Hong Kong is a vibrant metropolis with a dynamic business environment and is a top choice for many international companies conducting global operations. As one of the most profitable and popular financial centers in the world, Hong Kong offers numerous benefits to foreign entrepreneurs. Its highly efficient legal system, well-developed financial infrastructure, and streamlined processes for company formation and opening Hong Kong corporate bank accounts make it a preferred destination for offshore banking.

I.Offshore Company Hong Kong Business Banking Account

Hong Kong bank account is equivalent to an account opened in an overseas bank. After the establishment of an overseas company, an overseas company is required to open an account.
At present, many companies choose to open a commercial wealth management bank account in Hong Kong for capital operation. It increases the requirement of Hong Kong bank account opening. Hong Kong is one of the international financial centers in Asia.

  • What are the advantages of opening a bank account in Hong Kong?

1.Suitable for international trade operations:
Convenient for international trade settlement, supports various international currencies and can be exchanged at any time, including US dollars, EUR, GBP, HKD, RMB, AUD, CAD, CHF, DKK, JPY, NOK, NZD, SEK and SGD.

2.Foreign Exchange Is Not Regulated:
The wealth management account opened in Hong Kong does not sell foreign exchange control/ freedom of funds transfer.

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3.International Banking / Financial Institutions:
Hong Kong is the world’s leading international financial center. With its unique advantages of “backed by the mainland and facing the world”. Major international banks in Hong Kong, such as HSBC, Citibank, Standard Chartered Bank.

4.Customer Data Confidentiality:
Opening an account in Hong Kong, the confidentiality of customer information is high unless illegal activities are involved.

As one of the primary choices for the capital and finance of major international companies, the requirements for opening an account in Hong Kong are more stringent, the conditions for review are relatively strict, and the threshold is high. If you want to open an account in Hong Kong, it is recommended to ask an experienced secretarial company first. Providing assistance to open an account in Hong Kong can increase the chances of passing the review.

1.Suitable for international trade operations:
Convenient for international trade settlement, supports various international currencies and can be exchanged at any time, including US dollars, EUR, GBP, HKD, RMB, AUD, CAD, CHF, DKK, JPY, NOK, NZD, SEK and SGD.

2.Foreign Exchange Is Not Regulated:
The wealth management account opened in Hong Kong does not sell foreign exchange control/ freedom of funds transfer.

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3.International Banking / Financial Institutions:
Hong Kong is the world’s leading international financial center. With its unique advantages of “backed by the mainland and facing the world”. Major international banks in Hong Kong, such as HSBC, Citibank, Standard Chartered Bank.

4.Customer Data Confidentiality:
Opening an account in Hong Kong, the confidentiality of customer information is high unless illegal activities are involved.

As one of the primary choices for the capital and finance of major international companies, the requirements for opening an account in Hong Kong are more stringent, the conditions for review are relatively strict, and the threshold is high. If you want to open an account in Hong Kong, it is recommended to ask an experienced secretarial company first. Providing assistance to open an account in Hong Kong can increase the chances of passing the review.

II.Documents to be prepared for opening a bank account in Hong Kong

Although Hong Kong banks have free foreign exchange, the review when opening a Hong Kong corporate bank account will also be more rigorous. In addition, the relevant international anti-money laundering regulations are becoming more and more perfect. Before opening an account, it is necessary to prepare relevant documents to ensure account opening. The probability of success.
The basic documents that need to be prepared are as follows:

A. Original documents of the company (license, certificate of directors and shareholders, articles of association, register of directors and shares).
B. Director’s identity document (passport, identity card), entry certificate.
C. Proof of address of directors and shareholders (within three months).
D. Company operating plan.
E. Company background structure diagram.
F. 2-3 sets of company business certification documents.(such as contracts/orders…)

        In order to get a business bank account, you must also follow some specific requirements, such as:

i.Each bank requires an initial minimum deposit to open a corporate bank account.
ii.If you are opening an offshore bank account, you should attach proof of employment or good standing.
iii.Proof of address of directors and shareholders within three months.
iv.Major directors and shareholders need to visit a Hong Kong bank to verify the guarantee.

The information required depends on the amount of inquiries the bank conducts to verify the documents and creditworthiness of your company, directors and shareholders. It may take several weeks to several months for a foreign company to open an account in Hong Kong.

III.How to open a Hong Kong bank account? What are the account opening process?

  • Step 1 : Assistance in preparing Hong Kong account opening documents.

It is necessary to determine the required documents and information and ensure that these documents and information are organized. Seeking the assistance of a professional service company can help in preparing the account opening documents to ensure compliance with the bank’s requirements.

  • Step 2 : Submission of bank pre-assessment documents.

Before submitting the account opening application, it is necessary to submit pre-assessment documents to the chosen bank. These documents may include the company registration certificate, identification documents of directors and shareholders, company articles of association, business plan, company operational reports, etc. The types and requirements of documents may vary depending on the bank.

  • Step 3 : Bank pre-assessment notification.

The bank will conduct a review upon receiving the pre-assessment documents. If your application meets the bank’s criteria, the bank will issue a pre-assessment notification to you.

  • Step 4 : Appointment of account opening time.

After receiving the pre-assessment notification, it is necessary to schedule an appointment with the bank for the account opening.

  • Step 5 : In-person or video account opening.

Depending on the bank’s requirements, it may be necessary for directors to personally visit the bank for in-person account opening, or some banks may accept video account opening.

Different banks may have different account opening conditions and thresholds. Some may require a certain minimum deposit or a certain level of business transactions with the bank. These conditions may also change periodically. It is recommended to confirm the details in advance to avoid wasting a trip if the responsible person goes to the bank without meeting the requirements.

Inter Area can assist clients in opening bank accounts in Hong Kong, providing one-stop services from document preparation, appointment arrangement to specialist accompaniment.

IV.Major banks in Hong Kong

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Hong Kong
Foreign-Funded Banks

Hong Kong is one of the cities with the highest density of banking institutions in the world. Walking on the streets of Central Hong Kong, DBS Bank, HSBC Bank, Citibank, there are many major foreign banks. Among the world’s top 100 banks, 70 have operations in Hong Kong, and the number of foreign banks in Hong Kong is second only to London and New York.

  • DBS Bank
    DBS Bank (Hong Kong) is a subsidiary of  DBS Bank of Singapore, formed through the merger of Kwong on Bank, Dao Heng Bank and Overseas Trust Bank. On October 18, 2021, the Hong Kong Monetary Authority announced that DBS Bank can carry out the “Cross-border Wealth Management Connect” business.
  • HSBC Bank
    HSBC is a wholly owned subsidiary of HSBC, the largest bank in Hong Kong, and operates branches and offices throughout the Indo-Pacific region, and in other countries around the world.
  • Citibank
    Citibank came to Shanghai, China in 1902 and opened its first branch. It was also the first overseas branch operated by Citibank in Asia. Now, Citibank has become one of the largest foreign banks in China, providing a wide range of financial products and services to the broadest customer base.
  • The Bank of East Asia
    Founded in 1918 and registered in Hong Kong, the company is a leading Hong Kong financial services group that provides customers with innovative and value-added banking services and is one of the largest foreign banks in the Mainland.
  • DBS Bank

DBS Bank (Hong Kong) is a subsidiary of DBS Bank of Singapore, formed through the merger of Kwong on Bank, Dao Heng Bank and Overseas Trust Bank. On October 18, 2021, the Hong Kong Monetary Authority announced that DBS Bank can carry out the “Cross-border Wealth Management Connect” business.

  • HSBC Bank

HSBC is a wholly owned subsidiary of HSBC, the largest bank in Hong Kong, and operates branches and offices throughout the Indo-Pacific region, and in other countries around the world.

  • Citibank

Citibank came to Shanghai, China in 1902 and opened its first branch. It was also the first overseas branch operated by Citibank in Asia. Now, Citibank has become one of the largest foreign banks in China, providing a wide range of financial products and services to the broadest customer base.

  • The Bank of East Asia

Founded in 1918 and registered in Hong Kong, the company is a leading Hong Kong financial services group that provides customers with innovative and value-added banking services and is one of the largest foreign banks in the Mainland.

4

Hong Kong
Commercial Bank

As an international financial center, Hong Kong has many commercial banks that provide various financial services to global companies and individuals. We will introduce some major commercial banks in Hong Kong to help you understand the characteristics and advantages of Hong Kong’s financial system. The main commercial banks introduced: Standard Chartered Bank, Hang Seng Bank, OCBC Wing Hang Bank and China CITIC Bank (International).

  • Standard Chartered
    Standard Chartered Bank established its first branch in Shanghai in 1858. It is an old British investment bank. Hong Kong is the largest of the Standard Chartered Group Market. Hong Kong is the largest market of Standard Chartered Group. Standard Chartered Bank (Hong Kong)’s personal banking provide a comprehensive range of products and services.
  • Hang Seng Bank
    It is a Hong Kong commercial bank founded on March 3, 1933. It provides diversified banking and account opening services. It was once one of the major Chinese banks in Hong Kong and became a member of the HSBC Group after 1965.
  • OCBC Bank
    Formerly Wing Hang Bank Limited, it is a licensed bank in Hong Kong. In terms of total assets, it is the eighth largest bank in Hong Kong. In July 2014, Wing Hang Bank became a subsidiary of OCBC Bank of China in Singapore.
  • China CITIC Bank
    Also known as CNCBI, is a comprehensive commercial bank rooted in Hong Kong. With roots in Hong Kong, China CITIC Bank International has operations in major cities in the United States and is expanding into Asia. We are your best partner for global business.
  • Standard Chartered

Standard Chartered Bank established its first branch in Shanghai in 1858. It is an old British investment bank. Hong Kong is the largest of the Standard Chartered Group Market. Hong Kong is the largest market of Standard Chartered Group. Standard Chartered Bank (Hong Kong)’s personal banking provide a comprehensive range of products and services.

  • Hang Seng Bank

It is a Hong Kong commercial bank founded on March 3, 1933. It provides diversified banking and account opening services. It was once one of the major Chinese banks in Hong Kong and became a member of the HSBC Group after 1965.

  • OCBC Bank

Formerly Wing Hang Bank Limited, it is a licensed bank in Hong Kong. In terms of total assets, it is the eighth largest bank in Hong Kong. In July 2014, Wing Hang Bank became a subsidiary of OCBC Bank of China in Singapore.

  • China CITIC Bank

Also known as CNCBI, is a comprehensive commercial bank rooted in Hong Kong. With roots in Hong Kong, China CITIC Bank International has operations in major cities in the United States and is expanding into Asia. We are your best partner for global business.

Hong Kong Opening Bank Account:
Frequently Asked Questions Q&A

Q1: What is a Hong Kong offshore account?

  • A Hong Kong offshore account refers to a bank account opened by non-residents in Hong Kong, typically used for managing international cash flows and transactions. This type of account can be operated remotely without the need to visit Hong Kong, making it suitable for companies or individuals engaged in global business.

Q2: Can a Hong Kong company open multi-currency accounts?

  • Yes, many banks in Hong Kong offer various corporate account options. For example, DBS Bank (Hong Kong) provides multi-currency savings accounts that support HKD, USD, RMB, and up to 11 other currencies, offering companies flexible financial management solutions.

Q3: Is it easy to open an offshore company account in Hong Kong now?

  • Currently, Hong Kong banks prioritize opening accounts for local companies. For offshore companies, the requirements and review process tend to be stricter and take longer. Depending on the bank’s policies, additional requirements such as having a communication address in Hong Kong or obtaining a business registration certificate may be necessary. As bank account requirements change periodically, it is recommended to seek assistance from experienced corporate secretarial firms.

Hong Kong Opening Bank Account: Frequently Asked Questions

A: A Hong Kong offshore account refers to a bank account opened by non-residents in Hong Kong, typically used for managing international cash flows and transactions. This type of account can be operated remotely without the need to visit Hong Kong, making it suitable for companies or individuals engaged in global business.

A: Yes, many banks in Hong Kong offer various corporate account options. For example, DBS Bank (Hong Kong) provides multi-currency savings accounts that support HKD, USD, RMB, and up to 11 other currencies, offering companies flexible financial management solutions.

A:Currently, Hong Kong banks prioritize opening accounts for local companies. For offshore companies, the requirements and review process tend to be stricter and take longer. Depending on the bank’s policies, additional requirements such as having a communication address in Hong Kong or obtaining a business registration certificate may be necessary. As bank account requirements change periodically, it is recommended to seek assistance from experienced corporate secretarial firms.

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