How to open a business bank account in Hong Kong for non-residents?
It is not as hard if you know how.
As a certified accounting firm, we have accompanied 1000s of foreigners along the way.
TL;DR (summary of the article for the busy ones):
- You need 7 documents (5 business documents, 2 personal documents)
- Choose a bank (Airwallex etc.) if you want an easy, fast, and completely online process.
- Expect 6 days for virtual banks and 5 weeks with traditional banks.
- Avoid crypto or small B2C transactions to not risk the closure of your bank account.
Introduction
In this guide, we’ll cover
- the documents that the banks require
- for the steps involved in the application process
If you’re still weighing your options, I’ve also written a detailed comparison of the different banking choices available in Hong Kong, including traditional banks like HSBC and virtual banks like Airwallex.
Who is this article for?
Hong Kong Non-residents who want to set up a Hong Kong company and struggle/fear the procedure behind opening a corporate bank account in Hong Kong for their company.
Or who for those who have opened a Hong Kong company and their service provider did not accompany them fully along the whole process and have no bank account.
If you do not want to go through the hassle of opening a business bank account by yourself, we can help you with opening a company and its business bank account in Hong Kong – we have been accompanying our customers step by step along the process.
You can discuss more details with one of our legal experts in a consultation.
Step 1: Required documents to open business bank account in Hong Kong for Non-residents
Both traditional banks and virtual banks in Hong Kong will require a series of documents to complete the KYC process. Here’s what you’ll need three categories of documents.
1. Company Registration Documents to open business bank account in HK as Non-resident.
- Certificate of Incorporation
- Business Registration Certificate
- Articles of Association
These documents should be readily available after you incorporate your company.
Further reading:
Read more about how and when you obtain the above documents during the registration of your Hong Kong company.
2. Identification Documents to open a corporate bank account in HK as Non-resident
- Passports and
- Proof of address for all directors and shareholders.
Note:
The proof of address doesn’t need to be from Hong Kong.
Further reading:
These are the same documents you needed when setting up your Hong Kong company in the first place.
3. Proof of Source of Funds to open business bank account in HK for non-residents
As a shareholder, you’ll need to provide:
- Personal bank statements to show that your funds are legitimate and not linked to money laundering.
- Proof of income, such as salary, investments, or business activities, to demonstrate the source of your funds.
4. Proof of Business Activities to open business bank account in HK for non-residents
Banks often request proof that your business is legitimate. Here’s what you can provide:
- Established Businesses: If your business has been operating for some time, you can provide previous sales invoices, business contracts, bank statements, or even a website as proof.
- Startups: If you’re just starting out, don’t worry. Banks may accept alternative proof, such as a business plan, draft sales contracts, or a website showcasing your planned activities. They may also ask for details about your background, such as work experience and qualifications.
Step 2: Choose your bank type for non-residents
If you’re still wondering between a traditional bank and a virtual banking solution, it’s essential to consider your business needs.
Traditional banks like HSBC and OCBC often cater to businesses with more complex banking requirements and have a more time-consuming application process.
On the other hand, virtual banks (also called fintech) like Airwallex and Aspire offer streamlined, remote-friendly banking options.
Most of our clients have online businesses – these are businesses whose service is conducted completely online in comparison to a business that serves people on-site (restaurants, hotels, etc.).
Former clients are usually completely fine with virtual banks.
Further reading:
Read more about the differences between virtual banks and traditional banks and which is suitable for which scenario.
Step 3: Open business bank account: The application process for Non-Residents.
As the application process varies between traditional and virtual banks, we will go through each of them one by one.
Note:
If you are a client of ours already, you do not need to read this as we take you by the hand and guide you through the process – that is what you paid us for and that is why we are here.
Traditional business bank accounts in Hong Kong
There’s a common misconception that non-residents cannot open business bank accounts in Hong Kong with traditional banks such as HSBC. This is not true.
It is harder or let us say: More time-consuming.
Source of information:
We have helped 100s of foreigners with opening business bank accounts with traditional banks like HSBC, Standard Chartered, and OCBC.
Here’s how to get started with a traditional bank:
Step 1: Referral and Appointment as a non-resident
Most traditional banks don’t accept walk-in clients, especially if you don’t hold an HKID (Hong Kong identification card – you won’t if you are not a Hong Kong resident).
The best way to start is through a referral from a CPA firm or another trusted partner, which can make the KYC process smoother.
This is why some of our customers have chosen us in the past.
As we are Hong Kong accountants (yes, born and raised here), all three of our co-founders have a vast network here in Hong Kong from lawyers, bank ankers to government officials.
Let us be honest:
Your network can be so important – how many business deals or loopholes have you found because you knew the right people?
And we go by the saying: Our network is your network – just let us know what you need.
Further reading:
Read more about how your life as a Hong Kong company owner becomes easier when working with an accounting firm as your full-service provider.
Step 2: Face-to-Face Meeting as a non-resident in Hong Kong
Although some banks advertise online applications, these are usually only available to companies owned by Hong Kong residents. For non-residents, a face-to-face meeting in Hong Kong is often required.
Step 3: Manual Process as a non-resident in Hong Kong
Traditional banks usually require more time to process applications because they involve manual checks and in-person interviews.
If you do not want to do this all by yourself, then we can help you out.
Book a free consultation call with our legal expert, so we can determine what your current situation is.
Open virtual business bank account in Hong Kong as Non-resident
If visiting Hong Kong for a face-to-face meeting isn’t practical, virtual banks in Hong Kong like Airwallex, Aspire, and Statrys offer a fully digital application process.
Here’s what to expect as advantages:
Remote Application:
The entire process can be done online, making it ideal for business owners who operate remotely.
Faster Processing:
Virtual banks typically approve applications much faster than traditional banks.
No In-Person Meetings:
You won’t need to fly to Hong Kong or attend a physical meeting to open your account.
Step 4: Timeline for Opening a Business Bank Account in Hong Kong as Non-resident
Traditional business bank accounts in Hong Kong as non-resident
Opening a business bank account with a traditional bank can take 4 to 6 weeks, depending on the bank’s internal processes and the complexity of your application.
Here’s a rough breakdown:
- Preliminary checks and document exchanges: 2 weeks
- Scheduling and attending an in-person meeting in Hong Kong: 2 weeks
- Processing and final approval: 2 weeks
Virtual business bank accounts in Hong Kong as non-residents
If speed is a priority, virtual banks are much faster.
The typical timeline for virtual solutions is 5 to 7 working days.
Since everything is handled online, the process is much more streamlined, making it perfect for business owners who need to get started quickly.
5. Real Case Study: German E-Commerce Business Owner in Thailand (Non-resident in Hong Kong)
To give you a clearer picture of how Hong Kong virtual banks can benefit foreign-owned businesses, here’s a real case study of one of our clients:
A German client residing in Thailand had been running an e-commerce business on Shopify for several years, primarily serving customers in Germany.
However, he found that the profit taxes in Germany were too high and sought a more efficient tax environment. After a consultation with us, he decided to incorporate a Hong Kong company through our CPA services. The incorporation process was swift, taking just 2 working days.
Once his company was registered, he immediately applied for a business account with Airwallex, a popular virtual bank.
He uploaded certain business proofs, including his
- Stripe history and
- the URL of his Shopify store.
Within only 3 working days, his Airwallex application was approved.
This setup allowed him to link his Airwallex account to various payment gateways, including PayPal and Stripe, which were connected to his Shopify store.
Further reading:
Read more about payment gateways in Hong Kong.
He also applied for both physical and virtual debit cards, which made handling online payments more efficient and hassle-free since his Hong Kong company was set up 3 years ago.
The banking solution has been particularly beneficial during the COVID-19 pandemic.
As face-to-face meetings are required by traditional banks in Hong Kong, and travel restrictions made it impossible for him to visit, he was unable to open a traditional bank account.
This case demonstrates that Hong Kong virtual banks have matured significantly, providing a reliable and flexible environment for e-commerce and digital businesses, especially those requiring frequent cross-border transactions.
Virtual banks like Airwallex are proving to be an excellent alternative to traditional banking, offering not only convenience but also stability.
6. Dos and Don’ts to have a hassle-free banking experience in Hong Kong
Once your account is open, you’ll want to avoid any disruptions. Here are some tips to help you maintain a stable business bank account:
1. Be consistent with transactions
Ensure that your transaction patterns align with the business activities you described during the KYC process.
For example, if you operate an e-commerce business, avoid mixing in unrelated transactions like consulting or coaching services.
2. Avoid retail transactions
Banks are sensitive to retail transactions, especially if they involve many small, individual payments.
If your business involves personal clients, use payment gateways like Stripe or PayPal and transfer the funds to your bank account, rather than dealing with many small direct transfers.
3. Be cautious with cryptocurrency transactions
Most banks, both traditional and virtual banks, are cautious about cryptocurrency transactions. Avoid cashing out cryptocurrency directly into your business bank account, as this could raise red flags.
Conclusion: Open business bank account in Hong Kong as non-resident
Opening a business bank account in Hong Kong as non-resident is entirely possible, whether through traditional banks or virtual banks. The key is to understand the specific requirements and be prepared with the right documentation.
If you’re still deciding which banking option is best for you, make sure to read our in-depth comparison of traditional and virtual banks. It will provide valuable insights to help you make an informed decision.
FAQ
1. Can I open a business bank account in Hong Kong if I’m not a resident in Hong Kong?
Yes, you can.
Indeed, residency is not of primary concern for banks; they are more focused on the nature of your business.
Banks typically assess whether your business is profitable, whether you will use their banking services extensively, and whether your operations fall within their risk tolerance.
This is why virtual banks, such as Airwallex and Aspire, are particularly welcoming to e-commerce businesses. E-commerce tends to generate frequent cross-border transactions, which virtual banks are well-equipped to handle, making these businesses ideal clients for their services.
2. How long does it take to open a business bank account in Hong Kong as a non-resident?
The timeline depends on the bank you choose:
- Traditional banks (e.g., HSBC, Standard Chartered) can take anywhere from 4 to 6 weeks.
- Virtual banks (e.g., Airwallex, Statrys) typically take 5 to 7 business days for the approval process.
The virtual banks in Hong Kong are generally quicker, more streamlined, and more online-savvy, which comes in handy when not living in Hong Kong.
3. What documents do I need to open a business bank account in Hong Kong as a non-resident?
The required documents are generally the same for both traditional banks and virtual bank solutions:
- Company registration documents:
- Certificate of Incorporation,
- Business Registration Certificate, and
- Articles of Association.
- Identification documents:
- Passport and
- proof of address for all directors and shareholders.
- Proof of source of funds:
- Personal bank statements and
- proof of income.
- Proof of business activities:
- Sales invoices,
- contracts, or
- a business plan (especially for startups).
4. Do I need to be physically present in Hong Kong to open a business bank account as a non-resident?
It depends on which bank you choose.
For traditional banks, a physical presence is often required for a face-to-face meeting, which can be challenging for non-residents, especially during travel restrictions like those seen during COVID-19.
However, virtual banks in Hong Kong such as Airwallex allow you to open an account remotely, without requiring a visit to Hong Kong.
5. What are the advantages of using a virtual bank like Airwallex compared to a traditional bank as a non-resident?
Virtual banks like Airwallex offer several advantages:
- Fully remote application: No in-person meetings required, making it ideal for non-residents.
- Faster processing: Approval can take as little as 5 to 7 business days.
- Integration with payment gateways like PayPal and Stripe, making it seamless for e-commerce businesses.
- Lower fees: Virtual banks often provide more competitive fees for international transactions and cross-border payments, which is beneficial for businesses with global operations.
6. Are virtual banks like Airwallex safe and reliable as a non-resident?
These solutions are safe and reliable while under the protection of the Deposit Protection Scheme from the Hong Kong government.
Airwallex, for instance, holds client funds with well-established and traditional banks such as DBS and Standard Chartered Hong Kong.
7. What are the common reasons for application rejection when opening a business bank account as a non-resident?
From our practical experience, business bank account applications can be rejected for several reasons:
- Incomplete or incorrect documentation: Ensure all your documents (e.g., company registration, identification, proof of business activities) are up-to-date and accurate.
- High-risk business activities: Some banks are cautious about businesses involved in industries like cryptocurrency, gambling, or money services.
- Inconsistent funding sources: Banks may reject applications if they cannot trace the source of your funds or if your business activities don’t align with the KYC information provided.
8. What is the easiest bank in Hong Kong to open a business bank account as a non-resident?
The easiest bank (in our experience) is Airwallex.
It is easy in terms of documents (3 company documents, 2 personal documents) and process (5 to 7 days).
