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Hong Kong Banking system

The successful development of Hong Kong economy is largely driven by its banking sector. Hong Kong maintains a three-tier of deposit-taking institution, namely restricted license banks, licensed banks, the deposit-taking companies collectively known as authorized institutions supervised by Hong Kong Monetary Authority (HKMA).

As one of the world's financial centres, Hong Kong has the highest concentration of banks in the world. As of June 2019, there are 194 authorized banking institutions and 45 local representatives of international banks in Hong Kong.

HKMA embraces the development of technology advancements in the operation of banking i.e. mobile payments, Blockchain, Open API, Artificial Intelligence… to implement its initiative of Smart Banking. All of banks in Hong Kong has undergone some degree of digital transformation as part of their client-centric strategies.

Hong Kong banking sector provides an extensive range of services and is one of the most efficient and robust systems in the world. You can open your company bank account in just 2-3 weeks there. There is also no foreign exchange control in Hong Kong, so you can easily move your money in and out the country without any restrictions.

A Hong Kong company can open its bank account in any places in the world. Our bank introducer services can help you better prepare for due diligence process before applying for your bank account opening. In addition, most banks in Hong Kong require physical presentation of account signatories.

Banking Options for Hong Kong Company

CountryBankOnline BankingPersonal VisitCredit CardDebit CardIntial Deposit
BelizeCaye International Bank Ltd.USD 1,000
Heritage BankUSD 3,000
British Virgin IslandFirst Caribbean International BankUSD 25,000
Hong KongBank of East AsiaContact us for details
DBSHKD 20,000
Fubon BankContact us for details
Hang Seng BankHKD 10,000
HSBCHKD 50,000
OCBC Wing HangHKD 25,000
Standard Charter BankContact us for details
MauritiusABC Banking CorporationUSD 5,000
Bank One LimitedUSD 10,000
Mauritius Commercial BankUSD 50,000
Investec BankUSD 50,000
Puerto RicoEuro Pacific BankUSD 500
SingaporeCiti BankUSD 300,000
DBSUSD 50,000
OCBC BankUSD 30,000
UOBUSD 100,000
SwitzerlandCIM BanqueUSD 20,000
UAERAK BankUSD 10,000

Required documents

Opening bank accounts in Hong Kong is relatively easy if you prepare documents in the right way. Moreover, most banks in Hong Kong don’t prefer offshore companies to open account with them. The basic documents requested by most banks are presented below:

  • Account application forms
  • Bank statements
  • Bank reference letter
  • Certified copies of passports, proofs of residence for all directors/shareholders
  • Business plan
  • Business proofs (sales/purchase orders, invoice, contract…)
  • Copies of Hong Kong company incorporation documents

Each bank has different requirements, so you should contact us to know what banks fit you well.