How can an online company open a bank account in Hong Kong?

Banks in Hong Kong must follow anti-money-laundering and counter-terrorist-financing rules and carry out customer due diligence. This is a risk-based process, and each bank decides whether to take on a customer.

Commonly requested items:

• Certificate of incorporation, business registration certificate, articles and register of members and directors.
• Identity and address proof for directors and owners, and the people who ultimately control the company.
• A description of the business model, expected volumes, main suppliers, customers and countries.
• Website, platform seller accounts and sample invoices for an e-commerce business.
• Proof of source of funds and wealth.

Banks look closely at business models involving cross-border flows, high-risk goods or nominee owners. If one bank declines, applying to another with a clear explanation is common. The HKMA has issued guidance encouraging banks to take a risk-based, proportionate approach. Some banks and digital providers also offer simplified business accounts for small firms, and service levels differ.

Opening an account before the business starts to receive payments saves delays with payment providers.