Online bank account opening

No. Most banks and financial institutions can now open the bank account for your company online.

For online banks, the opening process usually takes 5 to 10 days.For traditional banks, it usually takes around 1 month.

For new businesses (with no record of past operations), we strongly suggest applying with an online bank. The process is faster and easier.If you have an existing business (and can demonstrate actual operations), we suggest applying for both online banks and traditional banks. Applying with an online bank will allow you to get access to an account in just a few days.

At the same time, you can apply with a traditional bank (which process takes longer). Once you have both accounts opened, you can consider which one you prefer using (and keep both or close one).

Online banks have a very fast and simple application process. They also offer a wide range of payment products (multicurrency account, local collection accounts, etc).From our experience, new businesses start working with an online banks and then transition to traditional banks. They usually do so because online banks tend to ask more questions than traditional banks when processing payments.

“Online banks” are not technically banks, but payment institutions working with traditional banks.Providers such as Air Wallex or Aspire do not hold a banking license. Their client's funds and they are guarded in a separate account with their partner bank such as DBS or Standard Chartered Bank which are regulated under Hong Kong Deposit Protection Board.

The Hong Kong Deposit Protection Board is an independent statutory body formed under the Deposit Protection Scheme Ordinance to oversee the operation of the Deposit Protection Scheme (DPS). This means that their client’s funds are protected and insured in the unlikely event of a bank's insolvency.

Many of our clients want to work with a traditional bank to make their own customer “feel safe”. Indeed, asking your customer to pay on a bank account opened with a big traditional bank conveys trust.

You should know that when you open an account “online banks” such as Air Wallex or Aspire, your bank information will not include a reference to “Air Wallex” or “Aspire”. Instead, they will include the name of their banking partner (such as DBS or Standard Chartered Bank. In other words, if you open an account with “Air Wallex” or “Aspire”, you will actually get a DBS or Standard Chartered Bank account. And the account information that you will pass to your customers will look like your account is actually opened with DBS or Standard Chartered. In other words, your customers will not know that your account is with Air Wallex or Aspire.

Hong Kong has no foreign exchange control.Most of the bank accounts that we open for our clients include 10+ currencies. Opening a Hong Kong company and bank account is a perfect setup for your business.

Yes we can. However, we will charge separately (contact us for a quote) and request that you appoint us as the company secretary for your company is the opening is successful.