Opening a Business Bank Account in Hong Kong: What You Need To Know

Opening a business bank account in Hong Kong is essential for managing your company’s finances and ensuring smooth transactions. 

However, the process can seem complicated, especially with different banking options and documentation requirements. 

In this article, we’ll walk you through the key considerations, from choosing the right type of bank to understanding the fees and documents required for account opening. 

We’ll also explore alternative banking solutions for non-resident businesses and provide practical tips for minimising banking fees. Whether you’re a startup or an established business, this guide will help you make informed decisions about opening a business bank account in Hong Kong.

Choosing the Right Type of Business Bank Account in Hong Kong

When deciding on a business bank account in Hong Kong, you have a few options: traditional banks, neobanks (virtual banks), and fintech solutions. 

Conventional banks offer in-person services and more complex financing options, making them suitable for larger or more established businesses. 

On the other hand, virtual banks are ideal for small or foreign businesses due to their low fees, fully digital setup, and quicker account opening process.

They can also offer more flexible solutions for businesses that deal with frequent international transactions, such as multi-currency accounts and easy integration with financial software. Choosing the correct type of account is essential based on your business’s size, structure, and international operations.​

Requirements for Opening a Business Bank Account in Hong Kong

Opening a business bank account in Hong Kong involves preparing several documents. While the exact requirements vary by bank, here’s a list of commonly required documents:

• Certificate of Incorporation
• Business Registration Certificate
• Articles of Association
• Proof of identity for directors, shareholders, and ultimate beneficial owners (passport or HKID)
• Proof of address for key individuals
• A business plan outlining the company’s operations
• A board resolution authorising the account opening

For foreign businesses, additional documents may be necessary, such as an organisational chart and contracts with suppliers or clients. Neobanks typically require fewer documents and offer a faster approval process, but traditional banks often require in-person meetings and certified copies of certain documents.​

Understanding Banking Fees and Charges

Hong Kong banks charge various fees, and it’s essential to understand the costs involved to avoid unexpected charges. Typical fees include:

• Account maintenance fees: HK$200 to HK$500 per month for traditional banks; virtual banks usually charge less or waive these fees altogether.
• Transaction fees: Costs per transaction, which vary depending on the type and volume of transactions.
• International transfer fees: Traditional banks often charge HK$100 to HK$260 for international transfers, while fintech providers like Wise offer lower fees by using the mid-market exchange rate.
• Other hidden fees: Account inactivity fees, early closure fees, and ATM withdrawal charges.

To minimise fees, businesses can opt for virtual banks or fintech services, which generally offer more affordable rates for international transactions.​

Alternative Banking Solutions for Foreign and Non-Resident Businesses

Opening a traditional business bank account in Hong Kong can be challenging for non-resident businesses due to stringent compliance and KYC (Know Your Customer) regulations. 

On the other hand, virtual banks and fintech solutions offer more flexible alternatives, especially for foreign businesses. These institutions typically feature fully online application processes, require fewer documents, and can open accounts in as little as 3 to 7 business days. 

Fintech providers are becoming increasingly popular among non-resident businesses seeking to bypass the lengthy procedures of traditional banks. These platforms also allow seamless management of multi-currency accounts, making them ideal for companies with global operations. 

A notable example is the Aspire Business Account, which, in addition to the benefits above, offers a 100% digital process, same-day account opening, and helps businesses avoid unnecessary foreign exchange (FX) fees—delivering both speed and cost-efficiency for international transactions.

Where To Next?

Opening a business bank account in Hong Kong is a critical step for managing your company’s finances, whether you’re a local startup or an international company. 

By understanding the different banking options, required documents, and potential fees, you can choose the solution that best fits your business needs. 

For non-residents or those seeking faster account openings, virtual banks and fintech solutions provide a compelling alternative to traditional banking.

Contact us at InCorp Hong Kong today to learn more about how we can assist you with incorporating your company and opening a business bank account. Our team can provide personalised support to ensure a smooth and hassle-free process.