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HK bank account FAQ

What type of card i get?
Prepaid MasterCard®.
You have to Top-Up your Card before using it. It does not provide any credit, which means you cannot get into debt or be charged any overdraft fees.
What is the base currency of the account?
The base currency of the account is HKD.

You can receive payments in any currency but these funds will be automatically converted in HKD at the Standard Chartered rates.

What type of companies can sign up
We accept most types of companies. Besides limited companies, we also accept registered sole proprietors and partnerships.

Companies operating in the below industries are not able to open an account. If you are unsure whether your company is considered any of the below, please contact us.

Adult Industry
Arms Dealers
Antique Dealers
Auctioneers
Cryptocurrency Companies
Defence system
Foreign Exchange Companies
Gambling Companies / Casino
Jewel / Gems / Precious Metals Dealers
Nuclear Power
Pawn Shops
Plane Dealers
Pyramid selling
Stock Securities Companies
Products / services illegal under Hong Kong law

Can anyone open a bank account?

To open a HK Bank account you and your company need to meet the following requirements:

Limited company incorporated in Hong Kong* or sole proprietor
Directors and shareholders cannot be nationals of the following countries:

Afghanistan
Bosnia and Herzegovina
Central African Republic
Democratic People’s Republic of Korea
Democratic Republic of the Congo
Eritrea
Guyana
Iran
Iraq
Lao People’s Democratic Republic (Laos)
Lebanon
Libya
Somalia
Sudan
Syria
Uganda
Vanuatu
Yemen

Your company is not involved in any of these industries.

Adult Industry
Arms Dealers
Antique Dealers
Auctioneers
Cryptocurrency Companies
Defence system
Foreign Exchange Companies
Gambling Companies / Casino
Jewel / Gems / Precious Metals Dealers
Nuclear Power
Pawn Shops
Plane Dealers
Pyramid selling
Stock Securities Companies
Products / services illegal under Hong Kong law

It is not necessary for directors and shareholders to:

Be a Hong Kong resident
Have a Hong Kong ID
Be physically present in Hong Kong for account opening; the application is done online.

What documents do I need to open an account
  • A Valid Business Registration Certificate (BR)
  • Passport of all the directors
  • Passport of all shareholders who own 10% or more of your company
  • Board Resolution (this can be generated from within our sign up form)

We obtain all other company documents directly from the companies registry. We may require additional documents, such as the business plan, We will follow up with you should we need further information.

Can I open an account if I am not in Hong Kong?

Application is done entirely online and can be completed from anywhere in the world. You do not need to be physically present in Hong Kong or have a Hong Kong ID.

 

How long does it take?

It takes around 15 minutes to fill out the online application form. After that, in most cases, it will take around one week for us to conduct our due diligence.

 

Occasionally the due diligence process may take longer for several reasons, for example:

 

– We may need additional documents
– The documents you submitted are invalid
– Your company’s shareholders are companies incorporated in other jurisdictions

How much is the business card subscription fee?

The subscription fee is 60 HKD per card/month

What are the Mastercard limits?

Tier 1 (Mastercard limit)
You will be in tier 1 after card activation

Screen_Shot_2017-11-06_at_11.35.16_AM.png

Please note there is a difference between your account limit and Mastercard limit. The account limit will be determined based on your type of business and expected volumes and will be sufficient for most startups and SME’s.

Tier 2  (Mastercard limit)
You will be automatically upgraded to Tier 2, 3 working days after card activation

Screen_Shot_2017-11-06_at_11.35.32_AM.png

Please note there is a difference between your account limit and Mastercard limit. The account limit will be determined based on your type of business and expected volumes and will be sufficient for most startups and SME’s.

Tier 3 (Mastercard limit)

In order to be upgraded to Tier 3 you will need to fill out a form that we send to you after you have finished your application.

 

Screen_Shot_2017-11-06_at_11.35.39_AM.png

Please note there is a difference between your account limit and Mastercard limit. The account limit will be determined based on your type of business and expected volumes and will be sufficient for most startups and SME’s

Where can I use a Card?

You can use your Card online and offline, in over 50 currencies, anywhere in the world where MasterCard® is accepted.

How many cards can we get?

There is no limit on how many cards you can get for your business.

When can I receive my Card?

We send out all cards via Hong Kong Post (apart from postage to China). 

To calculate the shipping time to your shipping address, please go to the following link:

 https://www.hongkongpost.hk/en/postage_calculator/

1)   Select the Destination

2)   Enter 0.04 kg as the Weight

3)   Select Tracking

4)   Click Submit

5)   Refer to Air Registered Mail (Large Letter) 

As it takes around 2-3 business days for us to approve your application.

Can I receive payments from e-commerce platforms?

Yes, you can receive money from e-commerce payment gateways such as Stripe, PayPal or Amazon.

To what countries can I send money?

You can send funds to the following countries:

AUSTRALIA
AUSTRIA

FRANCE
GERMANY
ITALY
SINGAPORE
SPAIN
THAILAND
THE NETHERLANDS
UK
USA

We will add more country soon

 

Can I receive international payments?

Yes, you can receive funds in other currencies. Each customer gets their own unique bank account number and SWIFT to receive (international) payments

At the moment, payments received in other currencies will be converted to HKD.

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SHANE FU

Senior Legal Constant

Shane is an Authority on International Trade, Trademarks and Visa He has a Legal and Accounting background

He speaks Perfect English and Chinese

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info@corporationchina.com

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+852 8191 0881 (HK)

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