How to open a business account with ZA Bank in Hong Kong?

Starting a business in Hong Kong? One of the first steps is opening a business bank account, and ZA Bank is a great option for speed, convenience, and security. As one of Hong Kong's first virtual banks, ZA Bank lets you handle transactions online anytime, without the need to visit a physical branch.

This guide covers everything you need to know about setting up a business account with ZA Bank, including fees and features. If you're exploring other options, you can also consider Wise, a non-bank alternative for sending and receiving money in 40+ currencies with zero monthly fees.

Learn more about Wise Business

Features of a ZA Bank business account

While ZA Bank's entire operation is digital, ZA Bank is fully licensed by the Hong Kong Monetary Authority (“HKMA”) and a member of the Deposit Protection Scheme so each of your deposits of up to 800,000 HKD is insured!

ZA Bank business accounts share several similar features to a ZA Bank personal account. These features include express online application, international money transfers, multi-currency deposit (HKD, RMB, and USD)⁵, and seamless access to other valuable financial tools.

Additionally, a ZA Bank business account offers tailored features which are solely meant to support your business. If you're seeking funding for your startup or planning to expand your existing business with new branches, secure your financing needs with ZA Bank’s loan services for business accounts.

A key distinction between business and personal accounts is the fee structure. While there are certain fees associated with a ZA Bank business account, the fees charged by the bank are comparatively minimal anyway. So this is very helpful if your business is still in its early stage. A more detailed fee outline is provided below for your consideration.

Fees

Who can open a ZA Bank business account?

The eligibility for opening a ZA Bank business account may vary depending on your business structure. Find each eligibility section that works for your business structure below:

Sole Proprietorship²

• You are at least 18 years old;
• You are a tax resident of Hong Kong;
• You must hold a valid Hong Kong Identity Card; and
• Your business must be registered and operating in Hong Kong.

Partnership²

• You and your partners are all at least 18 years old;
• You and your partners are all tax residents of Hong Kong;
• Your business must all be registered and operating in Hong Kong;
• Your company can’t have more than 3 partners;
• You and all your partners must all hold a valid Hong Kong Identity Card;
• You and all your partners must all be natural persons and not a company nor other type of legal persons; and
• You and all your partners must all be general partners and not limited partners.

Limited Company²

• You and your shareholders/directors are all at least 18 years old;
• You and your shareholders/directors are all a tax resident of Hong Kong;
• Your company must be incorporated and operating in Hong Kong;
• You and your shareholders/directors must all hold a valid Hong Kong Identity Card;
• You and your shareholders/directors must be natural persons and not a company nor other type of legal persons; and
• Your company cannot have more than 4 shareholders and directors.

What documents do I need to open a ZA Bank business account?

Required documents for opening a ZA Bank business account may also vary depending on your business structure. Find out each paperwork you need to submit for your business structure below:

Sole Proprietorship⁶

• Copy of identity documents (sole proprietor and all authorised representatives);
• Copy of residential address proof;
• Copy of Business Registration Certificate;
• Copy of Business Registration Form obtainable at Inland Revenue Department;
• Business Proof (invoice, sales contract, latest 3-6 months Bank statements, latest audited report, and other valid documents);
• Business Account Opening Form;
• Foreign Account Tax Compliance Act (FATCA);
• Common Reporting Standard (CRS) Documents.

Partnership⁶

• Copy of identity documents (all beneficial owners, all authorised representative, 2 senior officers);
• Copy of residential address proof;
• Copy of Business Registration Certificate;
• Copy of Business Registration Form obtainable at Inland Revenue Department;
• Business Proof (invoice, sales contract, latest 3-6 months Bank statements, latest audited report, and other valid documents);
• Business Account Opening Form;
• Foreign Account Tax Compliance Act (FATCA);
• Common Reporting Standard (CRS) Documents;
• Document of the company’s membership of a relevant professional or trade association or partnership deeds.

Limited Company⁶

• Copy of identity documents (all beneficial owners, all authorised representative, 2 senior officers, 2 directors);
• Business Proof;
• Account Opening Form;
• Foreign Account Tax Compliance Act (FATCA);
• Common Reporting Standard (CRS) Documents;
• Copy of Certificate of Incorporation;
• Copy of Business Registration Certificate;
• Copy of Latest Annual Return;
• Incorporation Form;
• Copy of Memorandum and Articles of Association/ Articles of Association (A&A) and any amending resolutions;
• Copy of Latest Notification of Change of Secretary and Director (Form D2A/ND2A), Return of Allotments (Form SC1/NSC1) and/or Instrument of Transfer (if applicable);
• Ownership Structure Chart(if applicable).

These are all the required documents for each structure. ZA Bank also shares a more detailed checklist for you to refer to when opening a ZA Bank business account.

How to open a ZA Bank business account?³

You can only open a ZA Bank business account if your company is a Sole Proprietorship, Partnership, or Limited Company, and is registered or incorporated in Hong Kong. All your related parties (partners/shareholders/directors) must also have valid HKID cards.

But don’t worry if you can’t meet one of the requirements! In that case, a relationship manager from ZA Bank might contact you to review the application.

Here are some general steps you can follow to open a ZA Bank business account online:

Step 1: Fill a ZA Bank business account’s application via website

Visit ZA Bank’s business account registration website to access the online application form.

This application will ask for general information, such as the contact person’s full name, email address, Hong Kong ID number, and mobile number. You will also need to provide details about your business, including the address, taxation information, and all relevant contacts (partners, shareholders, and directors).

Step 2: Complete the identity verification via ZA Bank App

You will need to complete your identity verification through the ZA Bank app. Make sure to prepare your Hong Kong Identity Card to do selfie verification. Provide your electronic signature to complete the verification.

Step 3: Complete your Know Your Customer (“KYC”) call(s)

You will receive a call from ZA Bank for verification. The number will be from (852)-3665-3665.

How long does it take to open a ZA Bank business account?

Opening a ZA Bank business account is quick and easy. You can apply with just a phone and, if all necessary requirements are met, the entire process can be completed within 1 working day. Once approved, you can immediately start managing your business’s finances through the ZA Bank Mobile Banking app.

It is worth noting though, the actual processing time may vary if special circumstances arise. If you're the main contact person, be sure to monitor the status of your application⁴.

Virtual banking like ZA Bank offers an innovative financial solution for your business. It’s fast, it’s convenient, and it’s secure! What makes a ZA Bank business account even better? The ZA Bank business account supports overseas transfers in HKD, RMB, and USD. So you can easily run your international business from the comfort of your home all day!

While ZA Bank is an excellent choice, it currently supports only a limited number of currencies. If you're exploring other options, consider Wise! Similar to ZA Bank, you can conveniently open your free Wise account online and manage your money using the Wise app or any web browser.

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.

Get started with Wise Business

Sources last checked on 21-Oct-2024.