How mainland Chinese companies can open a Hong Kong business bank account

Why mainland businesses choose to open bank accounts in Hong Kong

As more Chinese companies set their sights on international markets, Hong Kong has become the primary gateway for their international ventures. Its status as a global financial hub, coupled with a simple tax regime and free capital movement, offers a compelling launchpad for cross-border growth.

For mainland founders, incorporating in Hong Kong not only brings operational flexibility, but also enhances their credibility in the eyes of global partners,  projecting a professional image and strengthening international trust from day one.

Business advantages for setting up Hong Kong companies

Often ranked among the world’s most open economies, Hong Kong continues to draw mainland businesses with its transparent legal framework and efficient regulatory environment. For many, the appeal begins with its tax system: Corporate profits are taxed at a competitive 16.5%, with no value-added tax or capital gains tax. For startups and small to mid-sized enterprises, these conditions help lower operational costs and improve net margins from day one.

Just as significant is Hong Kong’s fully liberalised foreign exchange system. Capital can move in and out freely, allowing businesses greater flexibility in managing cross-border transactions, trade settlements, and intra-group treasury flows. For companies with sizeable overseas operations, this level of financial agility is not a bonus; it is a necessity.

How Hong Kong entities strengthen global competitiveness

Registering a Hong Kong company gives businesses a strong advantage when expanding into international markets. It makes B2B trade more straightforward and allows seamless integration with platforms like Amazon and Shopify, making sales and logistics more efficient.

In addition, Hong Kong companies are equipped to accept payments in multiple currencies, including USD, EUR, and GBP, helping mitigate foreign exchange risks and ensuring greater flexibility in cross-border transactions.

Most importantly, Hong Kong businesses are better positioned to establish relationships with international banks, payment platforms, and financial institutions, enhancing their credit profile, improving capital efficiency and creating a stronger base for long-term growth.

Requirements and documents for mainland companies to open a bank account in Hong Kong

Types of company registration

For mainland businesses setting up operations in Hong Kong, the most common form of registration is a private limited company. This structure gives the company independent legal status, allowing it to enter into contracts, open accounts, and hold assets in its own name. It also separates legal liability from shareholders’ personal assets, helping to keep business risks under control.

In comparison, a branch office requires more background information on the parent company. The setup and management processes are relatively more complex, which can make it less accessible for startups.

Overview of required documents

For mainland Chinese residents hoping to open a personal bank account in Hong Kong, most banks require valid identification (such as a Chinese ID card paired with a Home Return Permit or passport) and proof of address, typically a utility bill, mobile phone statement, or a recent bank document from the mainland. Some institutions go further, requesting proof of employment or sources of funds to verify the applicant’s background.

But when it comes to opening a commercial account under a Hong Kong-registered company, the bar is set higher, and the checklist is considerably longer. Banks typically divide required documents into three core categories.

1. Corporate documents 

These include the Certificate of Incorporation, Business Registration Certificate, and Articles of Association. Together, they confirm that the company is properly registered and operating in compliance with local laws.

2. Director and UBO identification 

Banks will request identification and residential proof for all company directors and any ultimate beneficial owners (UBOs), whether they hold directorships or simply significant shares.

3. Proof of business activity 

This is often the make-or-break component. To demonstrate genuine and ongoing commercial operations, applicants are asked to submit client contracts, supplier agreements, sample invoices, and a business plan. In short, banks are looking for signs of a functioning business, not a shell company.

Account opening options for mainland Chinese companies in Hong Kong

Step-by-step: How to open a business bank account in Hong Kong

The account opening process in Hong Kong typically unfolds in four stages: appointment scheduling, document submission, an in-person KYC interview, and internal review.

Companies must first contact the bank to book a meeting and provide initial paperwork. A director or authorised representative is usually required to attend the interview, during which the bank conducts due diligence, examining the company’s background, source of funds, and business model.

Approval timelines vary by institution, but a minimum of 2–3 working days is standard.

Can the account opening process be completed online?

Yes, some banks and fintech platforms now offer fully remote account opening services, allowing businesses to complete the process without setting foot in Hong Kong. This is especially convenient for startups, eCommerce sellers, or overseas directors.

Comparison of major Hong Kong banks: Business account requirements and key features

Common pitfalls mainland Chinese businesses face when opening a bank account in Hong Kong

Why bank applications might get rejected

For many mainland-based companies, setting up a business account in Hong Kong seems like a logical next step, until the paperwork starts bouncing back. The reasons for rejection tend to follow a pattern: missing documentation, mismatched address proofs, unclear business activity, or involvement in higher-risk sectors like crypto or financial brokerage. In some cases, the inability to clearly explain funding sources or the background of company directors raises red flags during due diligence, leading banks to walk away.

What improves your chances

Preparation is everything. To boost approval rates, businesses should gather a full suite of documentation before approaching a bank, especially business-proof materials such as active website links, customer contracts, purchase orders, or detailed operation plans. A physical business address (rather than a virtual one) and having a knowledgeable director with relevant experience representing the company in meetings can go a long way in building credibility and trust with bankers.

Why mainland businesses should consider an Airwallex Business Account

Besides traditional banks, many mainland businesses having an entity in Hong Kong are using the Airwallex Business Account, a modern solution designed for companies with international operations.

With Airwallex, businesses can receive, manage, and pay in multiple currencies, all on one platform, without the need to set up overseas subsidiaries. Companies can open local currency accounts in over 60 major markets, including the US, Europe, and Australia. This makes it easier to trade with global customers while building local credibility and trust.

Airwallex also offers highly competitive exchange rates, significantly saving up to 80% of FX fees. Compared to the hidden fees and high charges of traditional banks, real-time conversion and transparent pricing are especially valuable for modern cross-border operations.

For businesses handling frequent international payments, Airwallex supports global transfers to 200+ countries, with 95% of transactions settled on the same day. There are no minimum transaction amounts or cut-off times, giving you greater flexibility when managing smaller, high-volume payouts.

As Hong Kong continues to serve as a launchpad for mainland businesses expanding globally, choosing a solution like Airwallex can help you move faster, operate smarter, and stay ahead in international markets.

Sources:

Information on banks was retrieved as of June 2025, from the sources below. Information provided is for reference only. Please refer to the official websites for the most up-to-date details

1. https://www.hangseng.com/content/dam/wpb/hase/en_hk/business/bank-accounts/PDF/localcompany.pdf

2. https://www.bochk.com/dam/smeinone/accopen/tc.html

3. https://www.hkbea.com/pdf/tc/pdf/account-services/2016/3.%20LTD%20-%20CO%20HK%20(Ch)%20.pdf

4. https://www.hkbea.com/html/tc/bea-corporate-banking-corporateplus-account.html

5. https://www.business.hsbc.com.hk/zh-hk/regulations/business-accounts-faqs

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 six months. If you would like to request an update, feel free to contact us at [email protected].