How to open a business account with HSBC in Hong Kong?

If you are setting up your business in Hong Kong, you’ve likely spent some time exploring options to manage your finances within your business. Among the many business account options available in the market, an HSBC business account might be your best banking partner. This article is your one-stop guide to everything you need to know about opening an HSBC business banking account: the requirements, process, the fees, and other essential information.

If you are looking for how to open an HSBC personal bank account, you can read this article instead.

But, if you are still browsing your options, you can also consider adding another international choice, like Wise, an online alternative that enables you to send money in 40+ currencies with zero monthly fees. More on that later!

Learn more about Wise Business

Features of an HSBC bank business account

If you’ve lived in Hong Kong for a while, there is a high chance that you're quite familiar with HSBC - one of the top banks in Hong Kong and also one of the three banking institutions authorised to issue the Hong Kong Dollars. You've likely also spotted its ATMs or branches conveniently located at major points around the city.

With its long established reputation and secured system, HSBC is an easy choice as a financial management tool to manage business. HSBC business account is commonly known as HSBC Business Integrated Account, including three different types of accounts to suit your business needs:

• HSBC Sprint Account: suitable for your digital-savvy local start-up
• HSBC Business Direct: suitable for growing SMEs
• BusinessVantage: suitable for well-established SMEs

So as you can see, whether you’re running a start-up, a SME, or a well-established corporation, HSBC HK business account has every solution designed to meet the unique needs of businesses of all sizes.

Here are some general key features of an HSBC Business Integrated Account you might want to know:

• Diverse banking types for each type of business: HSBC Sprint Account, HSBC Business Direct and BusinessVantage;
• Remote account opening
• Secured online and mobile banking: You can access all of your business transactions 24/7 via Business Internet Banking and HSBC HK Business Express mobile app.
• Comprehensive bank account: With your HSBC HK business account, you can also access a range of services, including current accounts, savings accounts, time deposits, investment options, and loans ;
• Multi-currency savings: You can save in 12 major currencies (HKD, USD, GBP, CAD, NZD, EUR, SGD, CHF, RMB, and THB)
• Foreign Exchange service: Trade with Real-time Foreign Exchange in 25 major currencies;

Fees

Let’s explore some important fees associated with HSBC business accounts¹:

Each HSBC Business Integrated Account type has a monthly service fee. But you can avoid these fees by maintaining a minimum average balance over three months, based on HSBC’s requirements.

Also, when choosing among HSBC Business Integrated Accounts, monthly service fee is one of the major differences. Understanding these different fees can help you find the option that best meets your needs - while saving you money in the long run¹.

Who can open an HSBC business account?

You can open an HSBC business account remotely if your business is²:

• A limited liability company, partnership, or sole proprietorship;
• Incorporated or registered in Hong Kong and currently operating in Hong Kong or in mainland China;
• Not having any corporate directors or shareholders; and
• Having up to 2 connected individuals

Another important note: if any of your directors or authorised signatories do not hold a permanent Hong Kong Identity Card, they may be required to join a video conference or face-to-face meeting to verify their identity.

If your company does not meet the above criteria, you can still submit your application through HSBC mobile app and book an appointment at your nearest HSBC Business Centre to open a business account.

What documents do I need to open an HSBC business account?

In general, HSBC will ask you to submit documents related to:

• Valid identity documents
• Sources of wealth
• Sources of funds
• Purpose of opening a business account if you plan to apply an account for an overseas enterprise

Required documents for a business account with HSBC bank might vary based on the nature of your business and your business structure. Take a look at the below document checklist for an HSBC business account opening:

Sole-Proprietorship Company³

• Company Registration Documents (Valid Business Registration Certificate, and Business Registration Form obtainable at Inland Revenue Department - Form 1(a))
• Government-issued IDs from all Authorised Signatories, Beneficial Owners, Sole Proprietors, Persons Purporting to Act, and one Key Controller.
• Residential Address Proofs from all beneficial owner and sole proprietors
• FATCA documents from HSBC
• Common Reporting Standard (CRS) documents
• Source of Wealth ( proof of loans, bank fundings, financial statements, etc)
• Forms for account opening and signature cards
• Cheque of 10,000 HKD for initial deposit
• Other required documents and information such as full name and address

Partnership Company³

• Company Registration Documents
• Government-issued IDs from all Authorised Signatories, Beneficial Owners, Persons Purporting to Act, Direct Appointees, and one Key Controller
• Residential Address Proofs from all beneficial owner, persons purporting to act, key controller, and direct appointees
• FATCA documents from HSBC
• Common Reporting Standard (CRS) documents
• Source of Wealth ( proof of loans, bank fundings, financial statements, etc)
• Forms for account opening and signature cards
• Cheque of 10,000 HKD for initial deposit
• Other required documents and information such as full name and address
• Number of individuals need to form a quorum
• Ownership structure chart
• Other supporting documents such as trust deed, board resolution

Get a head start by preparing these documents now to make your HSBC business account opening process quick and seamless! Do still remember, HSBC may still ask for a few extra documents along the way.

How to open an HSBC business account?

Unlike many business account providers that require an in-person meeting, HSBC offers a fully remote account opening experience. As long as you meet the requirements, you can open your HSBC business banking account from the comfort of your home, right at your fingertips!

Here are the general steps to open an HSBC business account online:

Step 1: Start creating a profile

You can access the online account application by registering your HSBC business account application form on the website.

The application will ask for general information like the contact person’s full name, e-mail address, mobile phone number, your position in the company and the legal entity type. Finish your profile application, and you will receive an OTP to your phone number. After verifying your OTP, you will also be given an application ID.

Step 2: Fill in your details of your business and upload your documents

Once you’ve successfully created your profile and entered the OTP, the next step is to provide information about your business, including entity and commercial details.

After this, you’ll find out if you’re eligible for the Remote Account Opening service. If eligible, you’ll be guided to the next step—uploading the required documents

Step 3: Verify your identity online

Download the HSBC HK Business Express mobile app, and verify your identification with HSBC Identify in the app.

How long does it take to open an HSBC business account?

Opening an HSBC business account is a rather quick and easy process - what makes it better is you have the option to do it entirely online. It can also take as fast as 3 working days². Once your account is approved, you can register for Business Internet Banking and manage your business’s finances via the HSBC HK Business Express mobile app.

Keep in mind that processing times may vary if any unique circumstances apply to your case. While remote account opening is convenient and efficient, final approval remains at HSBC’s discretion if you are eligible for remote account application - you might be declined even if you fulfil all the requirements. So if you're the main contact, be sure to check your application status regularly.

If remote account opening isn’t available to you, don’t worry - you can still book an in-branch appointment to open your HSBC business account. In this case, expect the appointment to take around 1.5 hours.

What is the HSBC business account hotline?

You can get in touch with the HSBC business account hotline to book an appointment or any other inquiries by calling +852 2748 8238 from Mon to Fri (9am – 6pm).

That covers everything you need to know about opening an HSBC business account! HSBC is a safe place to manage your business finances! This one-stop bank allows you to focus on growing your business with their secured, 24/7 mobile apps and a range of comprehensive financial solutions.

However, one downside to consider is HSBC’s remittance fees - they are relatively high even with so many promotions for opening a business account. If you regularly need to make cross-border transfers to overseas suppliers, contractors, or staff, these costs can easily add up!

And Wise will help you to minimise these fees! With Wise, you can easily open a free account online and manage your money through the Wise app or any web browser — no monthly fees required.

You can send 40+ currencies to 140+ countries, around the clock. And what makes Wise even better? You can have your money converted at the mid-market exchange rate, with just a very minor and transparent fee. Most payments with Wise are instant or arrive within an hour and you can track the transfer from the app or web to put your mind at ease. You can also pay up to 1,000 people in just one click, making payment to customers, freelancers, employees, investors, and suppliers around the world so much easier.

Here are other great features that come with a Wise Business account:

• Free self-service account setup: Open your account online in minutes with no monthly fees and start enjoying hassle-free payment services right away.
• Manage global funds with ease: Get paid in 23+ currencies in one account, including local account numbers for 8+ major currencies, so you can receive local transfers for free.
• No hidden exchange rate markups: All fees are transparent, with real-time market exchange rates, and fees as low as 0.26%. Save more on every transaction.
• Instant cross-border payments: Send moeny to 140+ counrties. Quick processing — over 60% of remittances arrive within 20 seconds. Track your payments in real-time.
• Easily handle bulk payments: Upload a CSV file and the system will process up to 1,000 payments at once. You can also integrate Wise’s API for fully automated payment workflows.
• Professional invoicing tool: Create and send invoices, add your account details or payment links, making payments simpler and quicker.
• Boost team collaboration: Add team members to your account, work together on payments, download statements, and track transactions more efficiently.

It’s quick and easy to open a Wise Business account, with a fully digital application, verification and on-boarding process. Sign up today to experience an efficient cross-border payment platform that helps streamline your business operations and improve your company’s competitiveness.

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Sources last checked on 21-Nov-2024.