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Best Business Accounts in Hong Kong

Best business accounts to choose in Hong Kong


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Top 5 Business Accounts in Hong Kong
  1. Standard Chartered
  2. DBS Bank
  3. Statrys
  4. HSBC
  5. Hang Seng Bank

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 business account offers a significant advantage: it clearly separates your personal and business finances.

Using a personal Hong Kong bank account for business can complicate accounting, raise legal risks, and potentially result in double taxation.

To prevent these problems and ensure financial clarity, it's wise to have a dedicated business account.

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 Hong Kong bank accounts are meant for managing personal funds. You can use it for paying for any type of personal expense.

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. 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. 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.

Top 5 Banks for Opening a Corporate Bank Account 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 international banks you can consider:

1. Standard Chartered

Standard Chartered is a British banking and financial services company headquartered in London, and it operates in more than 50 countries worldwide.

It 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?

Bank account opening can take several weeks to months

Minimum Deposit Requirement:

No initial deposit

Account Opening Fee:

HKD 5,000

Currency Conversion Fee:

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 and come with online banking for easy management.

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.

While a Hong Kong identity card (HKID) is not mandatory, proof of identity and residence for directors, shareholders, and beneficial owners will likely be required. This could include passports, foreign IDs, utility bills, or bank statements.

How Long Does it Take to Open an Account?

Within 2 to 3 working days

Minimum Deposit Requirement:

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

Account Opening Fee:

HKD 1200

Currency Conversion Fee:

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 Requirement:

No initial deposit

Account Opening Fee:

No account opening fee

Currency Conversion Fee:

For sending payments, the fee is HKD 75.

For receiving payments, the fee is HKD 55.


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: HSBC Sprint, HSBC Business Direct, and HSBC BusinessVantage. All offer foreign currency account availability.

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, while the business can have corporate directors or shareholders, they must also be individual directors or authorized signatories for the account.

How Long Does it Take to Open an Account?

Within 3 days

Minimum Deposit Requirement:

  • 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 Fee:

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 Fee:

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 Bank

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 Requirement:

HKD 50,000 equivalent or above

Account Opening Fee:

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 Fee:

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 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.


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

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.


Vivian Au

For many years, I worked at big accounting and company secretary firms in Hong Kong. I started Air Corporate to make the life of entrepreneurs and SMEs easy.

Vivian Au


Your Hong Kong company and business account. Online and Simple.