How to start a new Honk Kong bank account

Starting a Hong Kong Bank Account

Most clients focus intently on company incorporation, but there’s another important aspect of starting a new company in Hong Kong. Namely opening a company bank account. Corporate formation is fairly straighforward, especially when we file your company particulars through our online system of “eregistry” with the Company Registry of Hong Kong SAR. But opening a company bank account involves further choices and requirements.

Here are a few options:

Bank Account Opening in Hong Kong (standard banks used by many of our customers)

– HSBC

– Hang Seng

– Standard Charter

– Bank of China

Out of Hong Kong Bank Account Opening (online application – no need to travel)

– CIM Banque

– Europacbank

– Baltikums Bank AS

– Bank of Cyprus

 

Out of Hong Kong Bank Account Opening (personal meeting required)

– ABLV (Hong Kong, Latvia, Russia, Ukraine, Belarus, Kazakhstan, Azerbaijan, Cyprus, Luxembourg)

– Rietumu (Latvia – within 6 months after the bank account is opened)

– OCBC Singapore (Singapore)

 

Bank account opening in Hong Kong requires the following documents when applying:

A)
Company documents for bank account opening in HSBC Hong Kong (prepared by Startupr (Limited Company established in Hong Kong)):
– Business Registration Certificate
– Certificate of Incorporation
– Memorandum and Articles of Association (M&A)
– NC1 form

All of these documents are certified by Company Registry of Hong Kong SAR
.

B)
Business proof  (Documents you should make available)

Since the bank wishes to determine the nature of your business, as well as your experience in that field, it requires some proof of business.

– issued/received invoices (once the company is incorporated you can create invoices for any of your future customers, however, these invoices need not show payment. The bank simply needs to see your intentions are serious, and you already have customers).

– business description – A single printed page in which you describe the business. This should be on company letterhead, dated and signed by the director or primary shareholder.

– agreements with suppliers (if any)

– A reference letter from a previous bank which knows you and your business (if you have one)

– A letter attesting to your professional standing (if any)

– A business certificate from any previous or other firms owned or operated by you and/or your major shareholders (if any)

C)
Personal documents
– passport
– proof of address (e.g., driver’s license, etc., or any recent utility bill which shows your name and address)

 

Online Bank Account Opening

Only PREMIER clients of HSBC may open business accounts online.

 

Banks Overview

BankFeeType of Account Initial Deposit Maintanence DepositTime to Open Bank Account (if the compliance is completed)
CIM Banque – SwitzerlandIncoming Payment
– $15,00
Outcoming Payment
– $3,50
Monthly Maintenance Fee – $40,00
Application Fee
– EUR 150,00
Multiple Currencies$10 000,00$1000,0015-20 working days
Europacbank
– St. Vincent & Grenadines
Incoming Payment – $16-$103
Outcoming Payment – $30-$110
Monthly Maintenance Fee – $30,00
Application Fee – $-
Multiple Currencies$500,00$360,0015-20 working days
Baltikums Bank AS
– Latvia
Incoming Payment
– EUR 0,00
Outcoming Payment
– EUR 45,00
Monthly Maintenance Fee – EUR 25,00
Application Fee
– EUR 400,00
Multiple CurrenciesNot requiredEUR 1 000,0015-20 working days
ABLV*
– Latvia
Incoming Payment
– EUR 0,00
Outcoming Payment
– EUR 15,00
Outcoming Payment (USD) – $75,00
Monthly Maintenance Fee – EUR 20-40
Application Fee
– EUR 300,00
Multiple CurrenciesNot requiredNot required15-20 working days
Rietumu**
– Latvia
Incoming Payment
– EUR 0,00
Outcoming Payment
– EUR 15-80
Monthly Maintenance Fee – EUR 20,00
Application Fee
– EUR 250,00
Multiple CurrenciesEUR 5 000,00EUR 10 000,0015-20 working days
OCBC***
– Singapore
Incoming Payment
– $7,50
Outcoming Payment
– $43-$125
Monthly Maintenance Fee – $100,00
Application Fee
– $372,00
Multiple Currencies$30 000,00$30 000,0015-20 working days
Bank of Cyprus
– Cyprus
Incoming Payment
– Min. EUR 2,00
Outcoming Payment
– Min. EUR 7+15
Monthly Maintenance Fee – EUR 50,00
Application Fee
– EUR 0,00
Multiple CurrenciesNot requiredNot required15-20 working days

 

If you need any more clarification or advice, please contact us: [email protected]

*Personal visit required – Hong Kong, Latvia, Russia, Ukraine, Belarus, Kazakhstan, Azerbaijan, Cyprus, Luxembourg
**Personal visit required – Latvia (within 6 months after the bank account is opened)
***Personal visit required – Singapore