Open a business bank account in Hong Kong
Navigating banking in Hong Kong? Let blynq be your guide. We're here to help you open a bank account that perfectly fits your business needs.
Start nowCan I open a
business bank account
as a non-resident?
Yes, you can! As a non-resident in Hong Kong, you can open a bank account. Keep in mind though, that depending on the country you're from, there may be extra steps in the verification process compared to HKID holders.
Steps of opening a HK business bank account
Each bank has its own set of requirements and procedures. However, there are a few general steps to take when opening a business bank account in Hong Kong.
Before you can set up a business bank account, you need to register and incorporate your business as those documents are required at the bank account application.
During the initial appointment, the bank officer will interview you to make sure you have a real company, understand the nature of your business and check whether you have a viable business plan. After this, a preliminary review is conducted.
If the preliminary review is approved, both parties will meet to sign all relevant documents and bank application forms, and pay the initial deposit. The application will then be sent for a department review.
After your bank account has been opened, banks continue to monitor your account in line with compliance regulations. If the standards are not met, this could lead to (sudden) closure of your corporate bank account.
Traditional banks vs Neobanks
A neobank is a based bank that operates solely digitally or via a mobile app. That means that the bank carries out all the tasks that a conventional bank does with the exception of the physical branches.
Traditional bank Pros
• Full range of banking services
• Companies incorporated outside of Hong Kong may open an account
• Branch access
Neobank Pros
• Everything can be handled online
• No physical interview required
• SME-focused
• Better rates and fewer fees
• Quick and simple bank account opening process
Traditional bank Cons
• Requires physical interview at a bank branch when opening the account
• Less open to entrepreneurs, SMEs and registered sole proprietors
Neobank Cons
• Only for Hong Kong incorporated companies
• Not all banking services may be available
• Deposit inflexibility
• No branch access
Timeline and costs of opening a business bank account in Hong Kong
Firstly, the costs: you'll be looking at an account opening fee that could be up to 20,000 HKD, depending on your business structure.
The initial deposit varies from bank to bank, with some requiring none at all. Remember, the opening fee isn't refundable if your application doesn't go through.
To keep your account active, you'll either need to maintain a minimum balance or pay a monthly fee.
Now, for the timeline: typically, it takes about 2-3 weeks to get your account operational, but sometimes it can stretch to a few months.
Hong Kong banks are thorough and often ask for extra documents along the way.
While this can be a bit of a wait, you can't really speed up the process.
However, teaming up with a corporate services provider, like blynq, makes the journey smoother and significantly increases your chances to get approved.
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