Open a Bank Account Online in Hong Kong
We compared the best banks for small and medium businesses in Hong Kong. Here’s what you need to set up a bank account or switch from your current bank to a new one.
Everything You Need To
Know Before Opening
a Bank Account
Whether you are a Hong Kong resident or a non-resident it’s important to get an idea of the application process before deciding to open a bank account in Hong Kong
What documents do I need?
The following documents are required for opening a bank account in Hong Kong:
- Your official ID, such as a passport or a HK ID card;
- Proof of address (a utility bill, a bank statement or a mobile phone bill will do if they are less than 3 months old). In case you can’t provide a Hong Kong address, give the proof of your residence in your home country
- A valid visa
- Employment confirmation or a contract (in case you work in Hong Kong)
What if I’m not a Hong Kong Resident
You don’t have to be a permanent resident to open a bank account in Hong Kong. Passport holders from the EU, US, or Australia should find the process straightforward.
Bear in mind that different banks have their own requirements for non-residents.
How To Open a Bank Account Online
Unfortunately, you can’t open an account online if it is your first one in Hong Kong. This is because the country’s financial regulations follow strict anti-money laundering rules. Once you open a bank account in HK and setup online banking, you will be able to open other accounts online.
What Do I need to Open a Business
Bank Account in Hong Kong
While opening a basic bank account is quite straightforward, opening a business bank account in Hong Kong requires a bit more work. In an effort to crack down on money laundering and terrorist money movements, all major banks in the country now have to comply with tough anti-fraud laws and due diligence processes. You will need to provide the following documents:
1. IDs for directors and shareholders
Passports or HK ID cards will do. Sometimes it’s possible to open a bank account if you don’t have a valid Hong Kong ID card. HSBC, for instance, allows you to do it.
2. A resolution
The board of directors should approve the opening of the account and give one person authority to apply with the bank.
3. Official company documents
Certificates of registration, articles of association, or certificates of incorporation, for instance.
4. Proof of address
This can be a utility bill, recent bank statement or a mobile phone bill. The date on this must not be within the first seven working days after your account has been opened.
5. A valid visa
The new bank will take care of everything. All your existing payments will be transferred automatically, and you will be sent confirmation that your new account is up and running.
6. A business plan
It should describe the nature of the business and make projections of expenses and revenues for the next year.
Go With GP
Explore GP benefits for your business
Open a company with us
We’ll register your company online and help you open a business bank account online, all within 4 minutes! We partner with a variety of local banks.
Benefit from partner offers
Enjoy some of the benefits our bank partners offer to help your business prosper.
Get professional advice
Our experts will help you decide which bank account you need for your business and when to switch for the best options.
Set up Accounting & Bookkeeping
Already started your company? We’ll take care of invoices, reports and taxes, while you focus on growing your business.
How To Switch Bank Accounts?
Why switch to a new bank account
Most people switch their bank account to get higher interest rates and, as a result, to increase their savings.
The others are looking for a more advantageous cashback policy or insurance benefits.
Switching is also a good idea if the customer service with your new bank is better.
The switching process
The switch to a new bank account in Honk Kong is quick and easy, your regular payments will not be affected.
The transition is seamless. Your new bank should arrange for all your existing payments to be transferred to the new account and ensure the process complies with with financial regulations.
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