Did you know that in 2024, Hong Kong became Asia’s top financial hub again, ranking third in the world after New York and London? With 151 banks and transactions in over 100 currencies every day, it’s a gateway to global markets.
If you’re moving to Hong Kong, starting a business, or handling international finances, you likely want to open a business account in Hong Kong to benefit from the city’s globally connected financial system.
In this guide, we’ll break down exactly how to open a business account in Hong Kong step by step so you can get started with confidence.
Table of Contents
Key Takeaways
- Opening a business account in Hong Kong can be complex, especially when banks and providers require detailed reviews of company documents, ownership structure, and business activities.
- Preparation matters — having complete and consistent documents helps reduce delays and improves the chances of a smooth business account application.
- DSGPay provides a flexible business account alternative for companies that need online onboarding and cross-border payment capabilities.
The 5 Steps to Open a Business Account in Hong Kong
If you’re ready to open a business account in Hong Kong, following a clear step-by-step process will help you avoid delays and ensure a smooth experience. Below are the five essential steps you need to follow:
Step 1 – Choose the Right Provider in Hong Kong
Hong Kong offers a wide range of options for businesses looking to open a business account.
Each provider has its own unique features, so it’s important to compare them based on what matters most to you.
| Providers | Examples | Key Services | Best For |
| Traditional Banks | HSBC, DBS Bank, Standard Chartered, Citibank, Bank of China | Business bank accounts, local and international transfers, trade finance, corporate banking services | Established businesses that require full banking services |
| Virtual Banks | ZA Bank, Ant Bank, Airstar Bank Limited, Fusion Bank Limited | Digital business accounts, online onboarding, local transfers, basic business banking features | SMEs and startups that prefer fully digital banking with local HKD services |
| Fintech Providers | DSGPay | Multi-currency virtual accounts, local and cross-border collections, payouts, API integrations | SMEs, startups, and businesses handling cross-border payments, multiple currencies, or needing flexible account setup |
💡Tip:
If your business works with overseas clients or suppliers, choosing a provider that supports multi-currency collections and payouts can reduce costs and operational friction.
Step 2 – Select the Business Account That Fits Your Needs
Once you’ve compared different providers, the next step is to decide which type of business account best supports your operations. Below are several common business account options:
DSGPay Named Virtual Account
✅ Multi-currency virtual accounts
✅ Account under your business name
✅ Support 14 major currencies, including HKD, USD, CNY, EUR, and more
✅ Competitive FX rates
HSBC Business Integrated Account
✅ 3 business account types
✅ Combines current, savings, and foreign currency deposits
✅ Supports 11 foreign currencies
✅ Payroll Service
ZA Bank Business Account
✅ Digital business accounts
✅ Fully online application and onboarding
✅ Offers loan services
Step 3 – Prepare Your Documents
Most business account providers in Hong Kong follow structured onboarding and due diligence processes. While exact requirements may vary by provider, businesses are typically asked to submit the following information.
Required Documents for Business Accounts:
- Business Registration Certificate: Official proof of the company’s registration in Hong Kong.
- Articles of Association: Documentation outlining the company’s structure and objectives.
- Director’s Identity Proof: Passport and proof of address for all directors.
- Company Proof of Address: A recent utility bill or lease agreement for the company’s office.
- Proof of Business Activities: Invoices, contracts, or other documents showing the nature of the business.
- Shareholder Information: List of shareholders and their respective ownership stakes.
- Initial Deposit: Some business account providers may require an initial deposit to activate the account.
💡 Tip:
Prepare digital copies of all documents in advance and ensure the information is consistent across forms and certificates. This helps reduce follow-up requests and speeds up the onboarding process.
Step 4 – Submit Your Application
Once your documents are ready, you can proceed to submit your business account application. The submission process may vary depending on the type of provider you choose.
Traditional banks may require an in-person submission or a scheduled meeting as part of their onboarding process. In contrast, virtual banks and fintech providers typically allow businesses to submit applications online via their website or mobile app, making the process more flexible.
Application and Verification Process
- Application Forms: Fill out forms detailing your personal information, financial background, and any additional requirements specific to the type of account you are opening.
- Account Features: Select features like online banking, debit/credit cards, and multi-currency options tailored to your needs.
- Verification Process: The bank will verify your documents and may ask questions about your financial activities, such as the source of funds, expected transactions, and the purpose of the account.
- Initial Deposit: Submit your initial deposit, if required, to activate the account.
Step 5 – Activate and Start Using Your Business Account
Once your application is approved, you can proceed to activate your business account and begin using it for daily operations.
Activation steps may vary depending on the provider, but most accounts can be used shortly after approval.
What Happens After Approval
- Activate the business account by completing any final setup steps, such as confirming details or making an initial deposit (if required).
- Access online or mobile tools to manage balances, transfers, and account settings.
- Start sending and receiving payments for customers, suppliers, and cross-border transactions.
How Long Does It Take to Open a Business Account in Hong Kong?
The time required to open a business account in Hong Kong depends largely on the type of provider you choose. Below is a general timeline to help set expectations.
| Providers | Typical Timeline | Key Factors |
| Traditional Banks | 1-4 weeks (or longer) | In-person meetings, detailed compliance checks, additional document requests, and complex ownership structures |
| Virtual Banks | 1–3 weeks | Fully digital onboarding, document completeness, and straightforward business activities |
| Fintech Providers (e.g. DSGPay) | A few days to 2 weeks | Online application, streamlined verification, and readiness of documents |
Can I Open a Business Account from Abroad?
Yes, some business account providers allow applications to be completed from abroad.
While traditional banks may require additional checks or in-person steps, fintech providers such as DSGPay offer online onboarding that can be completed remotely from anywhere, making this approach well-suited for businesses operating outside Hong Kong.
Discover DSGPay Business Account
DSGPay is a payment service provider offering a flexible business account alternative for companies that need online onboarding and cross-border payment capabilities.
With DSGPay, you can open virtual accounts under your business name and manage local and international payments through a single platform.
DSGPay Business Account Key Features:
- Named Virtual Account: Set up a virtual account in your company’s name. Designed for businesses to build trust and simplify cross-border transactions.
- Hold and manage 30+ currencies: Operate in HKD, USD, EUR, GBP, AUD, CNY, and more.
- 100% online onboarding: Seamless onboarding experience without in-person visits.
- Competitive exchange rates: Enjoy favourable rates that help you save on every transaction.
- Seamless API integration: Integrate DSGPay with your existing systems to automate collections, payouts, and reconciliation.
- Fast and secure payments: Experience fast and secure transfers, enhancing effectiveness.
- Trusted and Regulated: DSGPay operates under a Hong Kong Money Service Operator (MSO) license, providing secure and compliant cross-border payment infrastructure.
Ready to manage your business payments more efficiently? Open a business account with DSGPay today.
