TL;DR
- Founders outside Hong Kong: open a fintech account first. Aspire and Airwallex open remotely, usually within a few business days.
- In Hong Kong with a local business: HSBC or a virtual bank is still a reasonable first account.
- Peblx introduces every client to Aspire and Airwallex. Clients who open an Aspire account through us get HK$2,000 cashback from Aspire.
- Most providers ask for much the same pack: certificates, articles, registers, passports, proof of address and a clear description of the business.
- Companies that can't describe what they do get declined.
The short version
If you're a founder outside Hong Kong, open a fintech account first. Aspire and Airwallex both open remotely and normally review a complete application within a few business days, though neither guarantees approval. Add a traditional bank later if a client or a lender needs one. If you're in Hong Kong and the business is local, HSBC or a virtual bank is still a reasonable first account.
Aspire
Aspire is a multi-currency business account with corporate cards. Its Basic plan costs HK$0 a month and holds 13 currencies, including HKD, USD, GBP and EUR. It opens remotely with an online application and identity check. Aspire also operates in Singapore, which suits founders with an entity there.
Airwallex
Airwallex is a global multi-currency account with local account details in HKD, USD, GBP, EUR, AUD, SGD and more, so customers can pay you by local transfer in their own currency and you avoid most international transfer fees. Conversions start at 0.2% above the interbank rate, and you get cards and a payment gateway if you sell online. It opens remotely and is the better fit for anyone invoicing across several countries.
Hong Kong-based fintech accounts
A handful of locally based multi-currency account providers sit between the global fintechs and the banks. In our experience they usually charge a monthly fee and offer human support on chat or WhatsApp, and some will take smaller trading companies that the banks have turned away. They're a sensible option if the business doesn't fit the fintech profile and you'd like someone to talk to.
HSBC, Standard Chartered, Hang Seng
These are the full-service banks, with cheque books, trade finance, loans and credibility with older counterparties. HSBC's Sprint Account for start-ups can be opened entirely online, but only by single-layer companies operating in Hong Kong that are no more than three years old and turn over HK$3 million or less. Otherwise expect a branch visit, monthly fees and a slower process. A bank account is worth having once the business has a track record, but you don't need one on day one.
Virtual banks: ZA Bank, Mox, Livi and others
These are licensed Hong Kong banks with no branches, now officially called digital banks. Not all of them serve companies, and Mox's site only describes personal accounts. ZA Bank opens business accounts online for Hong Kong companies, but every shareholder and director has to be an individual holding a Hong Kong ID card, and Livi Business has a similar rule for its account users. That makes them a good fit for local SMEs and of little use to founders abroad.
What every account will ask for
Expect to be asked for the Certificate of Incorporation, the Business Registration Certificate, the articles of association, and the registers of members and directors. You'll also need passports and proof of address for directors and beneficial owners, plus a description of the business backed by some evidence, such as a website, or contracts and invoices. The Significant Controllers Register is often requested. Companies that can't explain what they do, or whose explanation doesn't match their documents, tend to get declined.
How we help
Every Peblx incorporation includes introductions to Aspire and Airwallex and a document pack ready for the application. No provider can open the account for you, but clients who apply with the pack and a clear description of the business are usually up and running within a week of incorporation.
Peblx clients who open an Aspire account through us get HK$2,000 cashback from Aspire after depositing HK$5,000 and holding it for 30 days. Details on our Aspire page. Peblx clients also get priority account opening with Airwallex. Ask us for the current partner offer when you apply, as the terms change from time to time.
