong & a list of major banks

Hong Kong is known as one of the world’s top financial centers with the highest concentration of banking institutions. In fact, 70 out of the 100 largest banks are situated in Hong Kong, offering services and products to address local and international needs.

The number of authorized institutions constantly fluctuates. Currently, there are approximately 178 authorized institutions, comprising Licensed Banks, Restricted Licence Banks, and Deposit-taking Companies. Additionally, there are dozens of local representative offices of foreign banks present.

The Hong Kong banking system follows a Three-Tier System that every entrepreneur should be aware of:

Licensed Banks (LBs) offer companies and individuals full services, including savings and current accounts facilities, and do not impose restrictions on the acceptance of the deposited value. This category now includes 8 fully digital Virtual Banks. HSBC, Bank of China, and Hang Seng Bank are the largest local banks.
Deposit-taking Banks (DTCs) are typically associated with banks or restricted licence banks and engage in specialized activities like consumer finance and commercial lending. They can accept deposits of at least HK$100,000, with an original maturity term of at least three months. To this category belong, for example, Public Finance Limited, Fubon Credit (Hong Kong) Limited, and BCOM Finance (Hong Kong) Limited.
Banks with Restricted License (RLBs) are primarily engaged in merchant banking and capital market activities. They are restricted to accepting deposits of HK$500,000 or more (not HK$100,000 as stated in the DTC section) with an original maturity term of any length. RLB’s banks are, for example, Bank of America Securities Asia Limited, J.P. Morgan Securities (Asia Pacific) Limited, and Goldman Sachs Asia Bank Limited.

List of Banks in Hong Kong

Thinking of establishing a new business entity in Hong Kong? Are you aware of the types of corporate banks you can choose for your business? If not, check out the list of major banks in Hong Kong.

Always remember that before selecting a bank for your business, you should gather all the important information about its operations. Every bank has its own procedures and requirements for opening a bank account.

Below is a list of banks based in Hong Kong, but each of them has different functions, and not all of them are for SMEs. It isn’t a one-size-fits-all method, which is why you must understand your own company’s needs in order to be matched with a bank that will meet them. Because this process can be confusing or daunting, you can rest assured that we have the experience and knowledge to assist you. Contact us today!

Main Hong Kong Banks	Website	No. of Branches in HK
Bank of China (Hong Kong), (BOC)	https://www.bochk.com	190
Bank of Communications (Hong Kong)	https://www.hk.bankcomm.com	45
The Bank of East Asia Limited (BEA)	https://www.hkbea.com	165
China CITIC Bank International	https://www.cncbinternational.com	30
China Construction Bank (Asia)	https://www.asia.ccb.com	45
Chiyu Banking Corporation	https://www.chiyubank.com	20
Chong Hing Bank	http://www.chbank.com	50
Citibank (Hong Kong)	https://www.citibank.com.hk	160
Dah Sing Bank	https://www.dahsing.com	35
DBS Bank (Hong Kong)	https://www.dbs.com/hongkong	250
Fubon Bank (Hong Kong)	https://www.fubonbank.com.hk	18
Hang Seng Bank	https://www.hangseng.com	45
Hongkong and Shanghai Banking Corporation (HSBC)	https://www.hsbc.com.hk	220
Industrial and Commercial Bank of China (Asia) (ICBC)	https://www.icbcasia.com	55
Nanyang Commercial Bank	https://www.ncb.com.hk	30
OCBC Bank (Hong Kong)	https://www.ocbc.com.hk	30
Public Bank (Hong Kong)	https://www.publicbank.com.hk	35
Shanghai Commercial Bank	https://www.shacombank.com.hk	45
Standard Chartered Hong Kong (SC)	https://www.sc.com/hk	180
Tai Yau Bank	http://www.tybhk.com.hk	–
CMB Wing Lung Bank	https://www.cmbwinglungbank.com	10

Application Process for a New Business Account in just 5 steps

There is a proper process to apply for a bank account in Hong Kong that needs to be followed adequately. In fact, you have to be quite aware of all the banking needs and requirements. As per your business objectives, you can choose the best bank that matches those demands. Let’s have a look at the process involved in opening a business bank account.

Step 1 – Research Bank Institutions You’re Interested In

The first and foremost step is to start searching for banks you may go with in Hong Kong. Select the bank that offers facilities that match your business objectives. If you don’t know how to open a Hong Kong business bank account, contact us.

Step 2 – Choose The Appropriate Business Account

There are certain capabilities that all bank institutions have in common, but in addition to providing business checking and company credit cards, some banks also offer payment processing services, payment services, and retirement accounts. Make sure the business account contains the advantages you want for your business. We can help you make the right choice by introducing you to the bank and ensuring the bank’s offers match the nature and transaction of your business.

Step 3 – Fill Out the Application

The next step involves filling out the selected bank’s application to apply for a business account. You’ll also need to apply along with a set of CPA-certified documents :

These CPA-certified documents are available for $125 USD + $115 USD DHL delivery cost.

Step 4 – Submit Your Business Documents

The next step involves submitting application documents along with a valid copy of the certified passport by a CPA, company secretary, or CPA to the bank. Here, Startupr can help you prepare and submit all the desired copies signed along with the company registration copies. You also need to prepare some questions:

What is the nature of your business?
How long has your firm existed?
What is your business address?
How many current employees do you have? What is or would be the trading currency?
In which countries will you provide services or products?
What is your customer base?
What is your expected annual turnover?

Step 5 – Processing Time

It usually takes around 7-20 days or more for the bank officer to examine all the submitted documents and applications, with the set of questions they have asked you. Once the appointment is done, the application will be sent to an internal division for further review. If it gets approved, the account may be opened at once or within 10-15 business days, depending on numerous factors. Always remember that the approval of the business account depends on the bank’s own process and decision.

Documents required to open a bank account in Hong Kong

Some documents need to be prepared during the process. In the Due diligence process, companies have to prepare the documents to match the bank’s process. Always remember that HK banks have different requirements that need to be met. Be prepared with the documents, as they are the most common ones banks ask to provide.

Company Documents

Each bank account opening process would demand the following documents:

Business Registration Certificate
Certificate of Incorporation
Memorandum and Articles of Association (M&A)
NC1 form

Remember that all of these documents should be verified by the Company Registry, and the copies that are sent to the bank have to be signed by the CPA. Startupr will help you take care of all the details and assist you to open business bank account in Hong Kong.

For personal bank account opening

The most obvious documents are as follows:

Passport
Proof of Address: It can be either a driver’s license or any recent utility bill that shows your address and name.

For Business Bank Account Opening

Some documents need to be prepared by business owners. These documents are not the company registration documents or other documents that have been mentioned above. In fact, these documents should outline your business transactions, business plan, and what services you are offering to the clients.

As these documents will help the bank officer to understand the business nature and your required experience, it would also help bank officers determine how long your business would take to reach higher-level goals. Below are the documents needed:

Business Plan with business description
A business certificate of the previous firm
A letter attesting to your professional standing
Agreement with the suppliers, if there is any.
A reference letter from the previous bank that knows you and your business, if you have one.
Director’s/shareholder’s CV
Current stamped tenancy agreement (if you have physical stores, including street shops, stores at shopping malls, and workshops)
Trading documents: (e.g., ‘customs declaration documents signed by the Customs, VAT invoice, tax payment receipts/confirmations’ or ‘Bill of Lading/Air Waybill’)
Business supporting documents (e.g., monthly bank statement, financial statements, etc.)
Relevant working experience documents (owner(s)/shareholder(s)/director(s)/senior managing official(s))
Detailed explanation of the reasons and needs for opening an account in Hong Kong.

How do I open a business account in Hong Kong as a non-resident entrepreneur or business owner?

Hong Kong permits all business owners to open a bank account, irrespective of the fact that they are resident or non-resident. The documents are almost the same for both types of entrepreneurs. But there are some additional requirements for verification purposes, as compared to a local resident, that need to be met. Here are the two most popular ways of opening a bank account in Hong Kong as a non-resident. If you want to set up a business, here is a way out:

Open a business bank account in Hong Kong (Remotely) Without Visiting HK

You must have heard from some people that they can’t open a Hong Kong account remotely. But this is just a myth! In reality, overseas customers can open a bank account in Hong Kong by following several ways.
All the applicants are required to be present at the bank for the application interview in Hong Kong. There is a slight chance that opening a bank account remotely is possible, but it is very slim and holds many challenges.

Apply with a HK branch of your bank

If you are a non-resident of Hong Kong and still want to open a bank account, you can opt for the ”branch application” as one viable solution to reduce the complexity issues. They can opt for a global bank with offices around the world and a foothold in Hong Kong. HSBC and Citibank are both examples of such globally-recognized institutions.

In this way, they can complete all the desired documents before arriving in Hong Kong to complete the final steps to open a bank account. Always remember that only a few banks offer this option, and individual banks might have their own policy regarding this matter. Therefore, you would be advised to consult a trusted banking introducer to learn more about this option at your nearest bank’s branch. Again, the success rate of this is very low, so please be mindful of this when considering it during your application.

Set up virtual bank accounts in Hong Kong

Virtual banking in Hong Kong isn’t just a trend in Hong Kong; it’s a fundamental disruption that’s capturing the attention of every entrepreneur and redefining the city’s status as a fintech hub. These digital-only institutions have abandoned the traditional physical branch model to deliver seamless, 24/7 mobile banking services. For business founders and individuals alike, this shift means empowerment and unprecedented convenience.

The Entrepreneur’s Advantage

The core appeal of virtual banking is its ability to streamline the entire banking experience—a crucial factor for fast-moving startups and SMEs.

Hassle-Free Onboarding: Entrepreneurs can now open fully functional business or personal accounts remotely, often in minutes, without the paperwork, bureaucracy, or inconvenient opening hours associated with traditional banks.
Unrestricted Operation: Virtual banks facilitate business operations anytime, anywhere. Founders can manage cash flow, make instant transfers via the Faster Payment System (FPS), and even apply for loans, all from a smartphone.
Financial Inclusion: By eliminating outdated requirements like minimum account balances and offering competitive interest rates, these banks are making financial services more accessible to smaller businesses and underserved segments.

In essence, virtual banks are utilizing modern technology (AI, cloud computing) to make banking simpler, smarter, and faster, proving that the future of finance in Hong Kong is fully digital and customer-centric.

Need Help with Your Airwallex Account Application? Utilize Startupr Services!

Airwallex is a leading global financial platform that fits perfectly into this digital ecosystem. It offers multi-currency accounts, virtual cards, and competitive exchange rates, ideal for international business. Furthermore, thanks to its partnership with Startupr, you can get expert assistance and priority processing when opening an Airwallex business account, which significantly simplifies the entire process and relieves you of administrative burdens.

Open Overseas/Offshore Bank Account for Hong Kong Company

The overseas or offshore banking facilities are absolutely legal in Hong Kong and highly beneficial to the companies. Therefore, turn a deaf ear to all who are advising you not to opt for this. An offshore account offers more legal diversifying options by reducing the risk of your capital funds. In fact, the success rate for opening an overseas or offshore bank account is higher than that of other kinds of bank accounts.

Why choose offshore banks?

As stated above, if you are opting for this, it is neither good nor bad. In fact, you enjoy the maximum benefits of opening a bank account in Hong Kong. Below are some benefits that an international bank offers to business founders:

High Approval Rate – One of the main benefits is the high approval rate. Some banks don’t approve the business bank account in Hong Kong application easily. The international banks allow business founders around the world to share the benefits of having a bank account in that country.
Multi-Currencies – With an international bank account, entrepreneurs can also enjoy the benefits of operating their business transactions in various currencies. Now, you will no longer have to face the issues to deal with each deal’s financial commitment.
Flexibility to Access the Accounts – Another primary benefit is that it offers the customers maximum flexibility regarding account usage. No matter where you are in the world, you can access the funds from ATMs or perform online transactions at any time.
Political and Economic Stability – An offshore bank account also offers business founders to benefit of political and economic stability for the assets. In this way, the funds will be secured in a country that has more significant and economically stable jurisdictions.

Looking to open a bank account in Hong Kong?

This article is all about the process and benefits of opening a bank account in Hong Kong, whether you are a resident or a non-resident, or whether you want to go with a globally-recognized or offshore banking institution. If you need any assistance regarding the opening of the bank account, head over to Startupr.

We are one of the leading company secretary service providers in Hong Kong, and we’ve partnered with some of the major banks in Hong Kong. We can help you start opening a bank account in Hong Kong and gathering all the required documents. Contact us now!

Last update: October 2025