Key Takeaways

• A business bank account is essential to maintain a professional boundary between personal and company finances, ensuring your operations remain organized and scalable.
• To prepare what you need to open a bank account, you will require company documents, ownership details, and either a solid business plan or operational history to satisfy the different compliance standards of neobanks and traditional banks.
• When considering how to open a bank account, the process differs between the 100% remote onboarding of neobanks and the mandatory in-person meetings at traditional banks. Utilizing the professional referral network offered by Get Started HK is an effective way to ensure a successful application.
• You can open a neobank account online, which also serves as a strategic approach for new businesses to build the operational history needed to qualify for a traditional bank account at a later stage.

Business bank account: Why do you need it?

Imagine paying your suppliers with the same bank account you use to pay for your groceries. You’ll quickly find that mixing up your personal and business transactions is the quickest way to concoct an operational nightmare. Setting up a business bank account is not only a solution; it is also necessary.

Being the heart of international finance, HK offers a diverse array of banking options for entrepreneurs all over the world. Though traditional banks will always have a place in Hong Kong’s business world, neobanks are increasingly popular options, especially amongst entrepreneurs who wish to incorporate their company today, and have a fully operational account within a few business days. Below, we will help you weigh the options, and help you decide which is the most suitable for your business.

What do you need to open a bank account?

Setting up a bank account for your HK company is a significant milestone, and Get Started HK is here to ensure that the process is as smooth as possible. Depending on your business needs, you generally have two main paths: neobanks or traditional banks.

Neobanks offer a fast and streamlined experience and could be set up remotely. You will need your company documents, and these include the Certificate of Incorporation and the Business Registration Certificate. To help the bank understand your setup, it is also useful to provide a shareholder register or an ownership structure chart. Alongside valid passport copies for all beneficial owners, you will also typically be required to provide business documents such as contracts, invoices, or shipping records. For e-commerce entrepreneurs, a fully functional website is a key requirement for the bank’s assessment. If you are just starting out and don’t have a paper trail yet, no worries; a comprehensive business plan detailing your vision and target market is often exactly what they need to see.

Applying to traditional banks, while offering a different suite of services, often involves a more rigorous and personal approach. In addition to the aforementioned documents, they often require proof of necessity to get an account in HK. This usually means flying to HK to meet the bankers in person. The processing time would also take approximately two to three months. While this sounds like a lot to manage, Get Started HK is here to take the pressure off. We have years of experience in navigating these professional relationships, and thus we’re confident we can help you maximize your application’s chances of securing the bank’s approval.

How to open a bank account?

As banking solutions flourish and digitalize, many neobanks and traditional institutions now accept online applications. While both allow you to apply via their websites, the primary difference lies in the onboarding experience. International neobanks, such as Airwallex, offer a 100% remote experience where you can complete the entire application and activate your account fully online without ever visiting a branch. In contrast, traditional banks typically require an in-person meeting with an account manager as the final step of the Know Your Customer (KYC) process.

Generally speaking, traditional banks maintain stricter compliance standards during the opening phase. However, once approved, they often provide greater flexibility regarding transaction volumes and credit facilities, allowing you to access loans and specialized financing solutions.

At Get Started HK, we understand that having an active bank account is critical to your success. In the business world, time is money. To support this, our team has built a comprehensive bank referral network designed to offer maximum speed and personalized guidance every step of the way. Our network includes leading international neobanks like Airwallex and Payoneer, as well as top-tier traditional banks such as HSBC and DBS.

By applying through us, you gain access to exclusive benefits, including expedited application processing and a designated account manager for long-term support. With a deep understanding of the banking industry, our expert team provides the insights and recommendations necessary to optimize your chances of a successful account opening.

Can I open a bank account online?

While many neobanks allow you to open an account entirely online, traditional banks often require at least one visit to a physical branch to finalize the application process.

If you require a fully remote onboarding experience, neobanks are an excellent choice. One of their most significant advantages is a flexible onboarding process. They generally require fewer documents, offer faster processing times, and allow you to get your account up and running regardless of your location.

Many clients still want to hold a traditional bank account but often struggle to secure one when their company is brand new and lacks the operational history to provide sufficient business proof. In these cases, we recommend a phased approach: open a neobank account first to begin your operations. Once you have gathered enough documentation, such as invoices, bank statements, and executed contracts, we can then leverage that history to refer you to a traditional bank with a much higher chance of success.