How to open an international bank account

You might be familiar with the offshore bank account for the Hong Kong business, but do you know everything about the procedure and documents required to submit the offshore bank application? An international bank account is an account in a bank not located in the same country as your incorporated company. If you’ve incorporated your company in HK, you can still open a bank account in a country or place different from HK. This is perfectly acceptable and legal!

When compared to opening a bank account for your business in Hong Kong, an international bank account is highly recommended. It would not only benefit you, but also your company on a global or international scale. You’d never have to visit HK even after you’ve incorporated your business there.

Introduction to opening international bank account

An international bank is usually referring to a bank providing services worldwide, which is not located in the same jurisdiction as the company incorporated. We usually use the term international banks to mean offshore banks located outside Hong Kong. They are absolutely legal and can be highly advantageous for your business in the 21st century.

An international bank account helps diversify political risk by placing your funds in stable, well-developed institutions with favorable treatment. If you have a company registered in Hong Kong, you can apply for an international account that is perfectly legal and acceptable. We highly recommend this over opening a business bank account in Hong Kong, as an international bank account offers varied global benefits.

Here we will walk you through the processing and details of an international bank account.

List of International banks

In order to set up a corporate bank account to operate your business easily and efficiently, you need to choose the right bank that matches your business needs. Here are some of the banks recommended and preferred by many owners of Hong Kong companies: 

International Bank with online application – no need to travel

Opening an international bank account by filling the application forms and submitting required documents, without visiting the place is possible in a few decent banks. Some of them that are recommended to you as follows:

ABC Banking

ABC Banking Corporation is a full-fledged commercial bank founded in Mauritius, which is one of the Top 100 business organizations of the Indian Ocean. It obtained the “Best Private Bank in Mauritius” award and the prize of “Best Bank for International Banking Services Mauritius”. As of now, ABC Banking Corp enlists savings and offers current accounts for corporates, in addition to debit cards and online banking services. Usually the bank applicant takes around 15-20 working days, and a detailed business plan is considered compulsory – make sure you don’t miss it.

CIM Banque

CIM Banque is a Swiss private bank. Founded in Geneva in 1990, it serves institutional, corporate and private clients globally. It allows an individual entity to easily open an international bank account supporting multi-currencies. Each account holder can enjoy the user-friendly online banking with a low start up amount of the account. Once your application is preceded by Startupr, and after the bank reviewed and approved all the submitted documents, in general your bank account will be opened in 15 to 20 working days.

CIM Banque has changed their compliance requirements, please contact us at Startupr for more details. We can further assist you if you’re interested in opening a bank account in Singapore.

International Banks with traditional application

Other than the easy method of opening an international bank account online, there are many banks that still go with traditional procedures. They usually require you to physically visit the bank headquarters or one of the branches. Here are highly recommended bank institutions for your Hong Kong business:

OCBC

Oversea-Chinese Banking Corporation Limited is a multinational banking and financial services corporation headquartered in Singapore. It is the second largest bank in Southeast Asia by assets and one of the world’s most highly-rated banks.

With a diverse business environment, it is one of the most popular banks for foreign owners of Hong Kong companies. Setting up an OCBC multi-currency account usually takes 15-20 working days after completing compliance and with a straightforward application.

Updated News: OCBC offers Bank Account Opening through video conferencing

DBS Singapore

On July 16, 1968, the Singaporean government established DBS Bank to take over industrial financing from the Economic Development Board. Today, it is the leading bank in Singapore and the largest in Southeast Asia. It has also been named “Safest Bank in Asia” by Global Finance for nine consecutive years from 2009 to 2017. You will get the multi currencies bank account opened in 1-2 weeks after meeting in Singapore along with an initial deposit.

How to set up a business bank account?

Nowadays, there are some banks that allow you to open an international bank account easily without a physical visit. Some traditional banks still require your physical presence. It means that you as a foreigner can comfortably open a bank account without travelling to some of the banks. Let’s have a look at the process of an international bank introduction and account application.

Step 1 – Incorporate Your Company in Hong Kong

First, you need to incorporate your company in Hong Kong, or at least contact a great agency like Startupr to complete the process of incorporation. After company formation, you can either find a bank independently or ask the agency for suitable international bank options.

Step 2 – Choose a Bank Wisely

Depending on your business needs and activities, you need to search the most suitable banks to meet them. You also need to understand the transaction functions, supporting currencies and the type of account required for your business. However, some of the service providers may provide you with information of different banks that suit your needs. Note that many international banks prefer introductions from service providers or agencies and may not directly accept corporate account requests due to their due diligence policies.

Step 3 – Provide Your Business Information to the Bank

To open a corporate bank account with any international banks, you need to fill out the specific application forms. All the banks require you to provide your personal information, business background, intended business venture and a detailed business plan is preferred. You will also need to submit your company registration documents. Don’t forget the reason why you are opening a bank account with that particular bank. Make note of this, as it is very important in the account application process.

Step 4 – Bank Review Process

After you provide all necessary information and documents, the bank officer will review your application to determine eligibility. If approved, you’ll receive an email to arrange a video conference. Remember to prepare thoroughly for this call, especially for potential questions.

Step 5 – Video Conferencing / Physical meeting

During the video call, your identity would be verified by the bank officer. The video conference will cover your business details (activities, plan, estimated turnover) and your background/experience. They would also discuss the international banking services that would be required by the business as well as you. Expect the bank officer to meet with all directors, significant shareholders, signatories, and UBOs via video conference.

If an in-person bank visit is required, the process and questions will generally mirror those of a video conference. The only difference is whether it is on the screen or in person. So, you still need to be well-prepared for everything before arriving at the bank.

Step 6- Notarize or Apostille Your Documents

Once the video conference or bank meeting is done, you then have to courier the bank account application documents including the company documents, signed bank account opening forms or agreements, copy of your passport certified by professional personnel, or follow any other instructions given by the bank officer. Usually, the service provider or agency has prepared for you already.

Step 7 – Wait for Bank Reply

The bank needs at least 2-3 weeks to process your application after receiving all required documents (signed forms, certified personal and company documents). Be patient and ensure all documents are complete to avoid delays, which often stem from missing information or unsettled compliance.

Step 8 – Transfer Deposit to Meet The Bank Minimum

The bank will email your account details, requesting an initial deposit for activation. After your deposit, they will courier your internet banking device, completing the application process, and you can start using your new account.

Documents needed to open an bank account

The following documents are usually needed by the international banks on our list:

Note: Not all the international banks have the same requirements, but these are the most common documents that you need to provide for the bank account application.

Company Documents

Each bank requires the applicant to provide company documents during the account application process, which are commonly followed for Hong Kong companies:

• Business Registration Certificate
• Certificate of Incorporation
• Articles of Association (AA)
• Incorporation Form (NNC1)
• Latest Annual Return Form (NAR1)

All of these documents should be issued by the Companies Registry and Inland Revenue Department, and the certified copies will be sent to the bank during the processing of bank account opening. Usually, the company secretary (like Startupr) used for the incorporation of your Hong Kong company, will take care of this if you engage this service as well.

Personal Documents

Besides the company documents, other important things you need to present and prepare are personal documents, which are usually referring as:

• Valid Passport
• Proof of Address in English: bank statement or utility bill that shows your address and name, which is issued within the last 3 months
• National identity card or driver licence
• Tax Residency Certificate

If you form the company by appointing Startupr, we ensure that you won’t miss anything in the process, as we have already collected all necessary documents from the directors, shareholders, and UBOs. Contact us via phone or email. Have all key documents prepared before your international bank account application.

If your company was not formed by Startupr, we could still assist you with the offshore bank introduction. Reach us by phone or email. Prepare all vital documents before applying for your international bank account.

Business Proof

All documents related to the business should be prepared and provided by you, as those are not the company registration documents or papers issued by the Hong Kong Government. A strong business proof details your business plan, service offerings, and the background of directors and shareholders. This provides a comprehensive overview of your company.

It is compulsory for any bank to understand the nature of business, and your experience in the related field. Also, your plans for business development and operation are important for the application.

Therefore, you usually need to prepare the following documents as well:

• Business Description: This should cover everything describing your business in detail, along with the plan of business development (i.e., estimate turnover, profits etc.)
• Contract or Agreement with customers or suppliers: After you incorporated the company, you may have some contracts or agreements with your potential customers or suppliers. Such documents will be good enough to show the bank that you are well-prepared to run this business.
• Received or issued invoices: Same as the point mentioned above, you may have some invoices which are issued or received even before the bank account is ready. The bank would like to see if your intentions are serious, though there is no need to show any payment.
• Business certificate of any associated existing entity: Any business entity you own and operate (or hold majority shares), which is a good reference of your experience for the bank to assess your application.
• A letter attesting to your professional standing (if any):This is a letter that acts as a clear evidence of your professional standing.
• A reference letter from the previous bank that knows your background (if any).

Overall, it is important to take your time and make sure that you are properly prepared before you submit any bank account opening application. The failure to provide required documents or information can always lead to delays, as well as a possible rejection in opening an international bank account for your Hong Kong company.

Advantages of international bank accounts

Similar to other options with the bank account opening, there are pros and cons of using international banks. Comparatively speaking, international banks remain one of the best options, as you can see from the main advantages below:

• Multi-Currencies Account Handle deals in multiple currencies (USD, HKD, EUR, GBP, SGD, etc.) easily.
• Flexibility for Account Accessing: Manage funds globally via online and mobile banking anytime, anywhere.
• Higher Account Privacy and Security: Benefit from strong confidentiality and secure online systems, protecting assets.
• Higher Possibility: International banks often welcome diverse businesses more readily than local banks.
• Other Banking Services Support: Access investments, discounted international payments, and favorable loan rates with strong privacy and security.

Disadvantages of international bank accounts

As with all the advantages mentioned above for international bank accounts, there are still some disadvantages to it too. The following are disadvantages of the international bank account:

• Jurisdiction Difference: Payment gateway support may be limited if your account is in a different country. Verify compatibility.
• Higher charges and deposits: Expect larger initial deposits and fees than with Hong Kong banks, a drawback for budget-conscious businesses.
• Inflexibility and Travel: Remote banking can be less convenient, and travel for bank visits is expensive.

Overall, it is very important to have a look at the terms and conditions of the bank before making a decision on any bank application. This is one reason why it is better to hire an agency to take care of all this for you

Alternative: Banks in your home country

Another solution may be to open a corporate bank account for your Hong Kong company in your home country, or any country you are residing in. This benefits your business development, as you may be familiar with the banks you use and it will be more convenient for application and communication.

Choose the bank according to your needs, then contact the bank directly to start an application. Usually, you will be informed with the document requirements, application procedures, fees, time frame, etc.. We suggest you cross-check everything with the bank when you decide to proceed further.

For the best guidance, the smartest method is to hire an agency. They take care of all the small details in the process and make sure you get the best as per your business needs.

All information on this page and/or on any pages of startupregistry.hk is for reference only and remains subject to change. Startupr itself is neither responsible nor liable for any bank’s information or decision.

Last update: April 2025