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Bank Account Opening

Top tips for opening a bank account in Hong Kong

Maximize your bank opening success rate with FastLane


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.

What are the usual hurdles faced when opening a corporate bank account in Hong Kong?

Strong Anti-money launching measures

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.

Huge Due diligence cost from new businesses

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.

How can Fastlane help?

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!

Want to know how to speed up the bank account opening process?

Contact us Now

Requirements for successful bank account opening in Hong Kong:

  • A bank account opening form accurately filled out with authorized signatures
  • Certified copy of Certificate of Incorporation and the Articles of Association of the company issued by the Companies Registry
  • Board resolution approving the opening of the bank account in Hong Kong
  • Business plan or audited financial statements
  • Official Business Registration Certificate issued by the Inland Revenue Department
  • Address proof which includes passport, driving license, bank statements, and utility bills less than two months old
  • A valid visa
  • A declaration showing details of principal shareholders and the directors

 

What is the minimum requirement for major banks?

Name of Commercial Bank Initial Deposit 
DBS Bank (Hong Kong) HKD 20,000
Bank Of East Asia HKD 10,000
HSBC HKD 50,000
Hang Seng Bank HKD 50,000
Standard Chartered HKD 200,000
Airwallex HKD 0
Aspire HKD 0

 

*Disclaimer: The information is subject to change and the information shown is for reference only.

 

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We offer a unique delivery model with technology that enables us to provide an unrivalled service which has successfully supported more than five hundred companies.

Normally how long does it take to open a company bank account in Hong Kong?

Compared with other jurisdictions, Hong Kong enjoys a straightforward accounting opening process, which normally takes around 2-4 weeks. 

 

How to make it easy for the bank to say “yes”?

Here are some tips to make your due diligence process hassle-free, which makes it easier for banks to say “Yes”:

  • Present your income as accurate as possible
  • Check if the bank allows stakeholders to sign at branches overseas
  • Have evidence of at least six months of operational income (Preferred)
  • In the case where income can’t be demonstrated, a business plan may suffice or help your application.

In short, the more detail you have, the better.

 

Get your business moving by setting it up correctly

Consider choosing a bank that is integrated with Xero to conveniently manage your finances. If you are seeking a partner to help with this, don’t hesitate to contact FastLane here.

 

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