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

Setting up a business in Hong Kong? Indeed, planning how to manage your cash flow effectively is crucial for your business’s health. To do so, many financial experts advise that getting a business account in Hong Kong should be the first step to manage business operations. If you're still exploring your options, you should also consider looking into a business account with the banking giant DBS in Hong Kong! And, this guide will be your one-stop guide to everything you need to know about the available DBS business account options, along with their features and fees!

To help you compare business account options, this article also introduces another great online alternative: Wise. With Wise, you can make frequent cross-border payments, expand internationally, or work with overseas suppliers, contractors, and staff in areas where DBS may not provide coverage. More details on that later!

Learn more about Wise

Features of a DBS business account?

You may have already heard of DBS - it is one of the best banks in Hong Kong, and you might have seen many DBS ATMs placed across the city. Perhaps you’re already considering opening a personal account with DBS or using DBS remit for overseas transfers. But DBS is more than just a traditional consumer bank; this Singaporean banking giant also offers businesses in Hong Kong unique banking and financial experience with some of the most innovative digital solutions.

Small businesses and big companies just need different things! Maybe you’re a startup looking for a simple account to handle daily activities, or you’ve been in the game for a while and need streamlined tools to make taxes a breeze. Whatever the case, finding the right financial solution can make all the difference by fitting exactly where you are in your journey. That's why a DBS business account will bring customised features designed to meet your specific needs! Let’s find out some key features of a DBS business account¹:

• Online account opening;
• DBS business Multi-currency account: you can hold and save in up to 14 currencies (AUD, CAD, CNY, CHF, DKK, EUR, GBP, HKD, JPY, NOK, NZD, SEK, SGD, and USD).
• 24/7 Instant Foreign Exchange;
• Cross-border payment;
• Instant fund transfer via FPS;
• Personalised dashboard, real-time alerts, and account e-statements for your business.

Fees

Let’s look at the key fees related to opening a business account with DBS. It’s worth noting that these are only the most common charges, and other fees may apply. So you should also refer to the DBS fee schedule to double check for any additional costs before you open your account²:

Who can open a DBS business account?

You can open a DBS business account virtually if your business is³:

• Limited company, sole proprietorship, or partnership
• Incorporated and registered in Hong Kong;
• A business entity with an operating office or principal place of business in Hong Kong SAR or China and without any corporate directors, shareholders, partners, or authorised signatories; and
• Has up to 4 director(s)/ shareholder(s)/ partner(s) and at least 1 holding Hong Kong permanent ID or Chinese Resident ID card.

What documents do I need to open a DBS business account?

Required documents for a business account with DBS vary based on your business structure—whether you're a start-up or an established company.

If you are a start-up, your required documents are rather very straightforward. You can prepare either⁴:

• Business plan of the company & LinkedIn, or;
• Contract & pricing quotation;

If your business has been operating for over a year, you’ll need to provide a distinct set of documents, depending on the industry of your business. For instance, let’s consider a business in the Consultancy sector⁴:

• Company’s website address;
• Website address;
• Marketing materials;
• 1 Set of Signed invoices or purchase orders from government bodies/ public utility companies or listed companies from the last 12 months;
• 2 Set of Signed invoices or purchase orders from the last 12 months;
• 2 Sets of business agreement with any customer;
• Proof of relevant experience;
• Audited financial statements from the last 18 months;
• Profits Tax Return filed with HKSAR Inland Revenue Department.

DBS also publishes a set of documents you need for 14 other industries.You should refer to this list to prepare accordingly.

For partnership, you need to prepare a partnership agreement or deed as well.

If at least one of your shareholder, partner or sole proprietors does not have a Hong Kong permanent IDvalid HKID, you should provide:

• LinkedIn profile / resume of all the related parties
• Business activities proof
• Bank statements or income tax returns
• Business financials (Latest audited financial reports, management accounts of the company, business plan including projection of sales and budget)

How to open a DBS business account?

Unlike many business account providers that require an in-person meeting, DBS offers a fully digital account opening process—as long as you meet the necessary requirements. Here are the key steps to open a DBS business account³:

Step 1: Submit your application online

Fill out your DBS business account application form. The application will ask for general information like your business profile, the contact person’s full name, e-mail address, telephone number, and other related information. Finish your profile application, and submit required documents online.

The form will take you around 15 mins to finish, but do not worry if you can’t finish this form in one sitting. Just save your form for later. You just need to remember to resume your application anytime before the 30 days expiration.

After finishing the form and uploading your supporting documents, you will receive a reference number from DBS digital business account via email.

Step 2: Verify your identity with DBS IDEAL mobile app

Next step is to download the DBS IDEAL mobile app so you can do self-verification. You can access your application with the reference number you received in Step 1.

You will need your HKID or Chinese Resident ID and your signature on plain paper if you’re an authorised signatory. Follow the instructions from the apps to take a picture ID, selfies, and your signature to complete identity verification. The whole process is quick and convenient - you can verify your identity in about 5 to 10 minutes³.

If you don’t have a Hong Kong ID or Chinese Resident ID card, you may be asked to join a video meeting for identity verification. You will need to send certified copies of your ID to DBS Bank in Hong Kong.

Step 3: DBS Business Account opened

DBS will verify your DBS online business account opening application within 3-5 business days.

After successfully opening a DBS digital business account, you can immediately get access to a full array of DBS intuitive main features - like your Multi-Currency Savings Account and Current Account. But do take note that you need to deposit money in your account within 30 days³ to get your account activated.

How long does it take to open a DBS business account?

Your DBS online business account opening will be immediately reviewed by DBS, and a DBS representative will contact you within 5 business days⁵, through a call or email.

It's always better to monitor your application’s status through the app. DBS might need you to provide more information or a face-to-face verification in some cases.

You will need to call the DBS business account hotline if you need to get access to other add-in features which require a physical signature. Features like:

• Trade facilities and services
• Cheque book
• Corporate ATM card
• Investment account

What is the DBS business account hotline?

You can get in touch with the DBS business account hotline by calling +852 2290 8068 from Mon to Fri (9am to 6pm - except public holidays).

Alternatively, if you prefer instant communication, DBS also offers an online inquiry form for you. A bank representative for DBS business account opening will get in touch with you promptly!

So that’s pretty much it – This guide gives you everything you need to know about opening a DBS business account in Hong Kong—from amazing features to the DBS minimum balance requirements. Now, you are able to run your business smoothly and securely, anytime, anywhere, with one of Hong Kong’s most trusted banks like DBS!

Of course, DBS is an excellent choice for your business, but when considering opening a business account, you should also browse as many options as you can!

And, if you’re looking for speed, convenience, and security, consider Wise! You can conveniently open your free Wise account online and manage your money using the Wise app or any web browser- you don’t need to pay any monthly fees!

With a Wise account, you can send 50+ currencies to more than 70 countries. Whenever you need to send money abroad! And what makes Wise even better? You can have your money converted at the mid-market exchange rate, with a low and transparent fee. Most payments with Wise are instant or arrive within an hour and you can pay up to 1,000 people, just in one click! Wise is also regulated by different financial institutions worldwide, including the Customs and Excise Department in Hong Kong, so keep your business money highly secured with Wise - all the time!

Send money with Wise