Find out if your Hong Kong company qualifies for a bank account
We have put together a simple questionnaire that banks use as a preliminary screening tool. Check if your company would be eligible to open a bank account and which bank you would have the highest chance of success with.
Find out which bank to apply with
Can Hong Kong companies with non-resident directors and shareholders open bank accounts in Hong Kong?
It has become increasingly difficult for Hong Kong companies with foreign shareholders and directors to open a bank account for their business. After helping hundreds of clients setup Hong Kong companies, every client has had concerns about whether they will be able to open a bank account. While it is true that it is more difficult for foreign owned Hong Kong companies to open a bank account, there are strategies to increase the chances of a successful bank account opening.
This article will explain:
- the types of bank accounts commonly used by Hong Kong companies
- the reasons why banks in Hong Kong are turning away foreign customers
- the application process for opening a bank account for your company
- our advice on how foreign owned Hong Kong companies should apply for bank accounts
Different Types of Bank Accounts Commonly Used by Hong Kong Companies
Traditional Banks | Payment Solutions Platforms | Digital Banks | |
Examples | HSBC, Bank of China, Hang Seng Bank, DBS | Airwallex, Statrys | Airstar Bank, Fusion Bank, Livi Bank, Mox Bank, Ping An OneConnect Bank, WeLab Bank, ZA Bank |
Ideal customers | Established legacy businesses | Small to medium-sized enterprises (SMEs) | Local Hong Kong small businesses |
Eligibility Requirements | Scrutinizes foreign directors and shareholers | Non-resident directors and shareholders | Hong Kong resident directors and shareholders |
Features | Traditional banking services, including virtual accounts | Cross-border payments, multi-currency accounts | Similar features to traditional banks but limited specialized products |
Fees | High | Low | Low |
Processing Time | 4-6 weeks | 3 days | 2 weeks |
Trust Factor | High trust and established reputation | Growing trust but less than traditional banks | Moderate trust; newer entrants in the market |
Digital banks
In 2019, Hong Kong issued digital banking licenses to 8 digital banks: Airstar Bank, ANT Bank, Fusion Bank, Livi Bank, Mox Bank, Ping An OneConnect Bank, WeLab Bank, and ZA Bank. Since then, these banks have onboarded over 2 million users. However, in 2023, these banks reported that over 55% of their accounts are dormant. Digital are only an option for companies with local Hong Kong resident directors and shareholders, as their eligibility process often requires a Hong Kong Identity Card.
Payments solutions platforms
Payment solutions platforms in Hong Kong, such as Airwallex and Statrys have become popular alternatives businesses use instead of traditional bank accounts. These platforms have gained in popularity partly due to traditional banks turning clients away. These platforms offer cross-border payments, multi-currency accounts, and transaction processing. Airwallex is well suited for small companies that need to transfer funds internationally. Many companies in Hong Kong will choose to open both a traditional bank account and an Airwallex account to take advantage of low foreign exchange fees.
Traditional Major Banks
These are the well-known international banks that have been a cornerstone of Hong Kong’s robust financial system, such as: HSBC, Bank of China, Hang Seng Bank, Standard Chartered Bank. These are still preferred amongst the legacy Hong Kong business community, as these bank’s willingness to do business with your company can be seen as a vote of confidence in the legitimacy of your business.
To compete with the digital banks, the traditional major banks have begun offering virtual bank accounts that offer similar features as the digital banks, but with the trusted name of a major bank. Users of these virtual accounts will still have access to most of the features that a small business will need. However, these accounts will not have access to specialised products such as trade financing.
Offshore Bank Accounts
In the last few years, as the business community complained about the difficulties of opening bank accounts, offshore banks licensed in jurisdictions with relaxed compliance regulations saw this as a business opportunity to offer Hong Kong companies bank accounts. These banks are licensed in jurisdictions such as Puerto Rico, the Cayman Islands, Seychelles. However, the use of these bank accounts will often raise scrutiny amongst customers and suppliers.
Why has it become so difficult for foreign owned Hong Kong companies to open a bank account?
Geopolitical tensions:
Geopolitical tensions have caused banks in Hong Kong to change course in the last few years. The banks have slowed expansion plans to become more selective of the clients they choose to onboard. International banks are under pressure from shareholders and regulators to steer clear of clients from countries facing heightened political or economic instability. This has made it difficult for companies with ultimate beneficial owners and directors from these countries to open bank accounts.
As of 2025, all traditional major banks and digital banks have stopped onboarding new clients that have either Russian directors or Russian shareholders.
AML (Anti-money laundering) and KYC (know your customer)
Large banks have significantly increased the level of scrutiny of their AML and KYC procedures. High-profile money laundering schemes have pushed regulators to impose heavier fines on banks that fail to uphold AML and KYC standards. This high level of scrutiny has made it difficult for Hong Kong businesses to open bank accounts if the business nature is considered high risk by the banks.
Compliance costs vs. maximising shareholder value
As profit generating businesses, large banks need to maximise shareholder value and generate returns. In order to do this, banks need to consider whether onboarding a new client will be profitable. If the costs of enhanced due diligence and extra compliance outweigh the profits generated by onboarding a client, the bank will likely turn that customer away. This is why larger businesses with substantial deposits will have a much better chance of successfully opening a bank account than a small unprofitable startup.
Industry and business nature
Banks consider the industry and business nature of potential clients and have assigned risk levels to each type of business. Businesses involved in cryptocurrency, precious metals, trading of commodities, are all considered high risk by the banks. The higher risk profile will require the banks to carry out extensive AML and KYC procedures.
The application process for foreign owned Hong Kong companies to open a bank account
The application process at a major bank typically takes 4 to 6 weeks. However, a good relationship manager will provide clear feedback on the likelihood of a success bank account opening even at the early stages of the application process.
Process | Description | Processing Time |
Pre-Screening
|
During this stage of the bank account opening process, the relationship manager will ask you for basic information regarding your Hong Kong company to determine if there are any reasons to not proceed further. During this screening, the bank is assessing client risk, business risk, and whether this will be a profitable relationship for the bank. | 2 to 3 Days
|
Application form submission
|
If the pre-screening stage does not raise any serious concerns, the applicant will be asked to submit an application form along with supporting documents directly to the relationship manager. The supporting documents will include items such as: Passports, Address Proof, Certificate of Incorporation, Business Registration Certificate, and Annual Returns. | 1 to 2 Weeks
|
In person or remote Interview
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The purpose of an in person or remote interview is to verify your personal identity.
|
1 Week
|
Application decision
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The bank will consider all information gathered to make a decision and inform the applicant.
|
2 Weeks
|
Our advice: the best way for foreign owned Hong Kong companies to open a bank account
Although it is more difficult to open a bank account for foreign owned Hong Kong companies, there are methods to improve your chances of success.
Prioritise the right banks:
The most important factor when it comes to opening a bank account is to approach the right banks. Different banks will cater to clients of different nationalities and industries, therefore, to improve your chance of successfully opening a bank account, prioritizing the right banks is vital.
Apply with more than one bank:
There is no harm in trying more than one bank, especially because most banks ask for the same information and supporting documents.
Pick the right CPA to help open your company bank account:
Bank account opening services are one of the common services CPA firms and accounting firms offer, however, it is important to pick the right firm. When choosing a CPA for bank account opening services, these are the questions you should ask:
- Which banks do you have relationships with?
- Which bank is suitable for my nationality and business nature?
- Do you charge upfront or contingent fees?
Be careful of CPAs that charge upfront fees for bank account opening services, as the success of a bank account opening cannot be guaranteed. Our CPA firm does not charge any fees for bank account openings. We are more than happy to assist our clients with opening a bank account to build a long term relationship. Contact us here or email us at: info@yauandwong.com
Which bank should I try to open a bank account at:
Factors such as your nationality, resident status, and business nature will affect which bank you should choose.
Use our questionnaire to determine which bank is right for your Hong Kong company.