Choosing the Best Business Accounts in Hong Kong

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

What are Business Accounts?

A business account is a bank account specifically designed for business transactions, keeping business finances separate from personal finances. This separation simplifies accounting and provides a clear view of your company's financial health.

Types of Business Accounts

• Current Accounts: Ideal for day-to-day transactions, payments, and managing cash flow.
• Savings Accounts: Designed for holding funds and earning interest on reserves.
• Fixed Deposit Accounts: For investing funds for a fixed period at a predetermined interest rate.
• Multi-Currency Accounts: Essential for businesses dealing with international transactions, allowing you to manage multiple currencies in one account.

Why Do You Need a Business 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 bank account.
• 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. With the help of internet banking, you can 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 savings accounts 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.

Opening a Business Account: Traditional Banks vs. Virtual Banks

Choosing between a traditional bank and a virtual bank is a key decision when opening a business account. Here's a breakdown of the options:

• Traditional Banks: Established institutions with physical branches, offering a wide range of services, including in-person support and a broader suite of financial products.
• Virtual Banks: Digital-only banks providing online banking services, often with innovative features, competitive fees, and a streamlined application process. They may offer 24/7 accessibility and focus on technology-driven solutions.

Traditional vs. Virtual Banks

KYC Explained: Ensuring Compliance and Security

"Know Your Customer" (KYC) is a mandatory process for banks to verify the identity of their customers and assess potential risks. It typically involves providing personal and business information, identity documents of directors and shareholders, and proof of business address. Banks may also require information about the nature of your business and its activities.This is a crucial step in preventing financial crimes.

Top Business Accounts in Hong Kong

1. DBS Bank (Hong Kong) Business Account

A powerhouse for global traders, offering multi-currency accounts and seamless digital tools like DBS IDEAL. Ideal for SMEs eyeing international markets.

Key Features:

• Multi-currency accounts: 12+ currencies, including USD, EUR, GBP, JPY.
• Digital tools: DBS IDEAL platform for cash management, trade finance, and forex.
• SME support: Unsecured loans, invoice financing, overdrafts.
• Global connectivity: Integration with SWIFT, PayPal, and Alipay.

Fees & Charges:

• Monthly fee: HKD 250 (waived if average balance ≥ HKD 50,000).
• Local transfers: HKD 55 when conducted through DBS's online platforms (DBS IDEAL, IDEAL Connect, and DBS RAPID)
• International transfers: HKD 115 via IDEAL Internet Banking and HKD 200 via Branch
• No fees for inbound transfers.

Application Process:

• Hybrid: Online pre-application + in-person verification.
• Required documents: Business Registration Certificate, Articles of Association, director/shareholder IDs.

2. Hang Seng Bank Business Integrated Account

Hang Seng Bank is perfect for SMEs linked to HSBC’s global network, with integrated trade finance and competitive FX rates for cross-border transactions.

Key Features:

• Integrated services: Trade finance, payroll automation, and treasury management.
• Multi-currency: USD, EUR, CNY, and SGD accounts.
• HSBC synergy: Access to HSBC’s global network and preferential rates.

Fees & Charges:

• Monthly fee: HKD 200 (waived if the Total Relationship Balance is HKD 100,000 or above).
• Local transfers: HKD 35–55.
• International transfers: HKD 85-125.

Application Process:

• In-person: Visit a branch with company documents and director IDs.

3. HSBC Business Integrated Account

HSBC is the go-to for multinational corporations, boasting 26+ currencies, dedicated relationship managers, and robust trade finance solutions.

Key Features:

• Global banking: 26+ currencies, international trade finance (letters of credit, export financing).
• Dedicated support: Relationship managers and 24/7 helpline.
• Digital tools: HSBCnet platform for cash flow forecasting and bulk payments.

Fees & Charges:

• Monthly fee: HKD 200-450 (waived with HKD 500,000 average balance).
• International transfers: HKD 50–200 + 0.25% FX margin.

Application Process:

• In-person: Submit documents at a branch (incorporation papers, business plan).

4. OCBC Bank (Hong Kong) SME Business Account

OCBC is a budget-friendly choice for startups, offering low-cost loans and a user-friendly digital platform for SMEs with modest needs.

Key Features:

• SME-focused: Low-interest loans, overdraft facilities, and insurance packages.
• Digital banking: OCBC Velocity platform for real-time payments and payroll.
• Multi-currency: USD, GBP, AUD accounts.

Fees & Charges:

• Monthly fee: HKD 100 (waived with HKD 20,000 balance).
• Local transfers: Free.
• International transfers: HKD 100–300.

Application Process:

• Online: Fill out a form + video KYC verification.

5. Bank of East Asia (BEA) CorporatePlus Account

Bank of East Asia is a corporate favorite for cash flow management, excelling in bulk payments and liquidity solutions for medium-to-large businesses.

Key Features:

• Cash management: Bulk payments, payroll automation, and liquidity management.
• Trade finance: Letters of credit, export/import financing.
• Multi-currency: USD, EUR, JPY.

Fees & Charges:

• Monthly fee: HKD 50-200.
• Local transfers: HKD 15–30.
• International transfers: HKD 100-300 + HKD 120.

Application Process:

• In-person: Visit a branch with company documents.

6. ZA Bank Business Account

ZA Bank is Hong Kong’s top virtual bank—zero fees, instant onboarding, and multi-currency wallets for tech-savvy, digital-first businesses.

Key Features:

• Fully digital: Instant onboarding via app, no physical branches.
• Multi-currency wallets: HKD, USD, CNY with real-time FX rates.
• Zero fees: No monthly charges or minimum balance requirements.

Fees & Charges:

• Free local transfers.
• International transfers: 0.1% fee (lower than traditional banks).

Application Process:

• 100% online: eKYC via app (approval in 15 minutes).

7. Standard Chartered Business Account

Standard Chartered’s global reach meets local expertise, ideal for businesses targeting emerging markets with 60+ currency support and supply chain finance.

Key Features:

• Global reach: Access to 60+ currencies and international trade hubs.
• SME solutions: Supply chain finance, unsecured loans.
• Digital platform: Straight2Bank for seamless transactions.

Fees & Charges:

• Monthly fee: HKD 200 (waived with HKD 100,000 balance).
• International transfers: 0.25% of transaction value.

Application Process:

• Hybrid: Online application + in-person document submission.

8. Citibank Hong Kong Business Account

Citibank is tailored for multinational giants, offering elite treasury services and structured trade solutions for complex financial operations.

Key Features:

• Global treasury services: Multi-currency pooling, liquidity management.
• Trade finance: Structured trade solutions for large enterprises.
• Digital tools: CitiDirect BE platform for real-time analytics.

Fees & Charges:

• Monthly fee: HKD 500 (waived with HKD 1M balance).
• International transfers: 0.2% + HKD 200.

Application Process:

• In-person: For high-value corporate clients only.

9. WeLab Bank Business Account

SMEs seeking fast, collateral-free loans thrive in WeLab Bank, powered by AI-driven credit assessments and a fully digital experience.

Key Features:

• Virtual banking: No physical branches, 24/7 app access.
• Low-cost loans: AI-driven credit assessments for SMEs.
• Multi-currency: HKD, USD, CNY.

Fees & Charges:

• No monthly fees or minimum balance.
• Local transfers: Free.

Application Process:

• Fully online: 10-minute approval via app.

10. Mox Business Account

E-commerce champions love Mox for its AI-powered insights and seamless integration with accounting tools like Xero and QuickBooks.

Key Features:

• Digital-first: AI-powered insights and budgeting tools.
• Multi-currency: HKD, USD, EUR, GBP.
• Integration: Compatible with Xero and QuickBooks.

Fees & Charges:

• Zero monthly fees.
• International transfers: 0.15% fee.

Application Process:

• Online: eKYC via Mox app.

Essential Documents for Opening a Business Account

Mandatory Documents:

• Certificate of Incorporation (for limited companies).
• Business Registration Certificate (BRC) from the Hong Kong Inland Revenue Department.
• Articles of Association (for limited companies).
• Identification Documents:
• -Passport or HKID card for directors and shareholders.
• -Proof of residential address (e.g., utility bill, bank statement).
• Proof of Business Address: Lease agreement, utility bill, or government-issued certificate.

Additional Documents (Case-by-Case):

• Business Plan: Required for startups, high-risk industries, or businesses seeking loans.
• Financial Statements: Audited or unaudited statements (if the business has operational history).
• Supplier/Customer Contracts: To demonstrate active business operations.
• Bank Reference Letters: For businesses with prior banking relationships.

Eligibility Requirements

Eligible Business Structures:

• Limited Liability Companies (most common).
• Sole Proprietorships.
• Partnerships (General or Limited).
• Non-Profit Organizations (varies by bank).

Common Restrictions:

• Banks may reject high-risk industries (e.g., gambling, crypto).
• Directors/shareholders from sanctioned countries may face additional scrutiny.

Some banks require a minimum deposit (e.g., HKD 50,000–500,000).

How to Apply for a Business Account

Step 1: Research & Prepare

Begin by researching banks that align with your business needs, comparing factors like fees, available services, and the quality of digital platforms. Once you’ve identified suitable options, gather all required documents, including your Certificate of Incorporation, Business Registration Certificate, and identification proofs for directors and shareholders.

Step 2: Submit Your Application

Submit your application through your chosen bank’s preferred method. Virtual banks like ZA Bank offer fully digital submissions, while traditional institutions like HSBC may require an in-person visit to a branch. If you’re applying for credit facilities, ensure you include a detailed business plan to strengthen your case.

Step 3: Verification & Interview

After submission, the bank will conduct Know Your Customer (KYC) checks and may request a video or in-person interview. Prepare to clearly articulate your business model, revenue streams, and financial projections during this stage.

Step 4: Account Activation

Once approved, deposit the minimum required balance (if applicable) to activate your account. Complete the setup by configuring online banking access and requesting essential tools like debit cards or checks.

Bottom Line

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

Deciding on which business account is best for your Hong Kong company 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 Hong Kong banks, consider a fintech that offers a virtual account.

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