Why choose Hong Kong for your business banking?
Hong Kong is well known for its banking infrastructure. There are no restrictions on funds flowing into or out of Hong Kong bank accounts in normal circumstances. Account-holder identity and transaction information are subject to a high standard of confidentiality. Compared with some offshore bank offerings elsewhere, benefits often include:
Clear location of bank account
Accounts are opened in Hong Kong. Some “offshore” arrangements involve banks in other cities or jurisdictions where clients may rarely visit a branch in person.
Lower minimum account balance (illustrative)
In Hong Kong, minimum balance requirements can be as low as around HKD 3,000, with a monthly administrative charge of approximately HKD 50 if the balance falls below. By contrast, many offshore-style accounts may require around USD 5,000 with fees in a similar order—actual terms vary by bank and product.
Cash deposit and withdrawal
Clients can often deposit and withdraw funds by cash or transfer at branches of their bank in Hong Kong. Many offshore bank products rely primarily on wire transfers.
Available to all nationalities
In China, foreign banks may offer offshore-style services to foreign individuals and companies (for example a Hong Kong company), but corporate clients may face requirements such as a majority of foreign shareholders—requirements differ by bank and case.
Visiting Hong Kong
Under the company’s quorum in its Articles of Association, if there is only one director, that director usually must attend the bank in person for a business account opening meeting. If there is more than one director, at least two directors may need to attend. Other shareholders, directors, and authorised bank signatories may need to verify identity and signatures if they do not attend in Hong Kong.
Each bank sets its own requirements. In general, a business plan, proof of address, and passport copies are commonly requested, and processing may take approximately 7–10 working days (subject to the bank).
For more information, please contact our Corporate Service Manager.
Preparation for bank account opening
For shareholder(s), director(s) and/or bank account operator(s)
- Original passport
- Original proof of residential address (issued within the latest three months)—e.g. valid driving licence, utility bill, bank statement
For the company
- Incorporation documents (certified true copies, e.g. by a Hong Kong CPA, are often accepted)
- Business proof: invoices, brochures, website, contracts, etc.—anything that helps the bank understand your business background
- Business plan: template or narrative so the bank understands the nature of the business
RMB trade settlement accounts
The RMB trade settlement scheme has been available in Hong Kong since June 2010. Using a Hong Kong company and Hong Kong business bank account, clients may access features such as the following (subject to bank terms and applicable rules):
RMB cash withdrawal
- Cash withdrawal may be available at Hong Kong branches
- No maximum limit for in-person cash withdrawal (per typical bank practice—confirm with your bank)
Send and receive RMB remittance
- Receive RMB directly into the business account
- Transfer RMB from a Hong Kong business account to a Hong Kong personal account (where permitted)
RMB investment
RMB balances may be used to subscribe to RMB-denominated investment products offered by the bank or authorised institutions (subject to suitability and product rules).
Business nature and nationality
All nationalities and many business types may access RMB services where the bank accepts the relationship— subject to bank policy and compliance review.
Restrictions (examples)
- RMB generally cannot be transferred from a Hong Kong personal account to a Hong Kong business account
- RMB transfers between Hong Kong personal accounts typically must involve the same account holder
- RMB purchases may not be available via Internet banking; branch visits and handling fees may apply
Bank policies, fees, and regulatory rules change. Confirm all account features, limits, and documentation directly with your chosen bank.