How to open a business account in Hong Kong: A non-resident’s guide
Last update: 29 Dec 2025
Hong Kong is widely considered one of the more challenging places globally to open a business bank account. That’s because:
- You’ll need to meet strict regulatory requirements, including extensive documentation and KYC, AML and due diligence checks, all of which can take weeks or months to complete
- You may still find your application is rejected, often with little to no explanation. That’s particularly true if you’re in a high-risk industry like crypto, or you work for a startup or small businesses
- You typically need a local business presence and/or local residency in Hong Kong. At the very least, you’ll usually need to visit a local bank branch in person
- You usually need to pay high account opening fees. That’s in addition to high monthly maintenance fees and other extra charges, especially if you can’t meet a certain minimum balance
But there are other ways to manage your business finances in Hong Kong that don’t involve a bank at all.
The World Account from WorldFirst – an online digital payments platform – allows you to hold, receive and pay in HKD and 20+ other major currencies, from anywhere in the world. You can apply online in just minutes and get approved within as little as 48 hours.
Below, we’ll outline why a World Account is the best alternative to a bank account for cross-border businesses operating in Hong Kong, and share how it measures up against four traditional bank accounts.
In this article:
- Why WorldFirst is the best way to open an HKD account as a non-resident
- How to open a World Account
- 4 traditional accounts compared with WorldFirst
Open a World Account for free and start doing business in HKD, even without a business presence in Hong Kong.
Why WorldFirst is the best way to open an HKD account as a non-resident
WorldFirst is a global payments provider with more than 20 years of experience supporting international businesses.
Through our partnerships with Ant Group and major global banks such as Barclays, HSBC and JP Morgan, we’ve helped over 1.5 million businesses move money securely and expand into new markets.
With a multi-currency World Account, you don’t need to establish a local business presence or submit to strict regulatory requirements in order to do business in Hong Kong. Instead, you can open an account from virtually anywhere, and start using HKD and other major currencies like a local.
Apply for an account within minutes, entirely online, with no traveling and no residency requirements
While traditional Hong Kong banks can take weeks just to get back to you, one of the benefits of not being a bank means that the World Account application process can be completed online within minutes.
You don’t need to hold Hong Kong residency or establish a business presence in Hong Kong in order to open an account – and you won’t need to visit a branch in person either. As long as you’re based in one of the countries we serve, you can qualify for an account.
It’s fairly simple and straightforward to get approved, even for startups and sole proprietors. You just need to provide a short list of required documentation (just IDs, proof of company ownership and incorporation, proof of address, and proof of source of funds) and you can upload all of your documents online when you apply.
There’s no need to make a follow-up appointment, verify your ID over the phone or in-person, or wait weeks for processing and approval. Most applications are approved within 48 hours or less, and you can start using your account as soon as you’re approved.
Read more: How to open a business bank account online in Singapore (4 options)
Get local account details in HKD and 20+ other currencies you use to do business
A World Account lets you manage your funds in HKD like a local. You’ll receive local account details in HKD, such as a bank code and account number, so you can use local payment networks to make faster, more affordable payments to suppliers, vendors and other partners.
Local account details also enable you to collect funds directly from 130+ local gateways and marketplaces in HKD. You can save on conversion fees when you sell on local marketplaces, plus pay no fees to hold or receive funds into your World Account.
With your World Account, you can also hold 20+ other major currencies, without the need to open multiple current accounts, as with traditional banks. That means there’s no need to submit multiple applications or pay additional fees for each foreign currency you hold.
Instead, with just one World Account, you can hold CNY, EUR, GBP, USD, JPY and other major currencies in addition to HKD. Each currency comes with its own set of local account details, for faster transfers and big savings.
You can also make payments in 100+ currencies to 200+ destinations directly from your World Account. With WorldFirst, 80% of cross-border payments land on the same day, and 90% land by the following day.
Read more: How to send money abroad (+ how to avoid hidden costs)
Pay no setup fees, no monthly maintenance fees and save on fees for other services
Traditional Hong Kong banks often charge thousands just for you to set up and maintain an account. Add up the additional costs of topping up your account, transferring funds and making other transactions, and you could be looking at a significant dent in your margins.
But with WorldFirst, it’s free to open an account, and free to hold and receive funds in local currency accounts including your HKD account. There are no monthly maintenance fees or other recurring fees to pay, and you don’t need to maintain a minimum balance to avoid additional charges.
With your World Account, you only pay when it’s time to make a payment, transfer funds, or convert to another currency. All of our fees are transparently listed on our pricing page, so there are never any surprises.
We also charge less for international transfers than many Hong Kong banks, with payments starting at USD$5 (versus USD$20–50 using traditional banks). Plus, enjoy free and instant payments to other World Account holders from your World Account balance.
Get 50 virtual World Cards for free and earn cashback on business expenses
When you open a World Account, you get 50 virtual World Cards for free, which you can use to pay business expenses like advertising costs, marketplace fees, wholesale marketplace charges and inventory costs.
Use your World Cards to pay anywhere Mastercard is accepted, and get 1.2% cashback any time you make eligible business spend. Plus, enjoy zero FX fees when you use your World Card to pay in 15 major currencies from your World Account balance.
You use your WorldCard to pay with Alipay, and other digital wallets like Apple Pay and Google Wallet coming soon. Use different World Cards to separate out expense types for simpler accounting and financial management.
For added security, you can automatically freeze, unfreeze, cancel or set custom spending limits directly from your World Account dashboard. With complete control over your World Cards, you get extra peace of mind and protection against theft, fraud and accidental overspending.
Read more: Best multi-currency card: Top 5 options compared (+ how to choose)
*Disclaimer: All information presented in this blog has been sourced from provider websites and is accurate to the best of our knowledge at the time of writing (November 2025). However, providers may update their offerings, and details are subject to change over time.
- Open 20+ local currency accounts and get paid like a local
- Pay suppliers, partners and staff worldwide in 100+ currencies
- Collect payments for free from 130+ marketplaces and payment gateways, including Amazon, Etsy, PayPal and Shopify
- Save with competitive exchange rates on currency conversions and transfers
- Lock in exchange rates for up to 24 months for cash flow certainty
How to open a World Account
Opening a World Account is simple. First, get your necessary documents ready, including:
- National IDs (for example, an ID card from Vietnam, Thailand, Indonesia or Malaysia)
- Certificate of incorporation
- Proof of address (does not need to be in Hong Kong)
- Proof of source of funds
Note: you do not need to provide proof of Hong Kong residency or a local business presence in Hong Kong. And unlike some other accounts, which may ask for 6–12 months of sales history, we only ask for a recent bank statement, tax document or other financial report from the last three months.
Once you’ve gathered your documents, head to our online registration portal and:
- Click Sign up
- Choose your region
- Click Create account
- Enter some basic business and personal information
- Upload your documents as requested
You can complete your application in just a few minutes, and the verification and approval process typically takes less than 48 hours. As soon as you’re approved, you can start transacting in HKD and other currencies of your choice.
4 bank accounts compared with WorldFirst
| Provider | Account opening fees | Monthly fees | Account opening procedures for foreigners |
|---|---|---|---|
| HSBC Hong Kong | HKD 1,300–1,600 account opening fee, plus HKD 11,000 fee for overseas companies | Waived with HKD 50,000–500,000 balance | Complex and expensive for overseas companies, with extra levels of screening. May require overseas HSBC branch involvement. |
| DBS Hong Kong | HKD 10,000 for overseas account opening, plus HKD 5,000 administrative fee | HKD 250 if balance is below HKD 50,000 | Remote opening is not allowed for overseas companies. Foreign companies must apply in person |
| BOC Hong Kong (BOCHK) | Not clearly stated | HKD 120–200 | Remote opening limited to HK-incorporated firms. Many must still visit a branch. |
| Hang Seng Bank | HKD 1,300 account opening fee, plus up to HKD 10,000 due-diligence and HKD 8,000 fee for special companies | HKD 200 waived with HKD 50,000–100,000 balance | Strict HK-ID rules and high due-diligence costs. Remote opening only available for eligible applicants. |
Note: All information on costs and features at the time of writing (December 2025). Please be aware that all details are subject to change.
1. HSBC Hong Kong
HSBC commercial banking offers several different tiers of accounts, each built for businesses of different sizes and growth stages. Several options let you hold HKD, Renminbi and other foreign currencies (including USD, GBP, CAD, EUR, AUD, JPY and others) all under the same account.
The standard account application fee is HKD1,300 online or HKD1,600 on paper, plus a HK$11,000 overseas company account opening fee per account for foreign-incorporated companies.
Additional account opening fees may apply when an overseas HSBC branch is involved (HK$2,250 per service transaction), plus a HK$11,000 fee per account if your company has three or more layers in its structure, and other fees for additional services.
Monthly service fees are waived if you meet minimum balance requirements ranging from HK $50,000 to $500,000 depending on account type. Accounts may also come with mobile management features and a credit card with a cashback option.
2. DBS Bank Hong Kong
DBS offers at least three different business account types, including a Multi-Currency Savings Account and separate HKD, RMB and USD Current Accounts. Applications from customers in Hong Kong and Mainland China may be completed online in 15 minutes, and customers can verify their identity over the phone with no in-person visit, with approval as fast as one working day.
However, companies that wish to open an account remotely must be incorporated in Hong Kong and hold an HK Permanent ID Card or People’s Republic of China Resident Identity Card. All other applicants must make an appointment to complete their applications at DBS’ SME Center, even if they initiate the application online.
Overseas applicants must also pay a minimum HK$10,000 overseas company account opening fee, as well as an annual minimum HK$5,000 administration fee. Special companies must pay additional fees of HK$10,000 for account opening and HK$5,000 for annual administration.
You’ll also need to pay a monthly service fee of HK$250 per month any time the Average Total Deposit Balance over the month falls below HK$50,000 or the equivalent in foreign currency. Currency conversion fees, wire transfer fees and other additional service fees are available here.
3. Bank of China Hong Kong
Bank of China Hong Kong (BOCHK) offers three different business account types:
- Business Integrated Account
- Business Integrated Account Plus
- Business Integrated Account Elite
Monthly service fees range from HK$120 to 200 for a maximum transaction limit of 30 to 50 monthly transactions depending on the account type.
Additional transactions are subject to a service fee of HK$20 per transaction. BOCHK also offers an “auto-sweeping service” where funds are automatically deducted from your other linked account(s) in order to avoid overdraft charges and bounced payments.
Outgoing telegraphic transfers (international wire payments) start at HK$60–120 per transfer, not including correspondent bank fees and additional fees. There may also be currency exchange fees, setup fees and other unspecified service charges associated with different types of transactions.
BOCHK also offers a number of cross-border cash management services, including Renminbi remittance for making payments into China. It’s also possible to open separate current accounts in HKD, RMB and USD.
Eligible applicants can open a BOCHK business account remotely if their business is registered or incorporated in Hong Kong and meets annual sales turnover requirements. Some applicants may need to visit a bank branch in person even if they meet all of these requirements.
4. Hang Seng
Hang Seng Bank offers a Biz Virtual+ Account that caters specifically to startups and local SMEs, as well as an Integrated Business Solutions Account for other SMEs and established corporations. All online applicants and connected parties must be Hong Kong ID holders located in Hong Kong, with a single layer of ownership.
Accounts are subject to a monthly fee of HK$200 which is waived with a balance of HK$50,000-100,000 depending on account type. There may also be a Company Search Fee (to cover due diligence costs) of up to HK$10,000 for overseas companies.
Accounts can be opened remotely in 3–5 business days by businesses that meet eligibility requirements. However, to open an account remotely without an in-person interview, applicants must pay an HK$1,000 administrative fee, plus an additional HK$300 account opening fee. Special companies must pay an additional fee of HK$8,000.
Outgoing payments are affordable, at HK$2.50-10 and CNY2.5-10 depending on amount and account type. At present, fees are waived for receiving funds via Faster Payment System, though this may be subject to change.
Hang Seng also offers current accounts in USD and Renminbi, though these appear to be designed for individual use. No business option is clearly advertised.
WorldFirst: A flexible alternative to traditional Hong Kong banking
The barriers to opening a traditional Hong Kong business account remain high, especially for non-residents. Even well-established companies face lengthy processing times, strict due-diligence checks, high minimum balances and substantial upfront fees. If you operate a startup, online store or foreign-incorporated business, you’re especially likely to encounter delays or rejection.
WorldFirst removes much of this friction by giving you access to HKD and other major currencies without requiring a local Hong Kong banking relationship. With quick online onboarding, transparent pricing and multi-currency tools designed for cross-border operations, a World Account makes it simpler to handle HKD without the hassle of traditional Hong Kong banking.
Open a World Account for free and start doing business in HKD without the complexity of opening a traditional Hong Kong bank account.
Frequently asked questions (FAQ)
What documents do non-residents usually need to open a Hong Kong business account?
Traditional banks in Hong Kong typically ask for a long list of required documents, including passports, proof of address such as utility bills, a business registration certificate, details of beneficial owners and your company structure.
You’ll also need to complete an application form and submit records from the Companies Registry, which can make the account opening process slow and difficult for non-residents.
Do I need a Hong Kong company to qualify for banking services?
Many international banks require a registered company or limited company in Hong Kong before they’ll open an account. They may also request a business plan to understand your operations. If you’re setting up a Hong Kong company, the bank will usually review your company registration details during onboarding.
Can non-residents open an account online?
Some banks offer an online application, but most still require in-person identity verification for signatories, especially if you run an online business or are applying as an overseas entrepreneur. A service provider or fintech platform may offer a more flexible step-by-step digital onboarding process.
How do fees and exchange rates typically work for foreign applicants?
Traditional banks often charge high account opening fees and administrative fees for foreign applications. It’s also common for banks to charge multiple transaction fees and their own exchange rates for cross-border activity, which can add up quickly for non-residents.
Many traditional providers also charge extra recurring fees unless you meet strict minimum balance rules. These costs are one reason some businesses look for alternatives that help streamline HKD transactions without the usual friction.
Sources
- https://www.business.hsbc.com.hk/en-gb/products/business-integrated-account
- https://www.business.hsbc.com.hk/en-gb/regulations/compare-accounts
- https://www.dbs.com.hk/sme/day-to-day/accounts/business-account
- https://www.dbs.com.hk/sme/day-to-day/accounts/business-account
- https://www.bochk.com/dam/corporatebanking/BIA_Insert_en.pdf
- https://www.bochk.com/en/corporate/servicecharge/remittance.html
- https://transaction.bochk.com/igtb/html/aop/gib_aopMainPage.html?lang=en_US
- https://cms.hangseng.com/cms/emkt/pmo/grp02/p03/eng/index.html
- https://www.hangseng.com/content/dam/hase/en_hk/business/bank-accounts/PDF/Service%20Charges_existing.pdf
Businesses trust WorldFirst
- Almost 1,000,000 businesses have sent USD$300B around the world with WorldFirst and its partner brands since 2004
- Your money is safeguarded with leading financial institutions
