Open Company Bank Account Hong Kong Online, 100% Success | AsiaBC (2024)

Business101 : Open a business bank account — this should be every entrepreneur’s golden rule while handling their company’s finances, but many entrepreneurs are still intrigued as to WHY?

It may not yet be a requirement to open company bank account for your small business at the moment, but doing so at this point is a wise and ideal step so you can take advantage of the different benefits it offers.

Learn to navigate the business world with this entrepreneur-friendly guide to company bank account opening :

Commercial entrepreneurs and sole proprietors often use business bank accounts to manage their company’s finances more efficiently. Opening a business bank account allows you to quickly pay staff salaries, receive and issue payments, and keep track of your cash flow.

Reap the benefits when you open your corporate bank account, like having fewer tax problems since you can instantly pinpoint the transactions made in your account, easily track your expenses and monitor your spending. Opening company bank account also helps you improve your credit standing with banks and take advantage of different perks, including business loans, corporate credit cards, etc. Plus, owning a corporate bank account gives you a more established and credible image when you issue a check to your partners, suppliers, and employees with your business name.

But choosing the most fitting financial institution for your company can be challenging and confusing. There is no easy way to determine which platform is “better”, as each might provide a range of advantages based on your preferences and requirements when talking about opening a corporate bank account.

Try to narrow down your bank choices by looking at their years of experience to see how they handle specific banking concerns and needs. Also, it shows the bank’s credibility in the field. Be sure to check their accessibility through bank branches and online platforms, minimum deposits, service fees if there are additional charges and what they are for, and other services like 24/7 customer support, bank relationship managers, online banking, etc.

Hong Kong banks are slowly adjusting to the pandemic’s new normal and starting to conduct company bank account opening online. But this remote way is still not widely adopted because some banks tend to stick with the original KYC procedure. Currently, Citibank is one of the few banks that allows to open company bank account online. While there are no nationality restrictions for company directors and shareholders, Citibank accepts specific business nature like technology, media, and telecom (TMT) that operates in Hong Kong or Singapore.

To open company bank account online with Citibank, companies must present their completed application form with their physical address in Hong Kong, incorporation documents, and a certified true copy of their Business Registration Certificate. To increase the chances of approval, be ready to prepare a KYC personal certificate, bank references, information about the proposed business activity, a business plan, a website, business proof such as invoices, and a certified true copy of the passports of all directors, beneficial owners, and shareholders who own 10% or more of the company’s shares.

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Hong Kong is one of the best urban cities in the world to launch a business. The region’s simple, secure, exceptional business climate and low-tax collection framework are a few factors that help international businesses‘ growth.

Hong Kong‘s secure and stable financial point makes the city a great alternative for foreign investors and entrepreneurs to incorporate a business. But more than that, HK has a pool of skilled and versatile workforce, a unique geographical location with easy access to mainland China and neighboring countries. Plus, it has a competitive tax rate of 8.25% or 16.5% depending on the assessable profits, and a quick and easy company formation process.

Learning the different company structures in Hong Kong helps you manage tax regulations and develop effective expansion strategies. A limited Liability Company (LLC) is the most common structure formed in Hong Kong since it is less risky and safeguards the business‘s assets against risks and liabilities. Start elevating your venture‘s image in Hong Kong by choosing a company name that best represents your business. It can be in Chinese, English, or both as long as another company does not use it, and ensure to register it with the public authority for protection. Now, you are ready to open corporate bank account to fund your business needs. Present your company incorporation documents, certified true copy of your Business Registration Certificate, and prepare all supporting documents such as business plan, website, contracts or agreements, and invoices to get your application approved more easily.

Hong Kong is a focal point of the worldwide monetary centre, housing more than 71 global banks with a FOREX trade amounting to US$274.6 billion. This Asia‘s Financial Hub provides a safe, secure, and competitive banking service environment with various financial institution alternatives to support overseas business owners including FinTechs and Virtual Banks.

FinTech is not a bank per se but a common go-to alternative to traditional banking since newly established companies can make use of it to open a multi-currency account remotely and instantly to perform global transfers while their formal bank account is still in process. Moreover, FinTechs in Hong Kong ensure your financial safety and security as they are partnered with licensed custodian banks, regulated by the Hong Kong Monetary Authority (HKMA), and covered by the Deposit Protection Scheme.

On the other hand, Virtual Bank is a formal bank that works like Traditional Banking but in a digitized version where products and services are all performed online, making them accessible to all users anytime, anywhere. Its only difference from traditional banks is that it does not have any physical branches but is also regulated by the HKMA to ensure your money‘s safety.

An overseas bank account is another option entrepreneurs may choose. These are bank accounts opened in a jurisdiction different from where the business owner is located but still provide the same features — multi-currency accounts without high fees, issuing credit or debit cards, and offering discounted international payments.

Opening a business bank account in Hong Kong is simple. After filling out the online application form with your signatures and submitting the required documents, a bank officer will schedule a video call interview to verify your application within 7 to 20 working days. However, keep in mind that Hong Kong banks strictly comply with the Know-Your-Client (KYC) process and might require you to send a KYC certificate and due diligence documents along with a certified true copy of directors, beneficial owners, and shareholders‘ passports and bank references.

Hiring a local agency to assist you with your bank account opening can enhance your success rate and save you serious time and effort. AsiaBC‘s specialists can offer a pre-assessment to check if your company profile matches our partnered banks‘ client appetite and help you build a custom-fit application that will suit their preferences.

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Are you having second thoughts about exploring new global financial markets because of the lengthy and tedious procedures of opening a corporate bank account? Constantly wondering how to shorten the amount of time spent just getting a bank account? Are there any alternatives besides traditional banks? If your answer to these questions is a big YES, learn about the available FINTECH OPTIONS for your business now: Airwallex, Currenxie, Neat, Statrys, Payoneer, and WorldFirst and how they make your life a little easier.

Opening a company bank account is the greatest challenge small-scale digital nomads face that hinders them from achieving their entrepreneurial goals. The global pandemic has made it difficult for entrepreneurs to manage their businesses and travel to other countries. Fortunately, Hong Kong’s FinTech platform system is on the rise contributing to the city’s rapid development. Opening the company’s banking account online has become more popular since it does not require flying to the town.

This modern era offers various digital banking platforms that can be overwhelming and confusing for entrepreneurs to choose which suits their business best. To help you have a clearer picture, we have picked the top 6 FinTechs and listed the essentials you need when looking for the right financial partner :

Airwallex — Best for clients who need to trade globally, both online and offline. It offers a multi-currency account from HKD, USD, EUR, RMB, and 7+ more, does not require opening and monthly fees, and has ZERO minimum balance.

RD Technologies — The perfect solution for businesses who transfer money locally through FPS or overseas via wire transfer. RD Tech’s wallet-to-wallet transfer instantly sends and receives money. Plus, accessible with currencies HKD, CNY, USD, JPY, EUR, and more. Enterprises from HK, Commonwealth and EU countries or any country providing company registry search are welcome to apply.

WorldFirst — Perfect alternative for Asian companies who need a digital banking account in 48 hours to start a global business from HK, SG, or CN. It’s a multi-currency account in HKD, USD, EUR, GBP, and 6+ more. Plus, it has no opening and monthly fees, and ZERO minimum balance requirement.

Currenxie — Recommended for entrepreneurs who need a quick domestic account in the EU, UK, US, CA, or AU within 3 days. Approved by the Amazon PSP and supported by Payout API and Foreign Exchange Contract (FEC). It is also a multi-currency account with HKD, USD, EUR, RMB, and 16+ more, has no opening and monthly fees, and ZERO minimum balance requirements.

Statrys — A multi-currency account in HKD, USD, EUR, GBP, and 7+ more made for business owners who make international payments and are looking for quality customer service. It only needs your Business Registration and director’s passport when opening. There is no opening fee except for special cases depending on incorporation location and/or company structure complexity. The monthly fee is HK$88, with unlimited incoming payments and no transaction limit in the Statrys account.

Neat — If you are looking for a FinTech with a debit card to run online and offline corporate expenses, Neat is for you. A multi-currency account from HKD, USD, EUR, and GBP. It has no opening or monthly fees. Plus it requires ZERO minimum balance.

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Keeping your business and personal accounts separate has become a ground rule when running a venture, which makes getting an official company bank account an essential step to properly manage your business and its finances. However, it is pretty challenging for international entrepreneurs to find a suitable banking location that meets their corporate banking needs when the global business community adapts to the new normal of COVID-19.

Opening a business bank account is more than keeping your company’s income. It helps you easily organize your bookkeeping records to track and manage your cash flow, gives your accountants comprehensive financial entries for tax reporting, and creates a credible and professional image your future investors and suppliers will trust.

As Asia’s Financial Hub, Hong Kong has top-tier financial institutions that continue to attract international entrepreneurs to establish offshore companies in the city.

Corporate bank account opening in Hong Kong ensures that your business funds are safe and secured with their Deposit Protection Scheme and lets you transact globally using USD, EUR, JPY, CNY, AUD, NZD, HKD, and more. Plus, you can take advantage of Hong Kong’s Free Trade Policy, enjoy tax exemptions for the interest rate earned, and conveniently transfer and receive payments using their internet banking, phone banking, and mobile applications.

Hong Kong banks strictly comply with the Know-Your-Client (KYC) procedure to screen out applications and properly establish their client’s source of funds and expected transactions. This process makes it challenging for international entrepreneurs to open a company bank account online in Hong Kong.

Overseas bank accounts have been an excellent alternative for startups and SMEs to continue doing global business. Singapore, Malaysia, Mauritius, St. Kitts & Nevis, Switzerland, the United States, and Puerto Rico are a few banking destinations that can help you secure your venture a corporate bank account.

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It can be challenging to choose which banking services suit your company’s needs with different platforms available in the market, while using a personal bank account to run your business smoothly is a big NO-NO.

A business bank account mainly separates your company’s funds from your personal ones. It allows you to track your expenses easily, receive payments under your company name, manage employee pay, and simplify tax reporting. Moreover, it gives your clients and potential investors the impression that you own a legitimate company with a more credible image.

The business community continues to evolve, and adapt diverse money platforms to support a business owner’s financial needs.

Traditional Banking — The most common financial institution for entrepreneurs. It offers various financial products, from savings, trust funds, business checking accounts to investment vehicles.

But traditional banks may have low or no interest rates at all for account owners, and collect various banking fees like cancellation fees, hidden charges, etc.

Virtual Banking — A kind of bank platform in a digitized version. Its products and procedures work similarly to Traditional Banking but done online, so Virtual Bank is also a type of official banks. It only differs in client interaction since it does not have any physical branches but allows you to access your account anytime, anywhere, using their 24/7 online services.

While this is an efficient way to send and receive payments, it can still cause a delay with your money deposits due to scheduled maintenance or unexpected system glitch in their website or apps.

FinTechs — From the words ‘Finance’ and ‘Technology’, it is a popular banking alternative that uses technology to enhance or automate financial services, products, and processes. Like Virtual Banks, they refrain from charging additional costs and connect physical and digital payment methods to link multiple bank accounts or cards.

However, the system and information can be prone to hackers if not properly handled. Also, compatibility might be an issue as developers use different programs.

Keep in mind that FinTechs are not technically a bank but serve as a good alternative while waiting for your formal corporate account. Additionally, FinTechs in Hong Kong are partnered with licensed custodian banks, regulated by the Hong Kong Monetary Authority (HKMA), and covered by the Deposit Protection Scheme to ensure your financial safety and security.

Hong Kong’s lineup of Traditional Banks, Virtual Banks, and FinTechs continues to adapt to their clients’ needs to make the overall banking experience more convenient.

To open a company bank account in Hong Kong, it can be as easy as submitting a filled-out application along with the bank’s requirements. But not to waste your precious time and efforts, it is suggested to seek advice from a reliable local agency first to know the success rate of your specific business background, and how to enhance the chances of approval.

Take advantage of AsiaBC’s 3-minute Bank Account Success Likelihood Test and get to know the right banking partner for your business in no time. You can also read more in our blog to find out each platform’s essential documents to open your company bank account online with flying colours.

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