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Incorporation refers to the legal process for establishing a company in any jurisdiction.

The relevant authority that oversees the process issues a certificate that serves as evidence that the company has been set up under the requirements of law.

Hong Kong law also requires local and foreign companies to follow the incorporation process and obtain a certificate of incorporation. This guide tells you everything you need to know about getting one.

What is a certificate of incorporation?

A certificate of incorporation is a legal document that records the date from which a company comes into existence. You can think of it as a birth certificate for companies. Since a government authority issues a certificate of incorporation, it also serves as a license for a company to operate.

In Hong Kong, only limited liability companies need a certificate of incorporation and the Companies Registry issues it. The certificate follows a standard format and contains information in English and Chinese.

Note that an incorporation certificate is different from acquiring a certificate of incumbency which contains the details of your company structure and validates its legal status. Moreover, while any independent third party can issue an incumbency certificate, only the Companies Registry has the power to issue a certificate of incorporation.

Additionally, incorporation certificates issued by Hong Kong Companies Registry are only valid in Hong Kong. You need a separate certificate of incorporation in case you want to set up a company in Mainland China.

Information within a certificate of incorporation

Your Hong Kong certificate of incorporation carries the following information:

Company registration number

Your Company Registration Number is a unique 7-digit number printed on the top left corner of the incorporation certificate.

This number acts as the ‘social security number’ of your company and is used for identifying your company in official and government records.

Official name

The company’s name appears in the middle of the certificate of incorporation.

Incorporation date

The date on which the existence of a Hong Kong company is officially entered in the records of the Companies Registry also appears on the incorporation certificate. It is above the signature of the Company Registrar.

This serves as the date of incorporation of the company.

Ordinance type

A specific section of the Companies Ordinance provides for the issuance of a certificate of incorporation to limited liability companies in Hong Kong.

The incorporation certificate mentions the same to prove that the business is indeed a limited liability company.

Certificate type

The words ‘Certification of Incorporation’ is printed right on top, below the logo of the Companies Registry.

This is a piece of important information as there are several other certificates such as ‘Certificate of Continuing Registration’ and ‘Certificate of Registration as a Trust Company’ that look similar to an incorporation certificate but serve a completely different purpose.

Company registrar’s name

Since the company registrar issues the incorporation certificate, their name also appears on the certificate.

Why your company needs a certificate of incorporation?

A certificate of incorporation validates the existence of a company.

It is a legal document that proves that your company has followed the due process of setting up a company as per the laws of the place where it intends to carry out business.

In fact, if you want to open a business bank account or apply for financial assistance or raise money from investors, you need to submit your certificate of incorporation.

Incorporating a company is advantageous for any business, as it:

• Establishes a distinct legal liability of the business and separates business assets from your assets
• Provides you with tax benefits; and
• Helps in maintaining the perpetual existence of your business so that it remains unaffected by the death of the owner

Difference between a certificate of incorporation and a business registration certificate

Any business that generates profit (including sole proprietorships, partnerships, branch offices, and representative offices) need registration with the Inland Revenue Department.

As part of the registration process, the Department issues a business registration certificate. Along with other details, the certificate also carries a unique 8-digit number known as the business registration number.

As per Hong Kong law, overseas companies doing business in the region need to register within 30 days of the commencement of operations. Failure to register on time attracts hefty fines.

Here are the key differences between a business registration certificate and a certificate of incorporation:

• While a certificate of incorporation contains the company registration number which serves as the company ID, a business registration certificate grants the business registration number which serves as the tax ID of the company.
• A certificate of incorporation doesn’t have an expiry date but a business registration certificate is only valid till the date specified on it.
• Even though the approval process of both certificates goes on in parallel, the issuing authorities are different.
  Companies Registry issues a certificate of incorporation whereas the business registration office of the Inland Revenue Department issues a business registration certificate.
• You can verify the authenticity of a certificate of incorporation using the Integrated Companies Registry Information System.
  But there is no such registry or platform available to verify the authenticity of a business registration certificate.
• The law mandates that businesses display their business registration certificate in a conspicuous place.
  However, there is no requirement for displaying the certificate of incorporation.

How can you obtain a certificate of incorporation?

Here’s what you need to do to obtain a certificate of incorporation:

Choose the type of company you want to incorporate

There are two types of limited liability companies you can choose from: you can either opt for a company limited by shares or a company limited by guarantee.

A company limited by shares means that the shareholder’s liability is limited to the capital they hold in the company. As per the Hong Kong Companies Ordinance, there is no minimum share capital required for incorporating a company limited by shares.

In a company limited by guarantee, each member acts as a guarantor for liabilities of the company for a specified amount.

Choose a name for your company

Decide on a name for your company. It can be either in English or in Chinese.

If you want to incorporate a company with a Chinese and an English name, both names will appear on the certificate of incorporation and act as the formal name of the company.

Ensure that the name is per the company name guidelines and is not in use already by other Hong Kong companies.

Fill in the application form

Fill in the relevant details in your incorporation form.

The fact that you need to fill in the details of your company secretary in the form highlights the importance of having a company secretary before you begin the incorporation process.

You also need to attach a copy of the Articles of Association of the company and the Notice for Business Registration to the Inland Revenue Department along with the form.

Submit the documents and pay the applicable fees

You can submit the form and supporting documents either online or in person at the Company Registrar’s office.

The fees vary depending on the mode of submission and whether the company is limited by shares or guarantees.

Here’s a breakup of the fees payable for private companies limited by shares:

Receive your certificate

In case of online submission of forms and documents, you will receive an electronic copy of the certificate of incorporation within an hour of submission.

In case of in-person submission, a hard copy of the certificate of incorporation is available for pick up within 4 working days of submitting the form.

Bottom line

As a limited liability company, a certificate of incorporation forms part of the constitutional documents that are necessary for a corporate entity that wants to do business in Hong Kong.

Want to get your company incorporated and get a certificate but unsure how you can get started?

Contact Air Corporate today. Our experienced team can guide you through the entire process and help you get incorporated with ease.

FAQs

What is the validity of a certificate of incorporation?

A certificate of incorporation remains valid till the company remains in existence. That’s why there is no expiry date specified.

If the company files for winding up or dissolution, the certificate of incorporation ceases to be valid.

Can I download a physical copy of the certificate of incorporation if I have submitted the documents online through e-registry?

You can order a certified copy of the certificate through the Companies Registry’s Cyber Search Centre or Company Search Mobile Service.

This service is available on payment of additional fees.

How to check if a company holds a certificate of incorporation?

You can use the Companies Registry’s online system ICRIS (Integrated Companies Registry Information System) to verify whether a company has an incorporation certificate.

This is a bilingual platform that allows you to confirm basic information about a company such as its date of incorporation and if there has been any change of name.

But you cannot download a copy of the incorporation certificate from ICRIS.

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Opening a bank account for your business is on top of your to-do list as soon as you register your business in Hong Kong.

Having a separate Hong Kong business account is necessary for most business structures and you cannot substitute your personal account for it.

But which bank is the best for opening a business account in Hong Kong? How do you distinguish between personal and business accounts? And can you open a corporate bank account elsewhere apart from a regular bank?

This guide tells you everything you need to know.

Difference between business accounts and personal accounts

The primary use of a business bank account is to help business owners hold and manage money that the business makes.

This includes paying various suppliers and employees, making tax payments, and receiving payments from customers.

There are various types of business accounts, such as:

• Business checking account
• Business savings account
• Certificates of deposits account; and
• Foreign currency accounts

On the other hand, personal accounts are meant for managing personal funds. You can use it for paying for any type of personal expense.

Why do you need a company bank account in Hong Kong?

Opting for a business account in Hong Kong has several advantages:

• A business bank account lends credibility to your business. This is especially important when you are just starting in a new country.
  Having a separate account means your customers and clients can directly pay your business instead of routing the funds to your personal account. This makes your business appear more professional.
• Business bank accounts offer tax benefits. The account holder doesn’t have to pay any tax on the earnings.
• Most banks in Hong Kong allow you to open a multi-currency bank account that makes it convenient to hold, send and receive various currencies from one account.
• Since there are no capital control laws in Hong Kong, you can freely transfer the deposits from your business account to accounts elsewhere in the world.
• Having a distinct business bank account offers protection to your business assets. In case your business fails to repay its debts, the assets in your personal account remain untouched.
• A separate bank account for your business makes it convenient to track expenses, keep an eye on your spending and avoid unnecessary expenditures.

Top 5 business bank accounts in Hong Kong

Choosing a company bank account in Hong Kong can be a task given that it is home to an extremely sophisticated banking and finance sector.

Here’s a roundup of the top 5 options you can consider:

1. Standard Chartered

Headquartered in London, Standard Chartered is a key player in the business banking services sector of Hong Kong.

Type of account offered:

It offers two types of corporate bank accounts: business and priority banking.

Both accounts support 11 major currencies.

Who can open an account?

To open a business bank account with Standard Chartered in Hong Kong, you should be one of the following:

• Sole proprietorship
• Partnership
• Limited company; or
• Owners incorporation

You are ineligible to open an account if your business is incorporated in a sanctioned country or operates in a prohibited sector.

How long does it take to open an account?

Can take several weeks to months

Minimum deposit requirements:

Nil

Account opening fees:

HKD 5,000

Currency conversion fees:

For receiving payments via telegraphic transfer, the fee is HKD 55. For outward telegraphic transfers, the fee is HKD 200.

2. DBS Bank

Headquartered in Singapore and the recipient of Hong Kong’s best international bank in 2022, DBS Bank is a top choice for businesses in the region.

Type of account offered:

It offers three types of business accounts :

• Business Entrepreneur
• Business Edge; and
• Business Edge Preferred

All accounts support 14 major currencies.

Who can open an account?

Any limited liability company, partnership, or sole proprietorship business that’s incorporated and registered in Hong Kong can open an account. However, the business shouldn’t have any corporate directors or partners.

How long does it take to open an account?

Within 2 to 3 working days

Minimum deposit requirements:

HKD 10,000 but no deposit fees for the first three months.

Account opening fees:

HKD 1200

Currency conversion fees

No fees if you use DBS Remit, an online overseas transfer service from the bank.

Otherwise, you need to bear correspondent bank charges plus handling and cable charges of DBS Bank.

3. Statrys

A virtual Hong Kong business account is an excellent alternative, especially if you are looking for more features and perks compared to what traditional banks offer.

And a fintech such as Statrys fits the bill perfectly. It also supports the remote application process and you can complete all formalities online.

Type of account offered:

Multi-currency business account

Who can open an account?

Any company registered in Hong Kong.

How long does it take to open an account?

Usually, less than 3 days

Minimum deposit requirements:

Nil

Account opening fees:

Nil

Currency conversion fees

For sending payments, the fee is HKD 75.

For receiving payments, the fee is HKD 55.

4.HSBC

As the largest bank in Hong Kong, HSBC is a good option for opening a business bank account. The HSBC business banking division has offerings for businesses in various stages of growth.

Type of account offered:

You can choose from three types of business bank accounts, namely HSBC Sprint, HSBC Business Direct, and HSBC BusinessVantage.

HSBC Sprint account is perfect for newly set up startups whereas Business Direct is more appropriate for growing SMEs.

For SMEs that have been around for a while, HSBC Business Vantage is a better choice.

Who can open an account?

HSBC allows all limited companies, partnerships, or sole proprietorships registered in Hong Kong and carrying out business operations in Hong Kong to open an account.

However, the business should not have any corporate directors or shareholders. But they should have up to 2 individual directors or authorized signatories.

How long does it take to open an account?

Within 3 days

Minimum deposit requirements:

• Average account balance of HKD 50,000 for HSBC Sprint and HSBC Business Direct account
• Average account balance of HKD 100,000 for HSBC Business Vantage

Account opening fees:

The fees vary depending on the type of business account you wish to open.

Typically, applicants need to pay HKD1,300 as account application fees.

The bank also levies additional fees for inactivity or account closure.

Currency conversion fees

You need to pay additional fees for any currency conversion.

It is usually HKD 65 for receiving payments and HKD 120 for sending payments to any other bank across the globe excluding HSBC bank in Mainland China.

5.Hang Seng

Hang Seng bank, partly owned by the HSBC group, is the second-largest retail bank in Hong Kong.

Type of account offered:

The bank offers two types of business accounts, depending on the type of business entity applying. These are:

• Biz Virtual+ account for startups; and
• Integrated Business Solutions account for established SMEs

Who can open an account?

The applicant can be an incorporated sole proprietorship, partnership, or limited company.

The applicant should not have any corporate shareholders and must meet the annual sales turnover requirement of the bank. The individual directors and authorized signers should hold HKID.

How long does it take to open an account?

Biz Virtual+ account: 3 business days

Integrated Business Solutions account: 5 business days

Minimum deposit requirements:

HKD 50,000 equivalent or above

Account opening fees:

The fees vary based on the type of business account you open.

Typically, for opening Biz Virtual+ account, applicants need to pay HKD 600 if they do it remotely and HKD 1200 if they do it in person.

For Integrated Business Solutions account, the fee is HKD 1200 for both remote and in-person applications.

Currency conversion fees

Charged based on the amount sent or received.

Bottom Line

Having a business bank account is the mark of a real business.

Deciding on which business account is best for your business depends on what you are looking for. Get a thorough understanding of your requirements before you shortlist an option.

To get a complete picture, also calculate the fees you would be paying for every cross-border payment.

If you want to avoid the complicated account opening process of banks, consider a fintech that offers a virtual account.

Get in touch with Air Corporate to set up a remote Hong Kong business account.

FAQs

What documents do I need for opening a business bank account in Hong Kong?

Every bank follows its unique account opening process and the relevant documents for account opening may vary. Typically, they request the following documents:

• Documents that prove your business is legally registered in Hong Kong such as your Business Registration Certificate or a Certificate of Incorporation
• Identity and address proof directors and signatories; and
• Documents that show business activity, such as a business plan

Can I open a Hong Kong business account remotely from abroad?

Every Hong Kong bank follows a strict procedure for account opening.

While you may be able to submit the documents online, you may still need to go in person to a branch to complete the formalities.

Only a fintech providing virtual business accounts in Hong Kong allows you to complete the entire process online from a remote location.

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What is common between opening a bank account, applying for a new mobile phone connection, and signing up for an insurance policy anywhere in the world? You can successfully complete these activities only when you furnish proof of address along with your application form.

The situation is no different in Singapore — whether you want to live in Singapore for work or to study, you need local address proof for opening a bank account or applying for a utility. Even if you intend to carry on business in Singapore, a Singapore business address is a must to comply with the regulatory requirements.

So how do you go about gathering acceptable forms of address proof? Here’s a guide explaining what is an address proof document and what documents can you furnish in Singapore as proof of residence.

What is proof of address and why do you need it?

Proof of address is exactly what it sounds like — it refers to documentary evidence that shows you reside in a particular country.

Both public and private organizations, including government agencies, require this information when you fill up any official forms and use it as a safeguard against any fraudulent activity.

Moreover, it also helps to identify whether the applicant resides in a country with extensive sanctions. For example, the Office of Foreign Assets Control (OFAC) of the US Treasury Department maintains a list of sanctioned countries and prohibits any financial transactions with such counties without prior permission.

While it is impossible to create a comprehensive list of acceptable documents one can use to provide proof of residence, as a thumb rule, most organizations request documents that cannot be falsified easily or obtained dishonestly.

Why do banks need proof of residence?

In the case of banks across the globe, proof of address forms part of the ‘know your customer’ (KYC) documents.

Over the years, the incidents of applicants submitting fake documents to open accounts have shot through the roof. Typically, account holders carry out illegal activities through them. So when you open a bank account, banks have a legal obligation to ask for all KYC documents to verify that you don’t intend to open an account for carrying out any illegal activity such as money laundering or financing terrorism.

In other words, banks need to verify that you are really who you say you are. Documents such as address proof and ID proof make it easier to conduct this check.

Depending on the jurisdiction they operate in, each bank has a list of documents that are acceptable as proof of address. But what may work as proof of address in one country may not work in another. Even the KYC processes followed by different banks in the same country vary.

That’s why it is important to understand what qualifies as proof of residence in a particular country where you need to furnish it.

How to obtain proof of address in Singapore?

Proof of address in Singapore is your residential address within Singapore.

The document for residence proof in Singapore should have your full name and the address where you are currently residing. To get proof of address, you can contact the relevant organization, depending on the type of document you want.

For instance, if you want to furnish your utility bill as proof of address, you can apply for a physical copy of the bill from the relevant utility company. But ensure it is a recent bill, preferably issued within the past 3 to 6 months.

Usually, the organization you are applying to provides detailed instructions on how to go about the process. So if you live where you claim to live, it is relatively painless to obtain proof of residence.

What are acceptable documents for proof of address in Singapore?

Here are a few documents that are usually acceptable as address-proof documents by most organizations in Singapore:

• NRIC card of Singapore residents or Permanent Residents
• Utility bills, no older than 3 months (some organizations may accept utility bills that are no older than 6 months)
• Credit card statement or bank statement
• Letter issued by your employer or the institution where you are studying
• Letters issued by the Central Provident Fund Board & Inland Revenue Authority of Singapore, preferably within the last 1 year
• Letter from a public authority such as a court
• A valid passport with an address verified by the Immigration Authority
• Letters or bills from other government agencies such as Land Transport Authority or Town Council, if issued within a certain time frame
• Tenancy agreement bearing signatures of both landlord and tenant and no older than 1 year
• A mortgage agreement that’s no older than 1 year

Make sure to confirm with the relevant organization whether a particular document will work as proof of address. Also, keep in mind that acceptable documents may also vary depending on whether you are filing a form or applying for something online or in-person.

Do businesses need a separate proof of a Singapore business address?

The business address refers to the place from where you carry out your business. If your business is a sole proprietorship or if you have business partners, your home address can serve as your Singapore business address.

This is different from a registered office address which refers to the place where a company’s registers and records are available and communications and notices to the company can be sent/received.

As per the Accounting and Corporate Regulatory Authority of Singapore, at the time of registration of a new business in Singapore, it is mandatory to provide the home address of all business owners and company officers by furnishing any of the acceptable documents for proof of address.

Please note that a P.O. Box address cannot serve as a Singapore business address or registered office address. If you are setting up a local company, you need a lease a physical office space.

What documents are not acceptable as proof of address in Singapore?

Typically, most organizations are reluctant to accept the following as proof of address, especially if they are furnished alone without any supporting document:

• Any identity card issued by any organization without any supporting document
• A commercial address
• A proof of address that is past its validity period, as indicated by the organization providing it
• Invoices for purchasing any goods
• Pension agreements
• Any document that indicates your residence at a different address
• A library card issued by your university or college
• Driver’s license
• Photocopies or printouts of certain documents

What documents can a foreigner provide to prove residency in Singapore for opening a bank account?

Banks in Singapore require every applicant to mandatorily furnish documents that include their current residential address to process their account opening application.

If you are not a Singapore national or a Permanent Resident, here are a few documents you can furnish to satisfy the bank’s requirements:

• Letter from your employer or the institution where you study
• Ministry of Manpower’s In-Principle Approval issued to migrant workers
• Certificate of stamp duty
• Local utility bills

If you are a foreign business that wants to set up a subsidiary in Singapore, any document that is acceptable as address proof of your local director can help you to open a corporate business account with a local bank.

What happens once you submit the address proof document?

The verification process starts once you furnish an acceptable document. The exact procedure varies depending on the entity to which you submit a document.

Most banks may initiate an automatic check to verify whether you reside at the address provided. It includes confirming the name on the document and determining whether the address in the document actually exists.

If you provide a document that is only valid for a specific time frame, the bank may also confirm whether the document furnished complies with the timeline prescribed.

In case any information doesn’t match up, you may not be able to prove residency. So double-check all the details before you proceed. In the event of any address change, promptly inform the relevant entity so they can update the record to reflect your new address.

Wrapping up

If proof of address is what’s holding you back from setting up a business in Singapore, get in touch with Air Corporate right away.

Our experts can provide you with all the information you need and help register your business in Singapore in a hassle-free manner. We also take care of the business account opening procedure and guide you about the documents you need to furnish.

So leave your worries aside and sign up with Air Corporate before you take the plunge.

FAQs

1. I am a foreign company. Can I use my virtual office address as proof of business address in Singapore?

Your virtual office address is insufficient as address proof of your business.

Even though Singapore laws allow you to open a virtual office, a valid registered office address is mandatory, which doubles up as proof of business address. This is a physical location where company records are available for inspection.

2. Can geolocation data work as address proof?

Currently, most regulators in Singapore and elsewhere are reluctant to admit GPS data as address proof, even though it is a faster and more efficient way of gathering information.

Since the Finanсial Action Task Force (FATF) has pressed on the need for accepting geolocation-based proof of address, it remains to be seen if regulators warm up to the idea in the future.

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As one of the leading financial centers of the world, Hong Kong is the go-to business destination for foreign entrepreneurs. 

For any business operation, banking services are critical since most require a line of credit and other facilities such as making deposits and sending remittances.

Thus, the banking sector in Hong Kong has been vital to the evolution of the region as a top jurisdiction for doing business.

In fact, seventy out of the top hundred international banks across the globe have a presence in Hong Kong. Twenty-nine of them also have regional headquarters in Hong Kong.

But how to pick the best one out of the various banks in Hong Kong?

This article rounds up the top choices you can consider and also provides you with an alternative if you don’t want to transact with traditional banks.

An overview of the banking system in Hong Kong

As an international financial hub handling a huge volume of external and domestic transactions, the banking system of Hong Kong is a highly regulated sector.

No business can accept deposits without obtaining a license from the regulator, Hong Kong Monetary Authority.

There are three types of deposit-taking companies in Hong Kong

Licensed banks

These institutions can carry out all banking transactions as per the Hong Kong Banking Ordinance, including:

• Accepting deposits, regardless of the size of the deposit and its maturity;
• Opening current and savings accounts;
• Granting loans and collecting cheques;
• Freely using the term ‘bank’ freely in their names

Restricted license banks

These institutions are only permitted to carry out certain banking activities. They are primarily engaged in providing merchant banking and capital market services.

While they may operate both within and outside Hong Kong, they can only accept deposits of HKD 500,000 and above, regardless of the maturity period.

Deposit-taking Companies

Licensed banks can own standalone deposit-taking companies that engage in commercial lending, securities business, and consumer finance.

They can accept deposits of HKD 100,000 or above with a maturity of at least 3 months.

Why choose banking services in Hong Kong?

The commercial banking system in Hong Kong is one of the best in the world. It is sophisticated and offers comprehensive one-stop banking solutions, making it immensely attractive for foreign and domestic businesses alike.

Hong Kong ranks among the top five financial centers in the world and is home to some of the most revered financial institutions.

In fact, three out of the top 10 banks in the world are Hong Kong banks.

What to keep in mind while evaluating Hong Kong banks?

Before you go ahead and open a business bank account with a Hong Kong bank, here’s what you should consider:

• Do you have relevant documents to prove your eligibility for a corporate bank account?
• Is the bank account opening process user-friendly? Can you do it online remotely?
• Does the bank provide mobile banking services?
• Can you resolve your issues through the customer service hotline?
• Do you have to maintain a minimum deposit in your account and pay a penalty if you fail to do so?
• Does the bank account support multi-currency options to manage your overseas transactions?
• What are the applicable fees for using ATMs within and outside Hong Kong?
• Do you have to pay additional fees to send money abroad or get it from overseas?
• What is the interest rate on deposits?

If you’re unsure about traditional banks and would like to opt for a more convenient option, opening a bank account online in Hong Kong could also be another option for your business.

Let’s take a look at the top 5 banks in Hong Kong that you should consider for your business.

Top 5 banks in Hong Kong to consider

1. Hang Seng Bank

The Asian Banker ranks Hang Seng Bank as the 4th best bank within the Asia Pacific region. In 2021, Asiamoney rated Hang Seng bank as the best Hong Kong bank for SME clients.

Hang Seng bank offers various services to serve its domestic and global clients. It includes:

• Commercial banking
• Private banking; and
• Personal banking

The bank also supports foreign currency business accounts and savings accounts.

Hang Seng Bank Fees

Here’s an overview of fees payable for various services:

Account opening
Biz Virtual+ Account:
HKD600 (if you apply remotely)
HKD1,200 (if you apply through Business Banking Center)

Integrated Business Solutions Account:
HKD1,200 (whether you apply remotely or through the Business Banking Center)

• Initial deposit – HKD 20,000
• Telegraphic transfer
• Receiving a transfer – HKD 65
• Sending a transfer – HKD 85 (if the beneficiary account is with Hang Seng bank in Mainland China or Macau) and HKD 125 (if the beneficiary account is in Mainland China or Macau but with another bank or if the beneficiary account is in another country or territory)

2. HSBC Bank

Hong Kong and Shanghai banking corporation Limited or HSBC is one of the oldest banks operating in the region. On the basis of its balance sheet strength, the bank occupies 2nd rank in the Asia Pacific region, as per the Asian Banker.

It is the preferred choice of many HNI individuals and investors

HSBC Bank offers the following services:

• Commercial banking
• Retail banking and wealth management advisory
• Global private banking, and
• Global banking

HSBC Fees

Account opening

HKD1,300 (if you apply through Account Application Center)
HKD2,250 (if an overseas HSBC branch facilitates the process)

• Initial deposit – HKD 10,000
• Telegraphic transfer
• Receiving a transfer – HKD 65
• Sending a transfer – HKD 100 (if the beneficiary account is in Mainland China ) and HKD 125 (if the beneficiary account is in any other country)

3. Citibank

Citibank was the first among the international banks to offer services in Hong Kong. The bank is now synonymous with a strong global brand, catering to a multitude of customers.

It is a leading investment bank that also caters to commercial and private clients. Non-residents and ex-pats choose Citibank over others when looking for private banking services, largely because of no initial deposit requirements.

It also offers Citi Private Bank services for ultra-high-net-worth entrepreneurs.

Citibank fees

Account opening

HKD 200o (if you open a local company account)

HKD 8000 (if you open a company account for an overseas company)

• Initial deposit – NIL
• Telegraphic transfer
• Receiving a transfer – NIL
• Sending a transfer – fee waived for online transfers. Otherwise, it is HKD 200 for Citibank and CitiPriority clients and HKD 100 for CitiGold clients.

4. Standard Chartered

Established in 2004 in Hong Kong and with a presence in over 60 countries, Standard Chartered has become a preferred choice in the last few decades. It has been a trailblazer in providing a suite of digital banking products and services.

To keep up with the changing landscape, the bank also offers specialized banking solutions for customers in the ESG sector through sustainability loans, green mortgages, and other ESG derivative products.

Standard Chartered Account Fees

Account opening

HKD5,000 (for an account of an overseas company)

• Initial deposit – HKD 1000
• Telegraphic transfer
• Receiving a transfer – Free for Priority Banking clients
• Sending a transfer – HKD 120 for Priority Banking clients and HKD 150 for others

5. DBS Hong Kong

With its headquarters in Hong Kong, DBS is another key player in the banking sector in Hong Kong. Over the years, DBS has been at the forefront of promoting sustainability in the Asia Pacific market through various corporate social responsibility initiatives.

Here are some key benefits that DBS Bank offers to SMEs:

• SMEs and startups in Hong Kong can opt for DBS BusinessClass
• There are various loan application schemes for SMEs
• The bank carries out swift credit checks in case of urgent financing needs

DBS Bank Account Fees

Account opening

HK$1,200 – Local company account

HKD 10,000 – Overseas company account

• Telegraphic transfer
• Sending a transfer – HK$115 per transaction done through ideal banking services and HKD 200 per transaction if the transfer is via branch
• Receiving a transfer – HKD 65

Note – all fees indicated above are as of the date of publication. Please refer to the bank’s website for the latest fees.

Is opening a virtual bank account a better option for you?

While there are several attractive Hong Kong banks to take your pick from, opening an account may not always be a straightforward process.

Instead of remaining stuck in a loop of red tape and bureaucracy, opening a virtual account with a Hong Kong-based fintech company can be a better solution, especially for foreign companies.

For instance, Statrys offers a multi-currency business bank account in Hong Kong. The application process for such an account is extremely straightforward and you can complete it remotely.

A business account as such has all the features one would typically expect from a bank account, like multiple currencies or making local and international payments at a much cheaper rate.

If you are a foreign business, exploring your options of opening a business bank account in Hong Kong, reach out to Air Corporate.

We can assist you with setting up a new company and also with establishing your bank account.

The process is completely remote and less time-consuming, making it convenient for entrepreneurs and small businesses to operate effectively.

FAQs

Can a non-resident open an account in a Hong Kong bank?

Anyone is free to open an account with a bank in Hong Kong.

However, depending on whether the account is for personal use or business use, certain restrictions may apply.

Which is the best bank in Hong Kong?

This would depend entirely on your expectations from the bank.

It is hard to pick a single bank in Hong Kong as each of them offers a unique suite of services, making them all strong contenders.

Is Hong Kong a good jurisdiction for banking?

The banking system in Hong Kong is extremely sophisticated, catering to the needs of modern-age customers.

Whether you want to open a personal account or a business account, there are plenty of options to choose from.

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