As the status of Hong Kong as an international financial center continues to rise, the number of enterprises registering companies in Hong Kong keeps increasing. Successfully opening a bank account has become a crucial step for enterprises to achieve efficient capital operation. Selecting the appropriate bank account is also a key point that enterprises need to pay attention to.
Bank Account Selection
Mainstream Bank Types
Companies can match suitable banks according to their own stage, background, business model and business category.
International Banks
HSBC, Standard Chartered
Suitable for cross-border trade and investment, with comprehensive services but high thresholds.
Hong Kong Local Banks
DBS Hong Kong, OCBC Wing Hang Hong Kong, Bank of China Hong Kong, Bank of East Asia Hong Kong, CCB Asia Hong Kong, HSBC Hong Kong, Citibank Hong Kong, etc.
Preferred for start-ups, with low account opening thresholds (some have no minimum deposit requirement) and affordable management fees.
Chinese-funded Banks
Strong policy adaptability, suitable for enterprises with mainland backgrounds.
Offshore NRA banks
Yiwu Chouzhou NRA Bank, Wing Hang NRA Bank, etc.
NRA accounts stand for “Non-Resident Accounts”, meaning they are not located in Hong Kong but rather in Mainland of China. These accounts are opened by overseas entities——including overseas companies, organizations, and individuals——within Mainland of China for the purpose of holding overseas funds or conducting cross-border fund settlements.
Core Document List
HK Company
Company Documents:
Certificate of Incorporation (CI), Business Registration Certificate (BR), Memorandum and Articles of Association (M&A).
Director/Shareholder Documents:
ID card/passport, proof of address within the past 3 months (utility bills/bank statements).
Business Proof:
Business plan (including business model and financial planning), upstream and downstream transaction contracts.
Others:
Annual return (required if established for more than 1 year), seal specimen.
Steps for Opening
Take HK Bank Account as Example
☑ Select a Bank
Choose a suitable bank based on your company’s business needs and the bank’s service features.
☑ Prepare Account Opening Documents
These include the Certificate of Incorporation, Business Registration Certificate, Articles of Association, details of directors and shareholders, mainland business license (if applicable), overseas business contracts, etc.
☑ Submit Documents for Preliminary Review
Submit the prepared documents to the bank and wait for their initial review.
☑ Schedule an Interview
Once the initial review is passed, schedule an interview with the bank. This can be conducted in person at a Hong Kong branch or, under specific circumstances, via video remote verification from mainland of China.
☑ Attend the Bank Interview
Attend the interview at the Hong Kong branch at the scheduled time, or complete the process through video verification.
☑ Bank Review
The bank will review all submitted materials and conduct background checks. This process generally takes approximately 1–3 weeks.
☑ Receive Documents by Mail
After the review is approved, the bank will mail out the account materials.
☑ Activate the Account
Activate the account according to the bank’s requirements, which usually involves depositing a minimum required amount.
In addition to Hong Kong Bank and NRA Bank, HACOS also offers various banking account services such as those of Singapore Banks, Macau Banks, and local banks in the United States. If you have any such needs, please contact us now~!
HACOS always strive to provide our clients with more high-quality, efficient and considerate services, covering China visas, tax-planning, incorporation, financial consulting, global shipping, intellectual property, foreign trade services, legal consultation, etc.
