Since 2016, there have been a lot of news articles, messages on forums, etc. which indicate that the opening of bank account in Hong Kong has become complicated. This is true and it is an observation shared by all the professionals of the industry.
You need to know that is will be almost impossible for you to open a bank account in Hong Kong is any of the following are true:
- You have no current Asian customers or suppliers, it will be almost impossible for you to open a bank account in Hong Kong.
- The partners are residents of, or if the activity of the company has any links such as customers or suppliers with countries in the following regions:
- North Africa (Morocco, Algeria, Tunisia, Libya)
- Sub-Saharan Africa (excluding South Africa)
- Southeast Asia (Thailand, Cambodia, Laos, Vietnam)
If any of these items apply to your, we invite you to contact us so we can suggest alternatives to offer you.
Finally, it must be noted that it is the Compliance Department of a bank that decides whether or not to open a bank account. Therefore, a no service provider can ever guarantee the opening of a bank account since this is beyond their authority.
We offer 3 solutions for opening a bank account for your company:
Solution n ° 1:
Opening a bank account in Hong Kong with a bank
This is the most logical and advisable solution but opening an account in Hong Kong has become complicated. Simply put, the Hong Kong banks require that the company’s business be related to Hong Kong and / or China and they require proof of activities such as paid invoices and bank statements from the last 6 months. It would be necessary to travel to Hong Kong to open the account.
Solution n ° 2:
Opening a bank account in Hong Kong with a Fintech company
This is a new solution related to the development of the Fintech companies in Hong Kong. It is an operator who can open an account in Hong Kong but whose services are limited. (no bank loan, debit card only, account in HKD only). It is the ideal solution if you need an account quickly with a remote opening. It can also provide a bank statement after the first 6 months of activity which can then facilitate the opening of an account with a traditional bank in Hong Kong (solution # 1). We offer 2 Fintech companies regulated in Hong Kong.
Solution n ° 3:
Opening a bank account outside Hong Kong with a bank
This is an alternative solution to have a bank account that provides the proof of activities required by banks in Hong Kong. In this case, we have a relationship with a bank in Geneva, Switzerland that offers a full range of bank services and the opening can be done remotely.
WARNING: We strongly advise against this solution if your company has transactions with customers or suppliers located in Europe.
Choice of Banks
|Physical Bank A||Physical Bank B||Physical Bank C||Digital Bank|
|Support & Certification Included with:||Mid Shore and Onshore packages|
|Mid Shore and Onshore packages||Mid Shore and Onshore packages||Offshore, Mid Shore, and Onshore packages|
|Bank Card:||Yes. Limit of HKD 100,000 per day.||No||Yes. Limit of HKD 100,000 per day.||Yes. No limit for payments.|
|Minimum Deposit/ Balance:||HKD 50,000|
Penalty of HKD 200/ day
Deposit within 30 days
Deposit within 30 days
Deposit within 15 days
Deposit within 30 days
|Account Opening Fees||HKD 1,200 (to be paid directly to HSBC by credit card)||Free||Free||Free|
|Timeline:||3 Weeks||1 month||3 Weeks||1 Week|
|Required Documents:||Original documents of the company certified by HKCPA, passport, proof of address dated less than 3 months, proof of activities (invoices paid, signed contracts, bank statements for the last 6 months in connection with an activity in Hong Kong / China.||Original documents of the company certified by HKCPA, passport, proof of address dated less than 3 months, proof of activities (invoices paid, signed contracts, bank statements for the last 6 months in connection with an activity in Hong Kong / China.||Original documents of the company certified by HKCPA, passport, proof of address dated less than 3 months, proof of activities (invoices paid, signed contracts, bank statements for the last 6 months in connection with an activity in Hong Kong / China.||Scan of the Business Registration Certificate, passport, proof of address dated less than 3 months.|
A Bank Account in Hong Kong: a Good or Bad Idea?
So we know that opening a bank account in Hong Kong is difficult (not impossible), but the right question should be asked. Is it necessary for a Hong Kong-based company to have a bank account with a local bank? It is difficult to open a professional bank account in Hong Kong. It is not about choosing a bank but rather finding the one that will accept the opening of a company account.
While it may be easier with certain banks than others, all supporting documents will have to be provided at the time of submission. Our firm will advise you by listing all the documents required for the opening of a company bank account.
Choosing a Bank: Inside or Outside of Hong Kong
Our firm is very familiar with Hong Kong’s banking players and we can help you find the best banking partner. However, other solutions exist, such as an online bank account established outside Hong Kong. Each solution carries with it benefits and drawbacks. The right choice depends on the nature of your business and your situation. Contact us for a consultation and we would be delighted to walk you through the decision process.
Conditions for Opening a Bank Account in Hong Kong
So you’ve decided to open a bank account in Hong Kong? The first step is the registration of the company. A company must be fully registered BEFORE any meeting with a bank official. We can help you prepare all of the supporting documentation will have to be presented during the meeting with the bank. The appointment will take about 1 hour and the bank account will be available in approx. 1 month. The e-banking access and the credit card will be sent by the bank to the address of your choice anywhere in the world.
We strongly advise you against solutions in which a person would open the bank account for you by declaring themselves as the beneficiary of the company. In addition to being illegal, the signatory can empty a bank account whenever they want. Fraud is common in Hong Kong and you should always be aware and well informed.
For further information and to confirm that you can and/ or should open a bank account in Hong Kong, we invite you to contact us via our contact page.