In This Article

4 Things You Should Know About Opening a Bank Account in Hong Kong (Updated 2024)

Byron Chan
October 19, 2023
5 min read

In This Article

1. Best banks to open your bank account?


There are now 3 major types of business bank accounts for Hong Kong companies. There are the traditional business bank accounts with the major banks that most people are familiar with. There are also the new virtual banks that have started offering virtual bank accounts and payment platforms as an alternative to the traditional banks. In order to compete with the new virtual banks, the traditional banks have started offering a third option, virtual business bank accounts that are faster and easier to open, but with slightly less services attached to the account.

In our opinion, this new type of virtual bank account with the traditional banks are a great option that provide the credibility of a traditional bank while being quick and relatively seamless to open and operate. Here are our favourite options to open a business bank account:


Hang Seng Bank

Hang Seng Bank is well-known in Hong Kong and is one of our top choices when it comes to picking a bank for your business. Although a part of the HSBC group, it has maintained customer friendly service even in this era of increased scrutiny over KYC processes.

As a major traditional bank, Hang Seng has a full suite of services available if needed: credit cards, loans, insurance, online banking, payroll, and MPF.


DBS Bank

DBS, a bank headquartered in Singapore, is another well-known bank and one of our top choices. Often regarded in Hong Kong as the bank with the best customer service. As a traditional bank, it will also have a full suite of services: credit cards, loans, insurance, online banking, payroll, and MPF. The DBS online banking platform is one of the most user-friendly systems when compared to other traditional banks.



Airwallex is not a bank. Instead, it is a payment platform that allows clients to make and receive transfers from over 150 countries in more than 12 currencies. Since it is an online payment platform, Airwallex does not have any branch services, credit cards, nor loans. The advantages include lower fees and quick setup.



Similar to AirWallex, Currenxie is a multi-currency payment platform that provide access to over 40 countries in more than 20 different currencies. Currenxie is one of the few online payment platforms to start offering a card service.


2. What documents will I need?


You will need to first start the process online and submit information about the company virtually. Once your in-person appointment is booked, you will be asked to bring in more relevant information from a checklist the bank will send you. The checklist will include documents such as:

  • IDs for all directors, shareholders, and ultimate beneficiaries
  • Address proof for all directors, shareholders, and ultimate beneficiaries within 3 months
  • Company Documents:
    • Certificate of Incorporation
    • Articles of Association
    • Business Registration Certificate
    • Group chart
    • Board resolution that authorises the opening of a bank account with the bank and appoints a person the authority to open the bank account
    • Proof of intention to carry out the specified type of business

If you are missing some of the documents or forget to bring it to your appointment, the bank will usually allow you to upload it virtually after your appointment.


3. How long will it take to open the account?


Generally, you can open a business account with Airwallex within 1 to 3 business days.

For a traditional banks that offer virtual account opening, the process can be as fast as 3 to 5 days.


4. Can a foreigner open a business bank account in Hong Kong?


Yes! But there are a few things to look out for if you are a non-resident of Hong Kong and you want to open a bank account for your business.

  1. Make sure you have address proof. If you’re planning to come to Hong Kong and visit a branch to open an account, then make sure you’ve brought your address proof. The address does not need to be a local Hong Kong address.
  2. Make sure you use the same ID or Passport that you entered Hong Kong with as your ID that you register with the bank..
  3. Try opening an account virtually first. Many of the large banks offer business accounts that can be opened virtually within 3-5 days.


Most banks will require Certified True Copies of any non-original documents. Contact us if you require Certified True Copies!

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