How to open a bank account in Hong Kong?
Are you currently looking into how to set up a company in Hong Kong and starting to wonder about opening a bank account?
This step can be more challenging than the registration itself. It is therefore important to understand the situations that may complicate opening the account, the possible alternatives, and the supporting documents to prepare.
Is it difficult to open a bank account in Hong Kong?
Since 2016, it has become more difficult to obtain a bank’s approval in Hong Kong to open an account.
No advisor can guarantee that an application will be accepted: the final decision depends on the bank’s Compliance Department.
In which cases can opening an account be more difficult?
No commercial activity in Asia
A case can be more difficult to defend when there is neither a client nor a supplier in Asia.
Activity related to certain countries
Difficulties may arise in particular when the company’s activities are connected with certain countries: Morocco, Tunisia, Libya, Algeria, African countries other than South Africa, Thailand, Laos, Cambodia, Vietnam...
Partners associated with these jurisdictions
You may also encounter difficulties if one of your associates resides in or has connections with one of these countries.
Is it necessary to open a bank account in Hong Kong?
No, having a bank account in Hong Kong is not mandatory to operate a company registered there.
When the banking circumstances allow it, a local account is nevertheless simpler for managing the business.
Two alternatives when a local bank account is difficult to obtain
A bank located outside Hong Kong
A company without customers or suppliers in Europe can start with a bank located outside Hong Kong. The firm works in particular with a bank in Switzerland.
After 6 months, you will have the necessary supporting documents to apply to open an account with a bank in Hong Kong.
A Fintech in Hong Kong
It is also possible to open an account in Hong Kong with a Fintech. This solution is more limited - for example, you will not be able to obtain a bank loan - but it has two advantages.
The process is quick, and you do not need to travel to open the account. After 6 months, you will also have the required documents to apply to open an account with a bank in Hong Kong.
What documents should I prepare to open a bank account?
Original company documents
Original documents certified by a HKCPA.
Passport
The passport is one of the personal documents required for the application.
Proof of address
Prepare a proof of address issued within the last 3 months.
Proof of activity
Paid invoices, signed contracts, and bank statements from the last 6 months related to activity in Hong Kong or China.
What steps are required to open a bank account in Hong Kong?
Finalize the company registration
The company must be registered before the bank appointment so that the account-opening documents can be signed.
Schedule an appointment with a banker in Hong Kong
The appointment is mandatory and cannot be conducted remotely.
Attend the bank appointment
The appointment lasts about 1 hour. The banker reviews the application, supporting documents, and the company’s business activity.
Wait for account validation and opening
Once the documents have been signed, opening the bank account can take up to 1 month.
See also about company formation in Hong Kong
The procedure to follow to launch your business in Hong Kong
View all the steps from the first contact through account opening.
Timeframes for setting up a company in Hong Kong
Find out the registration and bank account opening times.
What documents are required?
Prepare the documents required for the company and bank account.