If you’re looking for the best business bank account in Hong Kong, read this article first.
Otherwise, you may end up spending months trying to open accounts, end up opening with a bank that charges you a small fortune in fees, or with an account that doesn’t meet your needs.
In this article, we’ll share exactly how to find the best bank for your business in Hong Kong. Plus, we’ll also share several regional alternatives, like opening a company bank account in Malaysia instead.
Feel free to use the table of contents to jump ahead to any sections that are immediately relevant to your search.
Table of Contents
- Business Bank Account in Hong Kong
- Who Can Open Accounts With Hong Kong Banks?
- Alternative Jurisdictions to Consider
- Frequently Asked Questions
- Ready to Explore Your Options?
Business Bank Account in Hong Kong
Hong Kong has been a business banking hub for many decades, playing an important role in facilitating trade between Asia and the West. That said, times have changed. Hong Kong is now under the control of mainland China, and the expectation is that the business and banking climates are going to change as well.
With this in mind, we have seen a large number of companies (including Hong Kong companies and foreign companies), looking to open accounts elsewhere and move capital to more stable jurisdictions.
That said, opening business bank accounts in Hong Kong is still possible. And, in certain instances it can make sense. However, to do so, you either need to have a local presence, be willing to deposit large sums, or be willing to use digital and online banking services.
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Who Can Open Accounts With Hong Kong Banks?
Generally speaking, Hong Kong banks require businesses to have clear local ties. Local ties typically include local offices (operating locations) or local employees. In some rare cases, less strong ties will be considered but it typically results in the business being asked to make a sizeable deposit.
Alternative Jurisdictions to Consider
Depending on your reasons for wanting to bank in Hong Kong, you may find that one of the following business banking hubs are better suited to your needs. Additionally, you may find that these jurisdictions are easier to access for non-resident Hong Kong companies.
- Singapore
- Malaysia
- Taiwan
- Labuan
Of course, which jurisdictions you can access will depend on your business activities and where your business has ties. Please review the other free articles on our website for additional account opening insights in these countries.
Frequently Asked Questions
Below are three of the most common questions that we receive from people looking to open business bank accounts in Hong Kong. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
Can a Non-Resident Open a Business Bank Account in Hong Kong?
While it is possible for a non-resident to open a business bank account in Hong Kong, it can be very difficult to do so. Additionally, most Hong Kong banks will only accept businesses with very strong ties to Hong Kong. That said, there are exceptions, though these usually require the business to be very large, willing to make a sizeable deposit, or already having a relationship with the bank in other jurisdiction.
Do Banks in Hong Kong Allow Non-Residents to Open Business Accounts Online?
Yes, there are banks in Hong Kong that allow non-residents to open business account online. However, most of these banks are digital banking platforms and not traditional brick-and-mortar banks.
Which Bank Account Is Most Suitable for Business?
The specific bank account that is best suited to your business will depend on your business banking requirements, the jurisdictions involved, activities of the business, and more. With this in mind, you can use the premium resources from GlobalBanks to find the best bank account and start opening today.
Ready to Explore Your Options?
If you would like assistance navigating your banking options at home or abroad, we can help.
You can access GlobalBanks IQ, our international banking intelligence platform, in just a few clicks. Unlock our bank database, individual bank profiles, account opening strategies and reports, banker scripts, and more.
But, if you want a 100% personalized account opening service that taps into our team’s expertise and provides direct banker introductions, you can get started with GlobalBanks Insider.
Of course, if you have any questions, please contact us directly.
