Overview

Hong Kong has one of the highest concentrations of banking institutions in the world with 199 authorized banks and 64 representative offices as of end December 2015. Around 70 of the largest 100 banks in the world have operations in Hong Kong and its stature as a key financial centre is built on its high standard of market transparency, disclosure and prudent supervision.

Most companies require a bank account to undertake the transactional elements of running their business, and although opening a business bank account in Hong Kong used to be a relatively straightforward process, global regulatory changes have rendered this process more onerous.

Global initiatives against tax evasion, money laundering and terrorist financing in the past decade have obliged banking regulators to impose enhanced customer identification and due diligence procedures on financial institutions, backed up by increasing penalties for violations. As a result, banks have had to adopt a risk-based approach to account opening.

Banks often request financial statements and banking references, as well as information on the purpose of an account, the source of funds, anticipated volume of financial transactions including the total deposit value, the level of revenue, and details of your primary customers and suppliers.

Hong Kong banks are more likely to open an account for you if you are to engage in a trading business and you can provide a full Business Plan and Financial Forecast.

Hong Kong Corporate Services Group has long standing relationships with a broad range of Hong Kong banks. Through our banking relationships, we can gauge the chance of success in opening an account in advance of the application process. We can then guide and assist you with preparing your application and supporting documentation to maximize your chances of success.