Whether you're a private individual or a business owner, you should know about the opportunities offered by opening a bank account in Hong Kong. Hong Kong is one of the most attractive financial centres in Asia due to its stable banking system, convenient tax environment, wide access to international markets, etc. So today Icon.Partners will explain how to open a bank account in Hong Kong.
Why Open a Bank Account in Hong Kong?
Strategic Financial Hub for International Business
Hong Kong, as a strategic financial hub, provides businesses with access to the markets of China and Asia, while remaining a separate financial jurisdiction with its own currency policy. Opening an account will allow you to conveniently manage multi-currency transactions, make transfers to different countries with minimal restrictions, and most importantly, work with investors and partners around the world.
Multi-Currency Accounts and Global Accessibility
Hong Kong banks allow their clients to open accounts in various currencies, including USD, EUR, CNY, which is certainly convenient for companies operating internationally. International online banking is able to provide access to accounts from anywhere in the world, which is extremely important in the context of constant movement and search for partners.
Stable Banking System and Strong Regulatory Framework
The Hong Kong Monetary Authority (HKMA) has a clear regulatory framework that ensures the stability and transparency of the financial sector, and financial institutions adhere to international standards and procedures. Therefore, companies that value the protection of their funds prefer to open a bank account in Hong Kong.
Who Can Open a Bank Account
in Hong Kong?
Requirements for Residents vs Non-Residents
Opening an account as a resident will not be a problem, as long as you have your ID and proof of address. For non-residents, the situation is a bit more complicated, as in addition to ID, proof of address and the right to stay, you often need to provide documents on the source of funds, a letter of recommendation from the bank of your country of residence, etc.
Can Foreigners Open a Bank Account Remotely?
or foreigners, opening a bank account in Hong Kong from abroad is not an easy task, unless you enlist the help of Icon.Partners.
Traditional banks accept applications from non-residents, often with mandatory personal presence and identity verification. A remote process for non-residents may be available with the help of licensed intermediaries or fintech platforms.
Suitable Options for Offshore and International Clients
International clients can use the services of private banks or banks with branches specialising in servicing offshore companies. Such institutions provide their clients with a convenient multi-currency account infrastructure, reduced currency risk and the ability to open an account for companies registered outside the Hong Kong jurisdiction.
Types of Accounts Available
Personal Current Accounts
Opening a personal bank account in Hong Kong will be appropriate if you want to keep your funds in a stable financial system, as well as if you need a multi-currency account, access to online banking and international transfers. Don't forget to bring the above-mentioned documents with you, as you won't be able to open an account without them.
Business and Corporate Bank Accounts
Opening a corporate bank account in Hong Kong will help companies manage business operations, receive and make payments, and pay salaries. Companies with foreign registration can also open such accounts. Most often, to open such an account, banks will require an approved list of documents.
Offshore and Fintech Alternative Accounts
As we have already mentioned, it can be difficult to open a business bank account in Hong Kong due to high document requirements or the need for a personal visit. In such cases, companies can use offshore or fintech accounts as an alternative. Such accounts are opened with non-bank institutions, often without the requirement of physical presence, and can support cryptocurrency transactions. This choice is often suitable for startups, international companies and freelancers. So, this is how you get an offshore bank account in Hong Kong.
Documents Required to Open a Bank Account
For Personal Accounts
To open a bank account in Hong Kong, an individual usually needs to provide a valid Hong Kong resident ID, proof of address (this can be a utility bill, bank statement, etc.) and a completed application form. Some banks include a personal meeting or additional documents in the process.
For Business and Corporate Accounts
To open a corporate bank account in Hong Kong, you will need to provide, among other things, certified copies of the company's certificate of incorporation, proof of residency address from all directors, shareholders holding more than 10% of shares, nominee and beneficial owners, as well as the address of the business, proof of sources of funds, KYC documents, proof of business activity and additional documents (description and nature of the business, company overview, etc.).
Additional Documents for Non-Residents and Overseas Applicants
As we have already mentioned, for some applicants from abroad or non-residents, it is also necessary to attach certified copies of ID, documents proving residence address, right to stay in the country (if applicable), information on sources of funds and even a letter from another bank where an account has already been opened, and additional appointments may be made.
For corporate foreign clients, a thorough check of the structure of the companies and the persons involved is carried out. Also, opening a bank account in Hong Kong online is not always available to such applicants. Icon.Partners will help you assess your specific situation and find the best solution.
Step-by-Step Guide: How to Open a Bank Account in Hong Kong
So, let's summarise and describe the process of opening a Hong Kong bank account:
1. First, choose a bank or service provider to open a bank account in Hong Kong, as well as the type of account, compare the requirements, fees and available services;
2. Prepare all the necessary documents that we have mentioned above;
3. Fill in the bank application form and pass KYC check;
4. At this stage, you have to wait for the bank's decision (it may take a few days or a few weeks, depending on your situation);
5. Get access to the account and feel free to do business!
And to make everything go quickly, clearly, and without problems, entrust the process to Icon.Partners.
Bank Fees and Minimum Deposit Requirements
Initial Deposit and Minimum Balance
Bank account terms and conditions in Hong Kong often require their customers to make a minimum deposit when opening an account, as well as to have a balance at the end of the month. The amount of the deposit will primarily depend on whether it is a personal or corporate account. Some banks also charge additional fees for closing newly opened accounts.
Setup, Maintenance, and Closure Fees
Some Hong Kong banks charge a one-off account opening fee (often applied to non-residents or companies with complex business structures). Generally, monthly account maintenance fees range from HKD 50 to HKD 500, and closing an account within a short period of time (after 3-6 months from the date of opening) may result in mandatory fees.
Tips to Reduce Banking Costs
In order to avoid paying extra to banks, follow the minimum account balance requirements, use online functions and avoid additional fees, and most importantly, choose banks with transparent terms and conditions. Not sure how to choose? Don't hesitate to contact Icon.Partners!
Best Banks and Alternatives for Foreign Businesses
Traditional Banks Accepting Overseas Applications
Large banks, such as HSBC, Citibank, ICBC, DBS, Bank of China, open accounts for foreign companies, but it is necessary to meet with a bank official. In addition, it is necessary that the company's director has a Hong Kong ID or a work visa, or that the company is engaged in business related to China or Asia, or that the company has an office in Hong Kong. This is due, among other things, to KYC procedures.
Fintech Solutions for Fast, Remote Setup
Fintech platforms allow their users to open a business account in Hong Kong online, without the need for a physical visit. The process is much faster, and the requirements for documents have been greatly simplified. The lower cost of maintenance is also a pleasant factor. All these factors attract businesses that work remotely, such as startups, freelancers and IT companies.
Comparing Statrys, Neat, Airwallex and Others
Fintech platforms Statrys, Neat, and Airwallex help companies do business in Hong Kong. Statrys has a user-friendly interface for small businesses and personalised support. Neat (part of Rapyd) provides services for startups, offers multi-currency accounts, corporate cards, but has some industry restrictions. Airwallex is chosen by companies that need to conduct global transactions in different currencies. You should also remember about Transwap and Currenxie.
The best choice will always depend on your business goals and specifics!
Opening a Hong Kong Bank Account Online with ICON.PARTNERS
Icon.Partners are legal professionals who will guide you through the process of opening a bank account in Hong Kong online.
First, we will meet with you online, analyse your needs and identify available options, describe the requirements, options, prices, etc. Then we will ask you for the necessary documents, help you fill out the application and contact the banking institution, communicate with them on all necessary issues in the process, respond to queries and keep you informed. You will be involved in all the important nuances of the process and will be able to observe our work. The process will take place online and in the shortest possible time.
As a result, you will receive the highest quality services for opening a bank account in Hong Kong.
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"Their adept use of technology for communication and project management streamlined the entire process."
Thanks to Icon.Partners' efforts, the client was able to integrate with major platforms, such as Google, Facebook, and Stripe, and optimize their platform. The team was highly supportive and responsive from a workflow standpoint, and internal stakeholders were particularly impressed with the service provider's flexibility, professionalism, and technical prowess.
Oleksandr Platonov
CEO, VorfahrQR UG
Germany📍
Apr 10, 2024
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