Open Business Bank Account

Opening Business Bank Account in Hong Kong

For those just starting a business in Hong Kong, if not already have one but would like to expand, finding a stress-free way to open a business bank account in Hong Kong is a must! Honestly, this is a stressful task that requires some research. The steps to follow are:

Step 1: Choose a Bank

In reality, choosing a bank to take care of company funds is among the most vital financial decisions businesses make. After all, different banks provide widely different service levels, charge extra fees, and pay clients significantly diverse amounts as interest on deposits.

Step 2: Prepare Documents

Documents for Submission in Opening a Business Bank Account in Hong Kong

Generally, Hong Kong banks require the following documents for submission when opening a business bank account:

  • A certified copy of Articles of Association of the company;
  • Board resolution copy supporting the creation of a business bank account;
  • Certified copy of the business’ Certificate of Incorporation from the Companies Registry and Business Registration Certificate from the Inland Revenue Department;
  • Copy of passport or Hong Kong ID, proof of residence, such as bank statements, utility bills, or driving license, and if applicable, evidence of alias or former name for each director, authorized signatories, and principal shareholders, besides beneficial holders of corporate shares;
  • Corporate company shareholders must submit a certified copy of the organization chart showing the fraction of shareholdings possessed by each person and the final beneficial company owners;
  • Details of ultimate beneficial owners, if any, for company nominee shareholders;
  • Director declaration providing the personal details of principal shareholders and directors;
  • Duly filled-up bank account form signed by official signatories per the company’s board resolution;
  • For trusts that are ultimate beneficiaries, they must submit a formal copy of the declaration of trust or trust deed with information on the settlers, trustees, and beneficiaries;
  • List of sample signatures of official signatories; and,
  • Evidence of trade, like a business plan, industry membership, audited profit-and-loss statement, or latest tax return.

These copies submitted to the bank must be authenticated by the company secretary, CPA, bank, or attorney. In addition, most financial institutions require a minimum opening deposit to open a business bank account in Hong Kong.

For offshore companies, they will also need to present a Certificate of Good Standing and Certificate of Incumbency. Note that almost all Hong Kong banks follow due diligence processes meticulously and demand the presence of principal directors, account signatories, and stockholders at the opening of the business bank account.

On the other hand, some banks make exceptions to this rule. These cases often require signing the documents at any of the bank’s foreign branches with a witness.

Step 3: Go Through the Business Bank Account Opening Process in Hong Kong

Before opening a business bank account in Hong Kong, the company must first go through company registration and incorporation. Hence, this is the first step since the documents required by the bank are gathered through this process.

A preliminary appointment with the chosen bank is set when this step is completed. During the appointment, the bank officer interviews the business representative to ensure the company’s existence, know the line of business, and check whether the business plan is viable.

The bank’s preliminary evaluation follows this step. Upon the bank’s approval, the next step is signing all relevant papers, submitting the application form, and making the initial deposit. This step is followed by the application going through a bank department review.

The bank will then notify the business of the result of the review. The commercial bank account is opened once the reviewed application gets an endorsement. Next, the bank will start monitoring the business bank account in keeping with compliance protocols. The business bank account can be closed if the benchmarks are not observed.

Points to Consider Before Opening a Business Bank Account in Hong Kong

Aside from deciding what type of business bank account is offered by Hong Kong banks perfectly meets your needs, certain factors need to be taken into account.

ATM Network

This aspect stands best considered, especially by those paying in cash. After all, these firms often withdraw funds through an ATM or from a branch location. Thankfully, even checking accounts offer access to many ATMs these days. And when using the bank’s ATM network, there are no fees.

Bank type and reputation

Three main financial institution types can fairly be called banks. These are the usual brick-and-mortar banks, credit unions, and online banks; however, each one offers a unique array of benefits and disadvantages. On the other hand, considering the bank’s standing is also essential as it can give firms peace of mind, which is among the most critical services a bank can offer.


Like most financial products, various fees are charged on checking accounts to access money. In addition, standard fees exist for ATM use, overdrafts, monthly maintenance or service, and NSF or non-sufficient withdrawals. Naturally, responsibly managing a business bank account can prevent these fees, besides maintaining the required bank account balance. Still, it is best to go for banks with minimal costs and requirements.


Best practice dictates that businesses should verify if the prospective bank is covered by the deposit insurance scheme of the Hong Kong Monetary Authority.

Interest and incentives

Like anywhere else in the world, deposit rates vary among various currencies, types of bank accounts, amount of deposit, and periods. So, comparing prospective banks offering on this is a wise move.

Minimum deposit or maintaining balance requirements

Many bank accounts demand the maintenance of a specific balance to avoid charges.

Mobile app or online banking aspects

Choosing the proper checking account considers mobile features offered by the bank. Try finding a bank with its mobile app and choosing to put it on hold or lock the ATM card. This feature is beneficial in the event of loss as it can prevent anyone from using it.

Meanwhile, online banking offers convenience; hence, highly preferred by many people. So, it’s best to verify if online banking is provided by the prospective bank, besides finding out if there is a cost linked to this access.

Why choose PREMIA TNC for opening a business bank account in Hong Kong?

PREMIA TNC offers a stress-free way to open a business bank account in Hong Kong. It is a fact that opening a bank account in Hong Kong is difficult. As a rule, banks demand that every organizational head personally come to complete bank account opening procedures.

This requirement is even more challenging with the ongoing pandemic. Still, this rule is imposed to fight illegal activities, compelling almost every nation to set rigid bank compliance rules. As a result, banks bear the responsibility of knowing their clients and watching over their transactions.

With the possibility of being heavily fined for any problem that may arise from clients, banks are starting to see business accounts of small or medium enterprises as risky. Thus, banks are no longer as keen as before to offer easy opening and processing of business bank accounts.

To sidestep this hurdle, PREMIA TNC enters the picture. As a segment of company secretarial services offered in Hong Kong, our experts work to ensure the successful opening of business bank account of clients. Using our skill in preparing documents for a bank meeting and making appointments, we take pride in our list of clients successfully opening their business bank accounts in Hong Kong.

We even offer a free consultation to answer any question a potential client may have, besides discussing other business matters within the scope of our services.


Catering to those thinking of starting a business in Hong Kong and even those with an existing registered company, PREMIA TNC offers company secretarial services. From regulatory reporting to communicating with shareholders and legal bodies, we help businesses stay compliant in Hong Kong, as well as assisting with corporate secretarial matters, which include:

  • Application or Renewal for Business Registration
  • Filing of Company’s Annual Return
  • Provision of Company Secretary Services
  • Provision of Register Office Services
  • Bank Account Opening Services
  • Maintenance of Statutory records
  • Arrange Annual General Meetings and Board Meetings to Deal with Relevant Corporate Decisions
  • Share Transfer or Share Allotment
  • Change of Company Name or Adding Branch Business Name
  • Merger and Acquisitions
  • Company Deregistration and Liquidation
  • Restoration of Struck off or Deregistered Companies

FAQs for Hong Kong Business Bank Account Opening Services


Foreigners also need to submit specific papers to open a current or savings bank account in Hong Kong. Typically, these include a Hong Kong ID or valid passport, proof of Hong Kong or home country address, a completed bank application form, and other documents the bank may require.


Since the limited company stays as a separate legal entity, it must have its corporate bank account. Limited companies must not use a personal bank account for their business expenses.


While there is no guaranteed answer to this question, firms can undertake specific ways to lessen the odds of happening.
• Issuing an audit statement
• Keeping an active business bank account in Hong Kong
• Maintaining a detailed record of uncommon deals
• Upholding updated contact details

The Hong Kong Inland Revenue Department (“IRD”) also requires Hong Kong companies to submit Profits Tax Return together with Audited Financial Statements and Profits Tax Computation.

This is where our full suite of accountancy services in Hong Kong comes in. When you outsource your accounting, auditing, and bookkeeping to our firm, we will ensure that our services are high-quality, well-priced, and (most importantly) fulfill all legal and tax filing requirements in Hong Kong.

Contact us now to hire accountancy services in Hong Kong.


• Bad or poor personal credit standing
• High-risk industry type
• Registered company location
• Stricter auditing methods enforced by banks in Hong Kong
• Suspicious transactional activities
Note that each bank has its group of standards and guidelines. So, if a bank refuses the bank account application, it does not denote the same outcome at another bank.


Successful companies in Hong Kong generally receive bank perks as follows:
• Online banking
This benefit enables firms to manage their banking affairs via the bank’s digital platform. Note, though, that the features and user-friendliness greatly vary per platform. So, it is best to check the venue ahead of the business bank account application to steer clear of any surprises.
• Multi-currency account
Since Hong Kong is a financial center in Asia, most commercial bank accounts exist in multi-currency. This quality is convenient if the company accepts and disburses payments in various currencies. On top of that, it helps save money on foreign exchange commissions.
What are the realistic pitfalls in the services offered by Hong Kong banks?
• Payment card
Generally, banks issue payment cards for use only for Hong Kong ATM withdrawals and payments.
• Poor customer service
Perhaps, the best way to get an answer to any question about the business bank account is personally going to the bank. However, when calling customer support by phone, a lot of time is wasted listening to a long-recorded message, being transferred to an extension, and waiting to talk to a human customer service representative.


It usually takes one or two months for Hong Kong banks to process a business bank account application.


• Massive due diligence outlay from new companies
For innovative firms fostering new business standards or creating novel products, it stands more challenging for conventional banks to cope with the cost of due diligence. As a result, banks opt to stay prudent by declining applications for a business account from such firms in preference to allocating more resources to conduct background checks.
• Strong anti-money laundering measures
Due to the frequency of fraud encountered by multinational financial institutions in Hong Kong recently, the Hong Kong Monetary Authority (HKMA) boosted its anti-money laundering measures in support of banks. As a result, businesses now face broader compliance checks when opening and utilizing a Hong Kong bank account.