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.

Can 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.

1. Have a Hong Kong company

2. Initial appointment

3. Sign relevant documents

4. Stay compliant

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.

Have a Hong Kong company

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.

Initial appointment

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.

Sign relevant documents

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.

Stay compliant

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.

1. Handle the official requirements

2. Register your company

3. Open a local bank account

4. Set up your tax & accounting routine

There are a few government requirements you need to fulfil when opening a Hong Kong company. Such as hiring a company secretary, getting a registered address and receiving a Business Registration Certificate.

Blynq will help you with all of these.

Blynq will fill in and submit the application form and prepare other necessary documents such as the Articles of Association and Company Constitution.

We’ll need your company’s name, business activities, share setup and starting capital (starting at just HK$1). Plus the names, addresses and contact info of all directors and shareholders involved, along with an (online) ID verification for each.

When you set up a Hong Kong company, you will need a local bank account for receiving and paying money. We work with traditional banks and neobanks and help you decide which one fits you best.

As a business owner, annual reports, tax filing and audits are mandatory – even with zero transactions. Missed deadlines can result in fines. We’ve got your back on bookkeeping, preparing reports and tax returns, and ensure on-time submissions.

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.