Open an SME bank account in Hong Kong: tips and requirements

Opening an SME bank account is the first step for any business. An SME bank account is not only a token of confidence to your customers and suppliers, but also a portal to connect to third-party online payment gateways to increase the rate of successful payments. Rumour has it, that opening an SME bank account in Hong Kong is increasingly challenging. Read on to find out everything you need to know about opening SME bank accounts in Hong Kong.

Why should you open a business account?

SMEs can effectively differentiate personal finances from company accounts by using a business account. This ensures transparency and accuracy in liquidity and financial records. Moreover, the risk associated with a corporate account is lower than that of a personal account. In the event of substantial financial transactions, a business account is less susceptible to regulatory scrutiny and account freezing.

A step-by-step guide to opening an SME bank account

Before the rise of fintech, SME owners needed to first book an appointment with the bank by calling, then show up at the appointment with a pile of documents for review, and sit tight for weeks or even a month for a decision – whether or not your request for a business account is approved. 

Lucky for us now, fintech and online banking have already gained momentum, propelling even the most traditional banks and institutes to enable online account opening. SME owners can simply go on to the bank’s official website, select the most suitable type of business bank account, fill out the application form, and upload the necessary documents – all in the comfort of their own home or office. 

Methods for opening a business account

As fintech and online banking become increasingly popular, there are three primary methods for opening a business account: Online, through a mobile application, or in-person at a bank.

1. Traditional banks

Traditional banks usually offer a comprehensive range of financial services with in-person support. They serve as a secure and reliable choice for established businesses. However, their account opening processes are often time-consuming as they usually require applicants to visit the branch in person and provide extensive documentation. The costs of opening and maintaining a bank business account are also higher due to monthly fees and minimum balance requirements. 

2. Virtual banks

Virtual banks, such as ZA Bank and livi Bank, typically provide a 100% digital account opening experience, allowing businesses to apply, submit documents, and verify their identity online. This leads to faster processing times and lower fees, with many virtual banks waiving monthly charges and minimum deposit requirements. However, the eligibility criteria for applying for a business account with virtual banks can be stricter to compensate for the lack of in-person due diligence, particularly for businesses with non-local directors or complex ownership structures.

3. Airwallex

Financial platforms such as Airwallex are designed for businesses of all sizes, especially those that conduct cross-border transactions frequently. The entire process is online, with approvals granted in as little as 48 hours. Airwallex also offers multi-currency accounts, competitive FX rates that start from 0.2% above interbank rates. No monthly fees or hidden charges are required.

Tips for opening a business account for SMEs

Discover valuable tips below, equip yourself, and set up your SME business account smoothly.

1. Gather all essential documents, such as Business Registration (BR) Certificates, Business Proof, or information on company directors and shareholders. This will save you time and prevent any delays during the document submission process.

2. Make sure that your BR certificate states clearly ‌‌the scope and nature of your business activities, and that it remains valid.

3. Compare the transaction limits and fees for business accounts offered by different banks.

4. Ensure you have enough funds to meet the minimum deposit requirements.

5. Before opening the account, it is advisable to get in touch with the bank to gain a comprehensive understanding of all the requirements, necessary documents, and associated fees.

Documents required for opening a business account

Opening an SME bank account may have become easier with the help of technology. However, if you happen to upload the wrong document, all your time and effort invested will, unfortunately, go to waste.

Documents of registered companies: Business Registration Certificate and Business Proof

What constitutes a valid Business Registration Certificate?

Make sure your Business Registration Certificate is within the validity period when you apply for a business account. Some banks require that the Business Registration Certificate includes the nature and scope of your business. 

What is a Business Proof? How is it different from a Business Registration Certificate?

Regardless of your chosen type of business or corporate bank account, Business Proof is a must  for account opening. In general, Business Proof refers to any document that proves the company’s legitimate business activities, such as invoices, sales agreements, employment contracts, and office leases. 

Business Registration Certificate, on the other hand, is issued by the Business Registration Office. All businesses, whether sole proprietorships, partnerships, limited companies, or overseas subsidiaries, must register with the Business Registration Office within 30 days of the start of business operation. The HKSAR Government will utilise this information for tax assessment and auditing purposes, and the information will be made public.  

Why do we need to prepare these documents when opening a business account?

In short, this is for the sake of combating money laundering. When opening an SME bank account, as part of due diligence, banks need to go through the KYC process and perform ongoing monitoring. The documents are therefore needed for the banks to understand your nature of business and source of funds. Some banks may even ask about your business’s average and monthly transaction volume and the like to further understand the operation of your business.

Local business bank accounts suitable for SMEs in Hong Kong

There is no shortage of business accounts specifically catered to the unique needs of SMEs. In fact, as banks compete for SMEs to open accounts, they often offer low minimum deposit requirements, nominal monthly fees, additional services, and other special offers. We have handpicked eight local business accounts for you:

Requirements of different SME bank accounts

*Eligible for applicants who meet the requirements of online identity verification only. Last updated on 14 June 2024. Please refer to the official websites of the banks for details.

^Face-to-face appointment is required after submitting the application online.

‘Waived if the deposit meets the minimum requirement.

Comparing the requirements for opening business accounts for SMEs 

Airwallex: competitive advantages over traditional and virtual banks

Backed by the new generation of financial technology, Airwallex offers much more than local banks. 

Airwallex works with over banks and financial institutions globally to offer fast and secure international transfer services. In other words, Airwallex will never limit the location of your business operations – in fact, we are here to facilitate your global expansion. With our multi-currency Business Accounts, international transfers are just as easy as making local transfers. 

Airwallex offers lower fees compared to traditional banks, making it a more cost-effective option for international transfers. Also, the speed of transactions is a significant advantage – up to 95% of transactions are completed within a few hours or the same day.

Airwallex also offers a full suite of financial technology products, including Corporate Cards. You can bypass the complications of applying for a corporate card through traditional banks, and create virtual employee cards instantly within a few clicks. Set spending limits for company expenses, eliminate the trouble of reimbursement altogether, and take 100% control of your operational budget. You can also connect our Corporate Cards with Apple Pay and Google Pay to easily handle both online and offline payments.

Sign up for free for our Airwallex Business Account today to unlock your business potential. 

Frequently ask questions 

1. Can I still open a Hong Kong business account if my company is registered in mainland China or overseas?

Most traditional banks offer business accounts for mainland China and overseas companies, but the type of account will be different from what we covered above. 

Alternatively, you may consider applying for a business bank account through fintech platforms. Airwallex allows you to make business transfers to over 150 countries. You may also open multi-currency accounts based on your business location. No matter where you are, making international transfers and payments is just as easy as initiating local transfers. 

2. When opening a business account, are the requirements different for sole-funded and crowd-funded companies?

Normally, the requirements for sole-funded companies are relatively simpler. You can kick-start the process with your identity document, Business Registration Certificate, and the Business Registration Application Form (Form 1(a)). 

For crowd-funded companies such as partnerships and limited companies, you will need to submit the identity documents of all partners, shareholders, beneficial owners, and authorised signatories. If your company is a limited company, you will also need a separate set of documents, including the Return of Allotment, List of Board of Directors, Certificate of Incorporation, Memorandum and Articles of Association, and more.

Sources:

Information on banks was retrieved as of July 2024, and updated as of May 2025, from their official websites. Information provided is for reference only. Please refer to the official websites for the most up-to-date details.

1. https://www.sc.com/hk/account-opening/

2. https://www.dbs.com.hk/sme/iwov-resources/forms/hksme/zh/day-to-day/accounts/businessaccountdoc.pdf

3. https://www.business.hsbc.com.hk/en-gb/products/hsbc-sprint-account

4. https://cms.hangseng.com/cms/emkt/pmo/grp02/p03/eng/index.html

5. https://transaction.bochk.com/igtb/html/aop/gib_aopMainPage.html?lang=en_US

6. https://www.hkbea.com/html/en/bea-corporate-banking-corporateplus-account.html

7. https://bank.za.group/en/business/eobLanding

Disclaimer: The information was based on our own online research and we were not able to manually test each tool or provider. The information is provided for educational purposes only and a reader should consider the specific requirements of their business when evaluating providers. This research is reviewed every 6 months. If you would like to request an update, feel free to contact us at [email protected].