Starting your business in Hong Kong is easy if you have all the right tips, especially when opening up a bank account.
We have compiled a to-do list to help you maximize your success rate when setting up a bank account in Hong Kong.
Given the rate of fraud experienced by multinational banks in recent years, Hong Kong Monetary Authority (HKMA) has strengthened its anti-money laundry measures for banks. Businesses now face more comprehensive compliance checks in the case of opening and using a bank account in Hong Kong.
For innovative businesses that are developing new business models or creating new products, it is more difficult for traditional banks to manage the due diligence cost. In this regard, banks will stay prudent and decline the business account applications from such businesses, instead of allocating huge resources to perform background checks.
This has given rise to the use of digital bank accounts as alternatives to traditional banking providers.
Start-ups and SMEs are seen to embrace the flexibility of digital bank service providers, enabling secure access to financial services and a more streamlined account opening process.
As a business builder, the FastLane Group knows the importance of having access to financial services. We have assisted hundreds of companies set up their digital and local bank accounts.
Through our partner network, the FastLane Group can help you get your business account set up and running!
|Name of Commercial Bank||Initial Deposit|
|DBS Bank (Hong Kong)||HKD 20,000|
|Bank Of East Asia||HKD 10,000|
|Hang Seng Bank||HKD 50,000|
|Standard Chartered||HKD 200,000|
*Disclaimer: The information is subject to change and the information shown is for reference only.
Compared with other jurisdictions, Hong Kong enjoys a straightforward accounting opening process, which normally takes around 2-4 weeks.
Here are some tips to make your due diligence process hassle-free, which makes it easier for banks to say “Yes”:
In short, the more detail you have, the better.