top of page

Opening a Corporate Bank Account in Hong Kong

Opening a corporate bank account in Hong Kong is a straightforward process, offering various options from both international and local banks. This guide details the requirements, procedures, and features of corporate bank accounts across major banks in Hong Kong.

Account Opening Requirements

To open a corporate bank account, companies typically need to submit the following documents:

  • Bank Account Opening Form: Completed and signed by authorized signatories.

  • Board Resolution Extract: Approving the opening of the bank account.

  • Certificate of Incorporation: Certified true copy issued by the Companies Registry.

  • Business Registration Certificate: Certified true copy issued by the Inland Revenue Department.

  • Articles of Association: Certified true copy.

  • Director Declaration: Personal particulars of directors and principal shareholders.

  • Identity Documents: Copy of Hong Kong identity card or passport and proof of residence for directors, authorized signatories, principal shareholders, and beneficial owners.

  • Specimen Signatures: List of authorized signatories.

  • Proof of Business: Business plan or audited financial statements.

  • Organization Chart: Certified copy showing shareholdings and ultimate beneficial owners.

  • Trust Documents: For trusts, a certified copy of the trust deed detailing trustees, settlers, and beneficiaries.

Other Requirements:

  • Initial Deposit: An initial minimum deposit is usually required.

  • Presence in Hong Kong: Most banks require directors, signatories, and principal shareholders to be physically present in Hong Kong, though some allow signing at overseas branches.

Features of Corporate Bank Accounts

Feature

HSBC

Hang Seng Bank

Bank of East Asia

HK$ Current Account Availability

Yes

Yes

Yes

Foreign Currency Account Availability

Yes

Yes

Yes

Initial Deposit

HK$5,000 (HK$ and foreign currency)

HK$50,000 (HK$ and foreign currency)

HK$5,000 (HK$ and foreign currency)

Average Monthly Balance

HK$500,000 (HK$ and foreign currency)

HK$50,000 (HK$ and foreign currency)

HK$5,000 (HK$ and foreign currency)

Monthly Fee

HK$75 - HK$150

HK$150

HK$50

ATM Card Availability

Yes

Yes

Yes

Default ATM Withdrawal Limit

HK$20,000

HK$20,000

HK$20,000

Chequebook Facility

Yes (HK$ and US$)

Yes (HK$ and US$)

Yes (HK$ and US$)

Credit Card Availability

Yes

Yes

Yes

Internet Banking Facility

Yes

Yes

Yes

Internet Transfer Limits

HK$500,000 - HK$1 million

HK$500,000 - HK$5 million

HK$50,000 - HK$2 million

Business Insurance

Yes

Yes

Yes

Business Loans

Yes

Yes

Yes

Trade Finance

Yes

Yes

Yes

Account Setup Fee

HK$100

HK$100

HK$150

Considerations When Choosing a Bank

When deciding on a bank for your corporate account, consider the following factors:

  • Bank Reputation: The credibility and reliability of the bank.

  • Services and Facilities: Range of services offered such as trade financing, business loans, and insurance.

  • Support Services: Availability of future support like loans or trade financing.

  • Minimum Deposit Requirements: Initial and ongoing deposit requirements.

  • Internet Banking: Accessibility and features of online banking.

  • Monthly Fees: Any applicable monthly maintenance fees.


Opening a corporate bank account in Hong Kong involves careful consideration of your business needs and the services offered by different banks. By understanding the requirements and features, businesses can choose the bank that best suits their needs, ensuring efficient financial management and compliance with local regulations.

Can Woodburn help you?

 

Woodburn Accountants & Advisors is one of China’s most trusted business setup advisory firms.


Woodburn Accountants & Advisors is specialized in inbound investment to China and Hong Kong. We focus on eliminating the complexities of corporate services and compliance administration. We help clients with services ranging from trademark registration and company incorporation to the full outsourcing solution for accounting, tax, and human resource services. Our advisory services can be tailor-made based on the companies’ objectives, goals and needs which vary depending on the stage they are at on their journey.

 

Talk to an expert


Schedule a 30-mins complimentary, no-obligation call to see how Woodburn can help you. Book a call with our Head of Business Advisory - Kristina Koehler-Coluccia.

Topics we can advise on include:

  • Company Registration

  • Cloud Accounting & Financial Reporting

  • Cloud Payroll Services

  • Tax & Audit Services

  • Recruitment

  • Employer-of-Record

  • Visa Application

  • Trademark Registration

  • Switch to Woodburn

  • Partner with Woodburn (cross referral)  

Our calls are automatically scheduled via Zoom - or via Teams, WeChat or WhatsApp upon direct request. 

Our advisory calls are available from Monday-Friday from 8am to 5pm CEST and Wednesday until 9pm CEST.

 



Comments


Woodburn Accountants & Advisors is one of China and Hong Kong’s
most trusted business setup advisory firms

bottom of page