Business accounts: Hong Kong

Updated 7 October 2026

An honest assessment before work starts, the quote is fixed in writing.

Hong Kong is Asia's financial centre, with its own currency linked to the US dollar, and the natural choice for anyone dealing with suppliers, clients and partners in China and Asia. Banks are supervised by the Hong Kong Monetary Authority, which also sets out how banks check customers when opening accounts. Both companies and individuals open accounts here, but for foreigners the main hurdle is the same: the bank needs to understand why you need an account in Hong Kong in particular.

Below: the types of accounts, what the bank checks, which documents to prepare, why applications are refused and how we help you through the review.

Who a Hong Kong business account suits

A Hong Kong account makes sense when the business has a real link to Asia: suppliers or buyers in China, Hong Kong and Southeast Asia, payments in Hong Kong dollars, yuan and US dollars, a warehouse, office or staff in the region. It suits trading companies, manufacturers sourcing in China, logistics and services with Asian clients.

Without clients and suppliers in Asia the bank will not see why you need the account and will refuse. In that case it is more honest to choose an account in the country where the company actually operates.

Types of accounts in Hong Kong

• Business account. For a Hong Kong company or a foreign company trading with Asia. The bank looks at real activity, counterparties and the source of money.
• Simple Bank Account. Since April 2019, on the HKMA's initiative, banks offer simple accounts for businesses that need only basic services: deposits, withdrawals, local and cross-border remittances. Due diligence is lighter, and with a simple structure the account can be opened within days. It often does not suit offshore companies with complex structures.
• Personal account. For individuals earning income in Asia, investing through Hong Kong banks or relocating. The bank will ask for the source of funds and a link to Hong Kong.

What the bank checks

Under HKMA rules, a bank must understand the customer before opening an account. In practice it asks:

• who the owners and directors are, down to the beneficial owners;
• what the company does, who its clients and suppliers are and which countries payments involve;
• where the owners' and company's money comes from and what turnover is expected;
• why the account is needed in Hong Kong and whether the business has a link to the region.

The fuller the answers and documents, the faster the review. If information is missing, the process drags on or ends in refusal.

Documents

• the company's constitutional documents and register extract, apostilled and translated for a foreign company;
• passports and proof of address of directors and owners;
• an ownership chart down to the beneficial owners;
• a business description: contracts, invoices, website, key counterparties;
• proof of source of funds: statements, accounts, documents on the sale of a business or assets;
• for a personal account, proof of income and address.

Bank fees and mandatory payments

The government charges nothing for opening an account; the payments go to the bank. The account opening fee runs from about $170 for a Hong Kong company with a simple structure to $1,500 for a company incorporated abroad or with a multi-layer ownership structure. The initial deposit is usually about $1,300. The monthly service fee is $30-60, and the bank waives it if you keep a balance above its threshold.

Certification and translation of documents are paid separately. Our support does not include bank charges: you pay them to the bank directly.

Some banks open accounts online for a Hong Kong company with a simple structure and individual owners. A foreign company, or one with several layers of ownership, is usually asked to bring its director to a branch meeting. The account is multi-currency: Hong Kong dollars, US dollars, yuan and euros.

Company taxes in Hong Kong

Hong Kong taxes only profits arising in or derived from Hong Kong. Corporations pay two-tiered profits tax: 8.25% on the first $260,000 of profits and 16.5% on the remainder. Profits from sources outside Hong Kong are not taxed there, but banks and the Inland Revenue Department assess where the business is actually carried on. The amount is converted at the Central Bank of Russia rate of 7 October 2026.

Why Hong Kong banks refuse

• the company has no link to Asia, so the bank does not see why it needs a Hong Kong account;
• a complex ownership structure with unexplained nominees;
• no proof of source of funds, or expected turnover that does not match the business profile;
• owners linked to sanctioned countries or high-risk sectors;
• the director cannot attend a meeting when the bank requires one.

How the account opening works

1. Chances check. We review the business, owners and purpose of the account and say so honestly if the chances are low.
2. Choosing the bank. We match the bank to the profile: turnover, currencies, payment countries.
3. Document file. We prepare the business description and review documents, with translation and certification.
4. Application and interview. We file the application and prepare the director for the meeting or video call.
5. Talks until the decision. We answer the bank's follow-up questions until it decides.

Timelines: the Hong Kong Monetary Authority cites about two weeks after a complete set of documents is filed. A foreign company with a clear structure should allow one to two months, and one with a complex structure up to three.

Restrictions for certain nationalities

Hong Kong applies UN Security Council sanctions and imposes no restrictions of its own based on the owners' nationality. But each bank keeps its own list of higher-risk countries and must apply enhanced checks to clients linked to them. Banks that clear payments in US dollars generally turn down companies whose owners, directors or main counterparties are from countries under international sanctions.

Not every bank opens accounts for citizens of Russia and Belarus, and the checks take longer: the bank will ask for proof that the business and the money are not linked to sanctioned persons and sectors, and for documents showing where the owners live and pay tax. We select a suitable bank before filing so that no time is lost on a certain refusal.

What we do

We assess the chances, choose the bank, prepare the business description and documents, and handle the application and communication with the bank until it decides. Account opening assistance costs $7,000. The decision is always the bank's, but we prepare the application so it has a real chance. If you do not yet have a Hong Kong company, see company registration in Hong Kong.

Fees

See also

Company formation · Personal account · Investment property · Country taxes · All country programs

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