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Top 5 Documents You Need to Open a Hong Kong Bank Account

Business banking in Hong Kong

To open a business bank account in Hong Kong, you need a comprehensive business plan, detailed company structure documentation, proof of operations (like contracts and rental agreements), identification and proof of address for all shareholders and directors, and professional references from a CPA or lawyer. Additionally, consider alternative banking solutions like Currenxie and Airwallex for more flexibility and faster processing.

Opening a bank account in Hong Kong can be a complex process, especially for foreign businesses and entrepreneurs. However, being well-prepared with the necessary documents can significantly streamline the process.

Here are the top five documents you need to ensure a successful bank account application in Hong Kong.

1. Business Plan

Why It’s Important:

Banks in Hong Kong require a comprehensive business plan to understand your business model, target market, and strategies for customer acquisition and retention. This helps them assess the viability and legitimacy of your business.

What to Include:

  • Business Model: Describe the products or services you offer. For instance, if you are in e-commerce, detail the types of products you sell, your suppliers, and your distribution channels.

  • Target Market: Identify your primary customers and market segments. Are you targeting local Hong Kong residents, international customers, or a specific niche market?

  • Customer Acquisition Strategies: Outline how you plan to attract and retain customers. This could include digital marketing strategies, partnerships, or loyalty programs.

  • Financial Forecast: Provide projections of your revenue, expenses, and profitability. Include historical financial data if your business is already operational.

  • Operational Structure: Explain your team structure and operational workflow. Who are the key members of your team, and what are their roles?

Tip: Keep it concise but informative. Banks are interested in understanding your business without getting bogged down in excessive details.

Example: Imagine you are running an e-commerce business selling eco-friendly products. Your business plan should detail the types of products you offer, your suppliers (perhaps local artisans or international manufacturers), and your distribution channels (like Amazon or Shopify).

Your target market could be environmentally conscious consumers in Europe and the Americas. Your customer acquisition strategy might include social media marketing, influencer partnerships, and email campaigns.

Your financial forecast should project steady growth based on increasing consumer demand for eco-friendly products.

2. Company Structure Documentation

Why It’s Important:Transparency in your company structure is crucial for compliance with Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) regulations. Banks need to know the details of your shareholders and directors, especially the ultimate beneficial owners (UBOs).

What to Include:

  • Shareholding Details: Information about all shareholders, including their names, nationalities, and percentage of shares owned.

  • Directors’ Details: Information about all directors, including their names, nationalities, and roles within the company.

  • Ultimate Beneficial Owners (UBOs): Clear identification of the individuals who ultimately own or control the company. This includes their names, nationalities, and the nature of their control.

Tip: Avoid complex and opaque structures, as banks prefer straightforward and transparent company setups.

Example:If your company has three shareholders, you need to provide detailed information about each one, including their names, nationalities, and the percentage of shares they own.

If one of the shareholders is a company, you need to trace back to the ultimate beneficial owners who control that company. For directors, provide their names, nationalities, and specific roles within your company, such as CEO, CFO, or COO.

3. Proof of Operations

Why It’s Important:Banks need evidence that your business is operational and legitimate. This includes proof of local business activities and engagements.

What to Include:

  • Contracts with Local Clients: Agreements or contracts with clients based in Hong Kong. This shows that your business is actively engaged in the local market.

  • Office Rental Agreements: Proof of your business premises in Hong Kong. This could be a lease agreement or rental contract.

  • Local Employment Proof: Documentation of local employees, if applicable. This could include employment contracts or payroll records.

  • Invoices and Management Accounts: Financial documents showing business transactions and financial health. This includes invoices issued to clients, receipts from suppliers, and management accounts.

Tip: Ensure all documents are up-to-date and accurately reflect your business activities.

Example:If you have a contract with a local Hong Kong client, provide a copy of the agreement. If you rent an office space in Hong Kong, include the lease agreement. If you employ local staff, provide their employment contracts and payroll records.

Additionally, include recent invoices and management accounts to demonstrate your business's financial health and operational activities.

4. Identification and Proof of Address

Why It’s Important:Banks need to verify the identities and addresses of all shareholders and directors to comply with regulatory requirements.

What to Include:

  • Passports/HKID: Copies of passports or Hong Kong Identity Cards for all shareholders and directors. This helps verify their identities.

  • Photographs: Pictures of all shareholders and directors holding their passports/HKID. This adds an extra layer of verification.

  • Proof of Address: Recent (within 3 months) utility bills, bank statements, or other official documents showing the residential address of all shareholders and directors. This verifies their addresses.

Tip: Ensure that all identification documents are valid and the proof of address is current.

Example:If you have three shareholders and two directors, you need to provide copies of their passports or HKID cards.

Additionally, take photographs of each individual holding their identification documents. For proof of address, provide recent utility bills or bank statements showing their residential addresses. Ensure these documents are issued within the last three months.

5. Professional References

Why It’s Important:Some banks may require references from professionals who can vouch for your business integrity and legitimacy. This helps in building trust and credibility.

What to Include:

  • References from CPA or Lawyer: Letters or statements from your certified public accountant or lawyer. These professionals should be familiar with your business and can attest to its legitimacy.

  • Business Legitimacy: Documents or testimonials that support your business’s legitimacy and operational history. This could include letters of recommendation or testimonials from clients or business partners.

Tip: Choose reputable professionals who are familiar with your business and can provide strong endorsements.

Example:If you have a CPA who has been handling your business's accounting, ask them to provide a reference letter. Similarly, if you have a lawyer who has assisted with legal matters, request a reference letter from them.

These letters should highlight your business's legitimacy, operational history, and compliance with relevant regulations. Looking for assistance in finding the right business bank account for your Hong Kong company? Contact us for a free 1-1 consultation with our team!

Additional Considerations

While the above five documents are crucial, there are other factors and documents that can enhance your bank account application:

Compliance with Regulations

Why It’s Important:Banks must ensure your company complies with all relevant local and international regulations, including tax laws and AEOI standards. Any indication of non-compliance can result in a rejected application.

What to Include:

  • Tax Compliance: Ensure your business is compliant with local and international tax laws. Provide tax registration documents and recent tax filings.

  • AEOI Standards: Demonstrate compliance with the Automatic Exchange of Information (AEOI) standards. This includes providing information about your financial accounts and transactions.

Tip: Avoid mentioning taxes as your reason for opening a bank account a bank; that's a red flag.

Example:Provide copies of your tax registration documents and recent tax filings to demonstrate compliance with local tax laws.

Additionally, ensure your business adheres to AEOI standards by providing relevant financial account information.

Anticipated Account Activity

Why It’s Important:Banks will want to know the expected number of transactions, average amounts, the primary currencies you'll be dealing with, and the geographic locations of your transactions. This helps them assess the risk and potential profitability of your account.

What to Include:

  • Transaction Volume: Estimate the number of transactions you expect to conduct monthly.

  • Average Transaction Amount: Provide an average amount for each transaction.

  • Primary Currencies: List the primary currencies you will be dealing with.

  • Geographic Locations: Identify the geographic locations of your transactions.

Tip: Be realistic and transparent about your anticipated account activity.

Example:If you expect to conduct 50 transactions per month with an average amount of USD 10,000, provide this information. List the primary currencies you will be dealing with, such as USD, EUR, and HKD. Identify the geographic locations of your transactions, such as Europe, the Americas, and Asia.

Challenges in Opening a Bank Account in Hong Kong

Since 2016, opening a bank account in Hong Kong has become increasingly challenging, primarily due to the introduction of the Common Reporting Standard (CRS) and the Automatic Exchange of Information (AEOI) by the Organisation for Economic Co-operation and Development (OECD). The AEOI is a standard for exchanging financial account information across tax jurisdictions.

Around the same period, the Financial Action Task Force (FAFT) also toughened its regulations to fight money laundering and terrorist financing. As a result, banks in Hong Kong (and worldwide; it is not an isolated Hong Kong phenomenon) have become more stringent with their Know Your Customer (KYC) and due diligence procedures, making it more difficult for non-residents to open accounts.

What This Means for You:Banks in Hong Kong have been compelled to adopt stringent measures and perform in-depth due diligence to ensure that all business entities fully comply with the new set of international regulations.

They must now scrutinize all company documents thoroughly and verify the identity of UBO (Ultimate Beneficiary Owner), the source of funds, and monitor transactions. This comprehensive vetting process, though necessary, can be time-consuming and challenging for businesses.

Alternative Banking Solutions

As traditional banking became more challenging to work with, alternative banking solutions have emerged in Hong Kong's financial landscape, offering innovative, user-friendly, and efficient services. Particularly, FinTech companies operating under the Money Service Operator (MSO) license have gained popularity, with Currenxie and Airwallex leading the charge.

Why Consider Alternative Banking Solutions:

  • Ease of Use: FinTech solutions often provide more user-friendly interfaces and streamlined processes compared to traditional banks.

  • Speed: Opening an account with a FinTech company can be faster and less cumbersome.

  • Flexibility: These solution s often offer more flexible services tailored to the needs of modern businesses.

Example:Currenxie and Airwallex are two leading FinTech companies in Hong Kong that offer alternative banking solutions. They provide services such as multi-currency accounts, international payments, and expense management.

These solutions can be particularly beneficial for digital nomads and e-commerce businesses that require efficient and flexible financial services.


Opening a bank account in Hong Kong requires meticulous preparation and the right documentation. By ensuring you have these five key documents—business plan, company structure documentation, proof of operations, identification and proof of address, and professional references—you can significantly enhance your chances of a successful application.

Additionally, understanding the challenges and considering alternative banking solutions can further streamline the process. Remember, each bank may have its unique requirements, so it’s advisable to consult with professionals experienced in Hong Kong banking procedures, such as Athenasia Consulting, to guide you through the process.


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