All You Need to Know About Opening a Business Account in 8 Major Banks in Hong Kong

If you want to set up your own company, you have to be well-prepared, and applying for a commercial bank account is one of the necessary elements. What are the different banks in Hong Kong? What is the difference between opening a company bank account and a personal bank account? How long does it take to open a company account in a bank? How much does it cost? Read on to find out more about the requirements for opening a company bank account in no time!

Why do You need a Business Account?

There are 3 main reasons why startup companies choose to apply for a corporate bank account:

• ‍Comply with regulatory requirements: Banks have always had stringent compliance requirements and will pay extra attention to unusual fund flows; if a merchant makes payments from a personal account and the amount involved is huge, the bank may freeze the account for investigation, which will affect the company's operation; opening a company account with a bank will prevent similar incidents from occurring. ‍
• Convenient financial management: Start-up bank accounts have a lot of incoming and outgoing payments, so it would be too complicated and confusing for a merchant to handle both personal and company funds in a personal account at the same time. Opening a company account ensures that personal and company finances are kept separate and enhances the transparency of the company's accounts, especially when regulators require a check on the fund records of limited company bank accounts. ‍
• Enjoy additional services: After opening a business account, the bank will provide exclusive financial services to corporate clients, such as corporate-specific interest rates and financing solutions, etc., so that the company can utilise the various banking services at a more favourable price, so a business registration bank account can be considered a must.

Time it Takes to Open an Account in 8 Major Banks

Unlike opening a personal account, there are more stringent vetting procedures for opening a business account, so banks need more time to check the documents for opening a business bank account. Below is a summary of the time required to open a business account at different corporate banks:

Account Opening Fee of 8 Major Banks

In addition to the company bank account opening documents, there is also an account opening fee, which usually includes administrative fee and service fee. Below is a comparison of company account fees charged by major local banks.

Additional Services of Business Accounts

In order to attract more companies to apply for corporate accounts, corporate account opening banks will provide additional services for corporate customers, such as:

• Integrated account services
• Corporate card
• Financing program
• Corporate loan and mortgage
• Employee payroll service
• Unsecured overdraft facility

Minimum Deposit + Monthly Service Fee

Open KPay Business Account in just 3 steps!

KPay understands the difficulties faced by small and medium-sized enterprises (SMEs) in doing business, and has launched the KPay Business Account, which not only provides more comprehensive services than a digital bank, but also features a one-stop merchant operation management platform. With no minimum deposit requirement and no hidden fees, your business operations will be convenient and seamless.