While you do not need a bank account to start a business in Hong Kong, you most likely will need some form of bank account to receive money to and make payments from.
Opening bank accounts in Hong Kong has become increasingly difficult due to growing pressure on the banks. As a result, many banks started to reinforce their criteria to select clients (often a lot more than required). There is no guarantee nowadays that you will get an account with your preferred bank, it can take months and requirements change vastly per bank.
We help you to determine which type of account is available for your company and how likely it would be to open an account with a Hong Kong bank. This depends on and changes with the nature of your business and how you manage your company.
While you may be lucky and get a local bank account, you also might consider a combination of multiple accounts, in particular when you deal with online sales and to cover certain payout methods. Cryptocurrencies in particular require a case by case analysis at this time.
We review your case and let you know what your best chances are. In terms of basic services, both local and offshore accounts offer the same features.
Depending your company’s needs and based on the outcome of bank applications, you might want to take a look at the various online financial services. Be it to receive or make payments, for purchases and sales, to deal with cryptocurrency… While you most likely know a couple of the usual ones, there are also alternatives which might be of interest to you or even be necessary. For example, online account services have limitations on where they can pay out or what type of payment they can process, or even in what country you can use them at all.
We help you to figure out which services are best suited for your Hong Kong business and how to integrate them with your company maintenance and bank account.
Most banks will ask for a brief business plan of your company.
This is in particular important if you are a new operation (no or little previous activity).
You can write it yourself or let us help you.
Please note these issues (until further notice) to open a Hong Kong bank account: